Following in the steps of many major U.S. corporations, a major American institution of its own is opting to swap out pensions for a 401(k) plan for its employees.
But when that employer is the U.S. military, the notion that pensions - for so long a cornerstone of and a motivating factor for extended military service – may be phased out in the future, comes as an unsettling notion to many military families.
A recent Pentagon-sponsored report by the private-sector Defense Business Board offer the option of a signifcant overhaul of the existing, long-standing 20-year-vesting military retirement, subbing in a very civilian-styled 401(k) plan in its place.
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