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The 20 Year Military Retirement System Needs Reform
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Book Synopsis The 20-Year Military Retirement System Needs Reform by : United States Accounting Office (GAO)
Download or read book The 20-Year Military Retirement System Needs Reform written by United States Accounting Office (GAO) and published by Createspace Independent Publishing Platform. This book was released on 2018-06-26 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 20-Year Military Retirement System Needs Reform
Book Synopsis Twenty Year Military Retirement System Needs Reform by : United States. General Accounting Office
Download or read book Twenty Year Military Retirement System Needs Reform written by United States. General Accounting Office and published by . This book was released on 1981 with total page 73 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The 20-year Military Retirement System Needs Reform by : United States. General Accounting Office
Download or read book The 20-year Military Retirement System Needs Reform written by United States. General Accounting Office and published by . This book was released on 1978 with total page 73 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Retirement Security by : U S Government Accountability Office (G
Download or read book Retirement Security written by U S Government Accountability Office (G and published by BiblioGov. This book was released on 2013-07-01 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt: Members of the Armed Forces can retire at any age after 20 years of service. The Department of Defense (DOD) justifies this length of service as necessary to retain a young and vigorous force and attract and retain servicemen. DOD uses a competitive promotion system which precludes most military members from serving full careers and must, by law, retire officers who have been passed over for promotion or who reach a certain age. Since their careers could end in the middle of their potential worklife, DOD believes military members need the assurance of early retirement benefits. In fiscal year 1975, officers retired at an average age of 46 after about 24 years of service, and enlisted personnel retired at an average age of 41 after approximately 21 years of service. Most fiscal year 1975 retirees' career time was spent in occupations not demanding exceptional youth and vigor. In fact, 81 percent of the enlisted member retirees and 30 percent of the officers spent their entire careers in non-combat-related occupations. The 20-year retirement provision should be discontinued for many military personnel in occupations not demanding exceptional youth and vigor. Twenty-year retirement, in conjunction with present personnel management policies, is an inefficient means of attracting new members, causes the services to retain more members than are needed up to the 20-year point, provides too strong an incentive for experienced personnel to leave after serving 20 years, and makes it impossible for the vast majority of members to serve full careers.
Book Synopsis An Overview of Past Proposals for Military Retirement Reform by : John Christian
Download or read book An Overview of Past Proposals for Military Retirement Reform written by John Christian and published by Rand Corporation. This book was released on 2006 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: By one estimate, between fiscal years 1995 and 2005, total compensation costs for current and former military personnel increased by almost 60 percent. The military retirement benefit remains a significant portion of these costs, and every change to accessions, retention, and basic pay today will have a future effect on pension expenditures. This technical report provides an overview of the history of U.S. military retirement studies and associated legislation, with a particular focus on the past 60 years of proposed reforms. It is organized around the following five major issues that have driven attempts at retirement system reform: cost, equity, selective retention, civilian comparability, and force management flexibility. The author finds that cost alone is reason to analyze the current retirement system, and reform proposals of the past have focused carefully on cost. However, he also finds that, as the military's mission evolves over time, it is also important to consider the sometimes subtle incentive effects that the retirement system has on service member behavior. Beyond considerations of cost, reform of the military retirement system necessarily involves ramifications for force structure and operational readiness.
Book Synopsis Twenty Years of Service by : Brandon J. Archuleta
Download or read book Twenty Years of Service written by Brandon J. Archuleta and published by University Press of Kansas. This book was released on 2020-08-06 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: Military pension policies are as old as the republic itself and reside at the intersection of American social, economic, and defense policy. But as the nation’s social and economic circumstances underwent dramatic changes over the last half century, military pension policy remained static, stuck in the personnel and retirement model of the industrial age. This book examines why. Integrating policy history, theory, and practice, Twenty Years of Service provides the most comprehensive examination of US military pension policy in a generation. Brandon J. Archuleta sets the stage with an exploration of the rise, evolution, and transformation of the veterans’ policy subsystem from the American Revolution through World War II. The ensuing theoretical overview explains how the military personnel policy subsystem achieved the autonomy it enjoyed from 1948 to 2018; it also offers a new perspective on autonomous policy subsystems in general, which helps to account for the long-term pension policy stasis. In practical terms, Archuleta explores the role of the successful 2015 Military Compensation and Retirement Modernization Commission as an institutional venue for policy change during the congressional budget battles of the 2010s. Through extensive archival research, illustrative case studies, and field interviews with Pentagon bureaucrats, congressional staffers, veterans’ lobbyists, defense scholars, and journalists, Twenty Years of Service brings the policymaking process to life. Its insights will prove invaluable to policy scholars and defense practitioners alike.
