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.
- The current military retirement system is out of date.
- It is unfair, unaffordable, and inflexible.
- As costs escalate, the continuation of the system will seriously erode future military capabilities.
- A comprehensive alternative that would fix these shortcomings is required.
- All military personnel earn retirement benefits.
- Costs are far more manageable in future years.
- Contributions are flexible and reward longer service, high risk assignments, and family separation.
- Retired and disabled members would be unaffected. They would still receive current benefits.
- Modifying the existing system to reduce cost would have to be dramatic to address affordability. The system would continue to be unfair and inflexible.
- Implementation should be phased-in to ensure current military personnel are treated fairly with due consideration to cost.
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