IF IT AINT BROKE…
Coast Guard Master Chief Petty Officer William R. James presents the American Flag to Master Chief Mark J. Rieger at a retirement ceremony at Integrated Support Command Portsmouth, Va., Friday, July 25, 2008.
Coast Guard Master Chief Petty Officer William R. James presents the American Flag to Master Chief Mark J. Rieger at a retirement ceremony at Integrated Support Command Portsmouth, Va., Friday, July 25, 2008.
Photo by Petty Officer 3rd Class Mark Jones

Opinion: Proposed Retirement Plan Bad For Troops

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In the Marine Corps Times, Army Maj. Todd H. Bonham writes about why the military’s proposed retirement plan is fiscally detrimental for troops in the long run. The new retirement plan is a hybrid of the traditional military plan and civilian retirement pensions. The proposed legislation would allow service members to retire before 20 years, but would require them to pay into their plan.

“While this hybrid mix is not necessarily all bad, drawbacks exist. My long-term concern is that it sets the stage for further erosion of retirement benefits. Once the shift moves to a defined contribution type retirement plan, future reformation may continue to cut the security of the military pension… Changing the current retirement system for U.S. service members will have far more detrimental effects to the service member and will cost more than the current system.”

Get the full story at Military Times.