Posted on 03/30/2015 1:08:15 PM PDT by jazusamo
President Obama said Monday he supports the recommendations of a military commission that would reduce the size of traditional military retirement pay by about 20 percent and offer a new defined-contribution benefit for troops who leave before 20 years of service.
In a letter to congressional leaders, Mr. Obama said the proposals are “an important step forward in protecting the long-term viability of the all-volunteer force, improving quality-of-life for service members and their families, and ensuring the fiscal sustainability of the military compensation and retirement systems.”
Mr. Obama said he has directed his advisers to refine some recommendations, and that the White House will report to Congress on any proposed changes by April 30.
Under the recommendations, the plan would continue to offer full retirement benefits to anyone who has served 20 years or more.
(Excerpt) Read more at washingtontimes.com ...
Ping.
FPOS.
I am all in favor with defined contribution plans for the Civilian Federal Workforce. Let’s see that put into action before we go after Military retirements.
Yeah,
Give those military retirees bennies to welfare scum.
Yeah, that’s the ticket if you are a mookabooker like this moosie turd we have as a leader.after those military heros weren’t gonna vote for him or his types anyway.
Amen
“”He would cut military benefits but never the useless pencil pushers working in all the useless agencies.””
Speaking of pencil pushers - can anyone guesstimate the number of cars in the parking lots at the National Security Agency from pictures on TV today from the news of the incident there? Those cars represent a heck of a lot of employees in one agency. Wikipedia says 30,000-40,000 employees at the agency but doesn’t say if that’s in that one facility or if they’re spread out.
I remember one of the thrillers I read some time ago - either Brad Thor or Vince Flynn or the like that had the NSA facility in the story plot and about a lane or lanes of the highways through that part of the state that strictly feed straight into the facility grounds. Some freeper must be familiar with the area and I wondered if that was authentic.
Found an answer to my own question..
“”In addition to the NSA, Fort Meade is home to the Defense Information Systems Agency and the U.S. Cyber Command. About 11,000 military personnel and about 29,000 civilian employees work on the property.””
Active Duty ping.
No dear, you don’t.
When I retired as a Msgt, my retirement pay was a grand total of $761 a month. The scum bags in congress probably get that much in one day. Would I do it again? I might, but no way would I do it as an NCO.
A long time, My FRiend, a very long time.
good. Get more young, smart officers and NCOs into the workplace. No one will EVER hire and old guy like me again. //sarcasm.
Obama is such a turd.
Yes he is, useless.
What is trying to do is change the defined pension to more of a 401k type. The good news is the the younger, non-career guys get matching funds. The bad news is that 20 year folks will not have enough in their self directed accounts to fully retire.
The cost of this will eliminate having to fully fund the pensions anymore. That means a savings of billions of dollars. The average 20 year vet will retire at about forty. Let’s say they get 1/2 their pay every year thereafter...the government is on the hook for that pay every year for the next 35 years.
Under the 401k version, the government matches the employees contribution for the 20 years they are employed. It is a tax deferred contribution that grows over time. When the employee retires, the government says “I’ll pay the healthcare benefits and you can shop at the base.”
As you can see, the long term liability drops like a rock. The Vet contributes more to their own retirement. They will move them to Obamacare and give them a basic credit.
It will be painted up as a rosy opportunity. But anyone who has been on a defined pension knows that BS.
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