Author :Committee on Committee on Armed Services United States Senate Publisher :CreateSpace ISBN 13 :9781512017649 Total Pages :118 pages Book Rating :4.0/5 (176 download)
Book Synopsis Recent Changes to the U. S. Military Retirement System by : Committee on Committee on Armed Services United States Senate
Download or read book Recent Changes to the U. S. Military Retirement System written by Committee on Committee on Armed Services United States Senate and published by CreateSpace. This book was released on 2015-05-05 with total page 118 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Bipartisan Budget Act (BBA) of 2013 included a provision that reduced the cost-of-living adjustments (COLA) for working age military retirees by 1 percent until the retiree reaches the age of 62, at which time retired pay is adjusted to the level it would have been had the COLA not been reduced. In a USA Today column defending the legislation, Congressman Paul Ryan explained the provision as follows: "We make no changes for those currently at or above age 62. This reform affects only younger military retirees. Right now any person who has served 20 years can retire regardless of age. That means a serviceman who enlists at 18 becomes eligible for retirement at 38." The Consolidated Appropriations Act amended the BBA to exempt disability retirees and their survivors from the COLA reduction. The COLA reduction is wrong because it targets a single group, military retirees, to help address the budget problems of the Federal Government as a whole. While reforms have been made to the Federal civilian pension, those changes applied prospectively to new employees. By contrast, this change to military pensions will apply upon implementation to current retirees, their families, and survivors.
Book Synopsis Assessing Compensation Reform: Research in Support of the 10th Quadrennial Review of Military Compensation by :
Download or read book Assessing Compensation Reform: Research in Support of the 10th Quadrennial Review of Military Compensation written by and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Military retirement reform has been a central element of the policy debate regarding why and how to restructure the system for compensating members of the U.S. armed forces. Concerns about the compensation system, and the retirement system specifically, include the rising cost of military compensation and the need for greater efficiency in the provision of compensation, the greater need for flexibility to reshape the force as missions change in ways that challenge the current compensation system, and issues related to the equity of military retirement benefits of active versus reserve personnel, junior versus senior personnel, and military personnel versus their civilian counterparts. Active members can claim retirement benefits before reservists can; junior members who leave prior to completing 20 years of service do not qualify for retirement benefits, unlike their more senior counterparts; and the 20-year vesting rule is outside the civilian vesting norm of 5-7 years of service, under the Employee Retirement Income Security Act of 1974 (ERISA). The 10th Quadrennial Review of Military Compensation (QRMC), building on previous studies and commission reports, including the 2006 report of the Defense Advisory Committee on Military Compensation (DoD, 2006) and the 2000 report of the Defense Science Board Task Force on Human Resources Strategy, has proposed an alternative military retirement system that addresses concerns regarding the current system while still sustaining the force. The defined benefit (DB) and defined contribution (DC) plans are the foundation of the alternative system considered in this analysis. RAND was asked to develop a modeling capability to assess compensation alternatives, such as the QRMC proposal, in terms of their effects on military retention, retirement behavior, vesting, cost, reserve participation, and the value of compensation from the perspective of the member leaving active duty. This monograph presents the results of that study.
Book Synopsis Reforming the Military Retirement System by : Jefferey A. Gibert
Download or read book Reforming the Military Retirement System written by Jefferey A. Gibert and published by . This book was released on 1999 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The U.S. military plays a vital role in implementing the National Security Strategy by providing a trained, equipped, and ready force which enables national leaders to call on it as an instrument of power. As the 21st century approaches, advances in technology and other capabilities are driving a fundamental transformation of our military forces and creating a need for personnel with a variety of highly specialized skills. Compensation plays an important role in enabling the military to sustain a trained and ready force. Congress enacted The Military Retirement Reform Act of l986 as a means to save money and induce more members to continue their service beyond 20 years, thereby giving us a more experienced and capable career force. Recently conducted surveys, however, cite great soldier dissatisfaction with today's retirement system. This study examines the current military retirement system and analyzes the feasibility of augmenting it with a savings plan similar to the 401(k) plan. This analysis of the military retirement system considers the criteria of cost, effect on retention, and ability to enhance personal financial stability.
Book Synopsis Reforming the Military Retirement System by :
Download or read book Reforming the Military Retirement System written by and published by . This book was released on 1998 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report applies the models developed in earlier RAND reports (Asch and Warner 1994A, 1994B) to analyze the effects of converting the military retirement system to a system very similar to the Federal Employees Retirement System (FERS), which is the system that covers federal civil service employees. The authors analyze several versions of this system, named the Military Federal Employees Retirement System, or MFERS. To compensate for the mandatory contributions, MFERS would be coupled with a pay raise. To the extent that the MFERS system failed to create the retention and separation patterns needed to achieve the services' desired seniority profiles, it would also include a system of retention bonuses and/or separation payments. The authors consider the implications of this proposal in terms of the effects on cost, force size and structure, productivity, and force management flexibility.
