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Thread: Military Compensation Commission report

  1. #13

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    Default Re: Military Compensation Commission report

    Oh, and this would make an effective 5% pay cut to military pay...
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  3. #14

    Default Re: Military Compensation Commission report

    My 2 cents worth...if I were given a choice when I was hired in 85, I would have chosen CSRS. Easy math, no 3 legged retirement, no worrying about how the market will be, or whether I will outlive my TSP or when to collect Social Security, etc.

    If I were CSRS, I would be retired by now. I still would have contributed to TSP even without matching. TSP would have been the soy sauce on my adobo.

    On a bigger scale, no regrets...others have no pension to look forward to other than Social Security..
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  5. #15

    Join Date
    Sep 2008
    Location
    Kentucky
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    4,706

    Default Re: Military Compensation Commission report

    This is good news for those who only spend 1 or 2 hitches.
    For those who make the Military a career this is REDUX 2.0. A bit better than the original.
    In Dog Beers I've only had two.

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  7. #16

    Join Date
    Apr 2008
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    Cleveland, Ohio
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    10,458

    Default Re: Military Compensation Commission report

    Quote Originally Posted by James48843 View Post
    Yep- here are the actual legislative proposals, which include:

    1. Changing the retirement system to a TSP 5% matching, similar to federal employees.

    2. reducing the retirement from 50% of retirement at 20 years, to a 40% at 20 years.

    3. Reducing the MAX retirement from 75% of pay at 30 years, to 60% at 30 years.

    4. A BUNCH of other cost saving measures, including cutting tuition assitantance for active duty people, to limit it to only those college courses directly related to their current military job specialty.


    More:
    http://mldc.whs.mil/public/docs/repo...s-FINAL-LO.pdf
    The reduction is part due to the matching funds for the TSP account. If and it's a big IF you are able to maximize your TSP along with the matching funds you could be better off under the new retirement system. Notice I said could. Govexec.com has an article that talks about the panel recommendation. The article also states that only about 17% of the military actually get to 20 years.
    May the force be with us.

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