Photo by Petty Officer 3rd Class Charles Oki

Reforming the military’s retirement system is currently a hot topic in our nation’s capital. Both the House and Senate versions of the National Defense Authorization Act include proposals for retirement reform; the joint chiefs have weighed in; and the Department of Defense released a white paper last week outlining its position on the reforms. These proposals consist of two main courses of action: matching Thrift Savings Plan contributions for all service members similar to those available to what civilian government employees receive under the Federal Employee Retirement System, and a reduction in the multiplier used to calculate retirement pay after 20 years.

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