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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.

 

A Comprehensive Solution: A New Defined Contribution Plan

  • The most flexible and readily available plan would be based on the existing Uniformed Military Personnel Thrift Savings Plan (TSP), but with the government providing annual contributions (see Appendix C)
    • Payments into the plan would include an option for military member contributions
    • Plan accounts would be transportable into the private sector and back into the military
  • DoD contributions could vary depending on circumstances, such as larger contributions for personnel at risk or on hardship tours
  • The Defined Contribution Plan would provide flexibility to assist in force shaping and sizing
  • The individual account would provide for rights for survivorship, thereby, eliminating the need for survivor benefits going forward
  • Fully disabled participants would qualify for an immediate pension formulated with VA benefits as presently structured

 

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