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  #1  
Old 11-29-2010, 07:43 PM
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Default Military retirement under fire...If you are AD, you need to read this!

Thisis from the "Air Force Times".

The military retirement system is under attack from another group trying to cut federal spending, and this time they say they would make the changes apply even to current service members who have less than 15 years of service.
In a report released Nov. 17, the Debt Reduction Task Force of the
Bipartisan Policy Group recommends cutting military retirement costs in half by making three changes:
. Instead of drawing a retirement check immediately after completing active duty, checks would not start until age 57.
. Instead of calculating retirement benefits on the highest three years of
basic pay, the highest five years of consecutive service could be used as
the multiplier to set amounts.
. A new formula would be adopted for calculating cost-of-living adjustments in military and federal civilian retired pay and Social Security - a formula expected to result in smaller increases by disregarding price increases in some goods and services if people could use a less expensive alternative product or service.
The Debt Reduction Task Force was headed by former Senate Budget Committee chairman Pete Domenici, a Republican from New Mexico, and Alice Rivlin, who was the White House budget director during the Clinton administration. The report also talks of either freezing defense spending or rolling back the size of the defense budget to pre-2001 levels.
Retirement changes are similar, but slightly less drastic, than
recommendations made by co-chairmen of another bipartisan group, the
National Commission on Fiscal Responsibility and Reform. That panel also
recommended a high-five calculation for military retirement with a revised
COLA calculation, but would have made retirees wait until age 60 to draw
their first checks. The Domenici-Rivlin task force calculated $131 billion in savings by 2040 from the revised retirement plan, but it noted that by postponing the effect on anyone with 15 or more years in the military, the plan wouldn't start achieving real savings until 2017.
The recommendations from the National Commission on Fiscal Responsibility and Reform co-chairmen, former Sen. Alan Simpson, R-Wyo., and former Clinton White House chief of staff Erskine Bowles, do not include a specific savings estimate from changing military retired pay, instead lumping cost estimates in with changes in federal civilian retired pay. Additionally, the Simpson-Bowles recommendations do not specifically say whether anyone now in the military would be grandfathered or whether the reduced and delayed retired pay could apply to everyone still in the service. Any change in retirement calculations would require congressional approval, since the formula and timing for payments are set in law. The two reports are expected to get attention from Congress next year when current lawmakers are faced with drawing up a 2012 federal budget plan after the 2010 elections featured a lot of talk about cutting federal spending.
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Old 11-29-2010, 08:43 PM
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if they do either of those options, i would bet that they will be saving a lot more money than that
NO ONE would become a LIFER, then where would be?
Worse than that, our current military would be getting a royal screwing as thanks for their service
From what i understand you can't do your 20 in the military & then go into a different Federal service, like the Post Office, that would be double dipping & there are restrictions on that
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Old 11-29-2010, 09:38 PM
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if they do either of those options, i would bet that they will be saving a lot more money than that
NO ONE would become a LIFER, then where would be?
Very true.
Quote:
From what i understand you can't do your 20 in the military & then go into a different Federal service, like the Post Office, that would be double dipping & there are restrictions on that
Not true. If you intend to work toward another Federal retirement you have to transfer your military retirement to the new system. I don't know all the details.

One exception is that if you are working in a procurement or contract management type position in the military, you cannot go to work for any contractor you've had dealings with for a certain number of years. However, Generals get around that all the time, its called "consulting".
Quote:
Worse than that, our current military would be getting a royal screwing as thanks for their service
Nothing new about that, our Government screws us all the time.

I pay $1 of my military retirement for every $1 of Veterans Disability Compensation I received. I worked to earn my retirement. My disabilities came as a result of working toward that retirement.

When I joined in 79 I was told my family (if I were married) and I would get free medical and dental care at the base if I stayed until retirement. In the mid 90's they came out with an insurance called Tricare and we have to pay for. DoD goes to Congress every year to increase our out of pocket expenses for retirees only.
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Old 11-29-2010, 11:44 PM
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Well... Here's to hopin that don't happen!!
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Old 12-01-2010, 10:51 PM
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I'll get out if this goes into effect. I could get more money for my skills in the civilian sector, but I'm staying in for the retirement and insurance.
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Old 12-02-2010, 11:16 AM
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Quote:
Originally Posted by Willy P View Post
I'll get out if this goes into effect. I could get more money for my skills in the civilian sector, but I'm staying in for the retirement and insurance.
And I imagine a lot of others will as well.

WTH, are these ppl thinking.
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