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Panel Puts Forth Military Retirement Reform Proposals

military in trainingA panel tasked to examine the military’s retirement benefits system has sent a proposal to Capitol Hill that would put troops placed at boot camp in the Thrift Savings Plan, an investment account for federal employees similar to a 401(k), Military Times reported Thursday.

Andrew Tilghman writes the Military Compensation and Retirement Modernization Commission also recommended a decrease in the size of military pensions by 20 percent.

That plan would also eliminate what the newspaper calls the “20-year, all-or-nothing aspect” of retirement benefits for soldiers but retain an option for soldiers that serve two decades or more to receive monthly checks upon their retirement.

The commission believes its 15-point plan would eventually help save the Defense Department less than $2 billion per year, according to the report.

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