Supporters of a 401(k)-style savings plan for the military told lawmakers this week that moves to change the 20-year-or-nothing retirement system are long overdue and should happen sooner rather than later, according to militarytimes.com.
"We have to change from this rigged system where there is an 83-percent chance they'll receive nothing for their service," Brendon Gehrke, senior legislative associate for Veterans of Foreign Wars, told the House Armed Services Committee.
Under existing policy, service members earn a pension for life after serving 20 years in the military, which they can begin to draw immediately after retiring, regardless of age.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
