If you can believe all that is published, it appears their proposals won't affect folks already in but I would REALLY question how this will affect recruiting and retention.....
I probably would have not made a career with this 401K type retirement they are proposing..
http://www.af.mil/news/story.asp?id=123268246
I probably would have not made a career with this 401K type retirement they are proposing..
http://www.af.mil/news/story.asp?id=123268246
Yep. Most the retired military don't even get a great amount of money anyways. Most people look at what a 3 star general gets and use that number, when the truth is most retired military personel are NCO's.
Public sector catching up with the private sector, the large company I worked for changed from pension to 401K in the late '90's. There are very few if any private sector pensions any more.
IMO they should have gone after the elected officials retirement first but that isn't the way it works, they hit the lower end of the chain first....
PS. None of my comments are meant to be construed as saying the contribution of those in the armed forces is not worthy of a pension...
IMO they should have gone after the elected officials retirement first but that isn't the way it works, they hit the lower end of the chain first....
PS. None of my comments are meant to be construed as saying the contribution of those in the armed forces is not worthy of a pension...
Yeah, I don't see any reason why someone would stay 20 or more years with the 401k plan. Wouldn't make much sense. If your going to serve now, then you should do your minimum tour, get money for college (if you need it) and then get out. Or better yet, go to school while your in and get out and find a job (after your first tour). Believe me you don't want to get out of the military in your 40's and try to find a job (with no income coming in). That's just dumb.
+1
They should do it in stages. First do it to elected officials then non-military workers then soldiers last.
Michael
The Company I worked for quickly converted it from an entitlement to performance based so the "pension" contribution to the 401K was linked to your yearly performance. I think this would be perfect for the elected folks. And would work nicely for the combat troops as they should get extra incentives....
There should be no pension for elected folks... they should be limited to 2 terms and out. Lifetime politicians are getting rich off of their "service"... this was not the intention of our founding fathers.
+100000!
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