MILITARY RETIREMENT UNDER ATTACK

RETIREMENT UNDER ATTACK

The Military Officers Association of America is warning that the military retirement system is facing assaults from various fronts including outgoing Secretary of Defense Robert Gates, incoming Secretary Leon Panetta, Congress, and Vice President Joe Biden. Sec. Gates testified last week that he liked the idea of an early vesting system, which would enable servicemembers to leave the military with some form of retirement savings prior to reaching 20 years of service - similar to a civilian 401K. Military retirement cutbacks will likely be one of the outcomes of the deficit-reduction talks between administration and congressional leaders, which is currently being headed by Vice President Joe Biden.