Only issue here in my mind is that there is ZERO way the State could pay Military Retirees.
Example: I know a few folks that are retired Military. Three of them (granted pretty Senior) have a combined annual retirement pay in the vicinity of $270,000.00, how would the State even come close to all the Military retirees that live in Oklahoma, Texas, Virginia, Florida, etc???
I think there should be a combined state general fund to pay these obligations, and all new members should sign onto a new 401k match that would remove the pension scheme entirely.
I believe this is being done currently. Maybe an active Duty guy will jump in to correct me soon. Retirement rules have changed drastically recently.
For better or worse?
Depends on if you're a lifer or a one term guy.
If you're a lifer, worse.
If you're a one term guy, better.
UMMMM Folks that make retirement in the military are all lifers. Not sure what you mean by a one term guy.
http://militarypay.defense.gov/BlendedRetirement/
This is the new system. WORSE in my mind if you desire to keep experienced NCO's and Officers. One termers get paid too, just have to wait till 62 I believe.... It's all in the link.
This is the new system. WORSE in my mind if you desire to keep experienced NCO's and Officers. One termers get paid too, just have to wait till 62 I believe.... It's all in the link.
I don't think you understand what i mean.
Since a 401k with match is offered, it's better for the short term guys. Because they don't have to put in 20 years to get pension. They can just roll over their 401K into an IRA.
It's worse for the 'lifers' who retire on the pension scheme, because the pension was cut back.
I hate to admit it, but ^^^^ is correct here.
Similar threads
Latest posts
-
-
-
-
-
-
South East OK Glock 9mm "Pistole 80" Classic Edition (The Original Glock Pistol)- Latest: OK Corgi Rancher
-
-
-
-
-
-
-
-
-
-
-