Book Synopsis Assessing Chile's Pension System: Challenges and Reform Options by : Samuel Pienknagura
Download or read book Assessing Chile's Pension System: Challenges and Reform Options written by Samuel Pienknagura and published by International Monetary Fund. This book was released on 2021-09-10 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: Chile’s pension system came under close scrutiny in recent years. This paper takes stock of the adequacy of the system and highlights its challenges. Chile’s defined contribution system was quite influential when introduced, and was taken as an example by other countries. However, it is now delivering low replacement rates relative to OECD peers, as its parameters did not adapt over time to changing demographics and global returns, while informality persists in the labor market. In the absence of reforms, the system’s inability to deliver adequate outcomes for a large share of participants will continue to magnify, as demographic trends and low global interest rates will continue to reduce replacement rates. In addition, recent legislation allowing for pension savings withdrawals to counter the effects from the COVID-19 pandemic, is projected to further reduce replacement rates and increase fiscal costs. A substantial improvement in replacement rates is feasible, via a reform that raises contribution rates and the retirement age, coupled with policies that increases workers’ contribution density.
Book Synopsis The Challenge of Public Pension Reform in Advanced and Emerging Economies by : Mr.Benedict J. Clements
Download or read book The Challenge of Public Pension Reform in Advanced and Emerging Economies written by Mr.Benedict J. Clements and published by International Monetary Fund. This book was released on 2013-01-25 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt: Pension reform is high on the policy agenda of many advanced and emerging market economies. In advanced economies the challenge is generally to contain future increases in public pension spending as the population ages. In emerging market economies, the challenges are often different. Where pension coverage is extensive, the issues are similar to those in advanced economies. Where pension coverage is low, the key challenge will be to expand coverage in a fiscally sustainable manner. This volume examines the outlook for public pension spending over the coming decades and the options for reform in 52 advanced and emerging market economies.
Book Synopsis The Federal Government's Severance Pay Programs Need Reform by : United States. General Accounting Office
Download or read book The Federal Government's Severance Pay Programs Need Reform written by United States. General Accounting Office and published by . This book was released on 1978 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Privatizing Social Security by : Martin Feldstein
Download or read book Privatizing Social Security written by Martin Feldstein and published by University of Chicago Press. This book was released on 2008-04-15 with total page 484 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume represents the most important work to date on one of the pressing policy issues of the moment: the privatization of social security. Although social security is facing enormous fiscal pressure in the face of an aging population, there has been relatively little published on the fundamentals of essential reform through privatization. Privatizing Social Security fills this void by studying the methods and problems involved in shifting from the current system to one based on mandatory saving in individual accounts. "Timely and important. . . . [Privatizing Social Security] presents a forceful case for a radical shift from the existing unfunded, pay-as-you-go single national program to a mandatory funded program with individual savings accounts. . . . An extensive analysis of how a privatized plan would work in the United States is supplemented with the experiences of five other countries that have privatized plans." —Library Journal "[A] high-powered collection of essays by top experts in the field."—Timothy Taylor, Public Interest
Book Synopsis Need for Overall Policy and Coordinated Management of Federal Retirement Systems by : United States. General Accounting Office
Download or read book Need for Overall Policy and Coordinated Management of Federal Retirement Systems written by United States. General Accounting Office and published by . This book was released on 1978 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Summaries of Conclusions and Recommendations on Department of Defense Operations by : United States. General Accounting Office
Download or read book Summaries of Conclusions and Recommendations on Department of Defense Operations written by United States. General Accounting Office and published by . This book was released on 1979 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Aging and the Macroeconomy by : National Research Council
Download or read book Aging and the Macroeconomy written by National Research Council and published by National Academies Press. This book was released on 2013-01-10 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt: The United States is in the midst of a major demographic shift. In the coming decades, people aged 65 and over will make up an increasingly large percentage of the population: The ratio of people aged 65+ to people aged 20-64 will rise by 80%. This shift is happening for two reasons: people are living longer, and many couples are choosing to have fewer children and to have those children somewhat later in life. The resulting demographic shift will present the nation with economic challenges, both to absorb the costs and to leverage the benefits of an aging population. Aging and the Macroeconomy: Long-Term Implications of an Older Population presents the fundamental factors driving the aging of the U.S. population, as well as its societal implications and likely long-term macroeconomic effects in a global context. The report finds that, while population aging does not pose an insurmountable challenge to the nation, it is imperative that sensible policies are implemented soon to allow companies and households to respond. It offers four practical approaches for preparing resources to support the future consumption of households and for adapting to the new economic landscape.
