Military pension could see radical overhaul
The Pentagon (barrybar/flickr)
Story from The Takeaway. Listen to audio above for full report.
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.
The World is an independent newsroom. We’re not funded by billionaires; instead, we rely on readers and listeners like you. As a listener, you’re a crucial part of our team and our global community. Your support is vital to running our nonprofit newsroom, and we can’t do this work without you. Will you support The World with a gift today? Donations made between now and Dec. 31 will be matched 1:1. Thanks for investing in our work!