Military Retirement: Reform for the 21st Century Force
Abstract
The United States active-duty military force is subject to an active duty retirement system that requires modernization especially considering the financial challenges facing the Department of Defense. Additionally, the United States military continues to lose highly experienced and valuable personnel at early points during one s service. This project explores aspects to include a future military retirement system such as being governed under an ERISA type structure with main characteristics being the advocacy of member savings, adopting portable retirement benefits, allowing for earlier vesting, and expanding survivorship benefits. Further, this project advocates innovative military retirement reform that includes benefits servicemembers can select and can carry with them for the duration of their careers no matter what the length of their careers may be. Several recommendations, as a result of this research, include a modified defined benefit plan, rewarding servicemembers for serving in combat, an option for a defined contribution plan, bonuses targeted at yearly service milestones in one s career, and separation pay with concessions made to allow the service member, and their benefits, to continue to seamlessly transfer to the Guard or Reserve.
Document Details
- Document Type
- Technical Report
- Publication Date
- Mar 24, 2011
- Accession Number
- ADA560224
Entities
People
- Matthew T. Smith
Organizations
- United States Army War College