Rep. Young Introduces Bill to Protect Military Retirement
Washington, D.C. – In response to the Defense Business Board (DBB) releasing a suggested plan to change the military retirement from the current 20 year vesting system to a to a defined benefit plan similar to a Thrift Savings Plan or 401k, Alaskan Congressman Don Young has introduced H.R. 3520, the Keeping Our Promises Act of 2011. This important legislation would allow any service member who signed up under the current retirement plan to choose between staying with that plan or moving to the new defined benefit system.
“We have a responsibility to keep the promises we make to our men and women in uniform,” said Rep. Young. “I have no doubt that there are changes that can be made within the military retirement system that would make it more efficient, but doing it on the backs of the men and women who fight to defend our freedoms is dead wrong. We ought to let members of our armed forces make their own choice as to whether they want a new plan or the one they were promised when they signed up to serve.
“I remain optimistic that my colleagues on both sides of the aisle will recognize the importance of this issue and work with me so that we can protect the retirement benefits of our brave men and women in uniform. Rest assured, I will fight any attempt to cut the retirement benefits of our military members because it is the duty of Congress to uphold what was promised to them.”
As it stands now, a military service member who serves for 20 years can retire with their pension immediately. The new plan suggested by the DBB would not allow members to withdraw their retirement until they reach age 60-65.
To view the DBB report on the military retirement system, click here.