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Attributes of A New Defined Contribution Plan

The following information is part of a presentation by the Defense Business Board about Modernizing the Military Retirement System dated July 21, 2011.  You can find the first slide in the presentation here.

 

  • Individual Features
    • Uniformed Military Personnel TSP individual account
    • Payout options to include: traditional payout, annuity, or lump sum
    • Partial payout options to include: education, home ownership, or business acquisition
    • Right of survivorship transferability upon death
  • Military Service Features
    • Affordable, fair, and flexible solution to current system
    • Risk profile multiplier and vesting option provides tool for force management either encouraging or discouraging retention
    • Active Duty and Reserves under one plan
  • Coverage
    • No impact on existing retired population
    • Fully disabled veterans not effected by new plan
  • Transition Alternatives for All Present Active Duty Personnel
    • Higher Cost Alternative –No transition
    • Lower Cost Alternative –Immediate transition with no loss of accrued benefits

 

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