Supporters of a 401(k)-style savings plan for the military told lawmakers this week that moves to change the 20-year-or-nothing retirement system are long overdue and should happen sooner rather than later, according to militarytimes.com.
"We have to change from this rigged system where there is an 83-percent chance they'll receive nothing for their service," Brendon Gehrke, senior legislative associate for Veterans of Foreign Wars, told the House Armed Services Committee.
Under existing policy, service members earn a pension for life after serving 20 years in the military, which they can begin to draw immediately after retiring, regardless of age.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.