Politics

Military pension could see radical overhaul

pentagon_232777732.jpg

The Pentagon (barrybar/flickr)

Story from The Takeaway. Listen to audio above for full report.

Player utilities

Listen to the Story.

An influential Pentagon panel is eyeing the most radical overhaul of military retirement benefits in 50 years. In its plan, the Defense Business Board proposes doing away with the traditional pension program for any members serving 20 years, and replacing it with a 401(k)-style account with government contributions.

The DBB says the current pension system is unaffordable and, if the new plan were implemented, it would save the Pentagon a quarter of a trillion dollars over twenty years.

Read more on the CBS News website.

--------------------------------------------------------------

"The Takeaway" is a national morning news program, delivering the news and analysis you need to catch up, start your day, and prepare for what's ahead. The show is a co-production of WNYC and PRI, in editorial collaboration with the BBC, The New York Times Radio, and WGBH.