Military pension could see radical overhaul


The Pentagon (barrybar/flickr)

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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.


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