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New Military Retirement System


SEFEGeorge
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In December, I'll have been retired for 26 years, but last year, I heard from my neighbor that one could retire with less than 20 years and still get a percentage of one's pay. True?

Don R.

Like about 4 years-----retroactive????????

Just kidding of course!! I just hope they don't find a way to screw up what you actual retired guys have!!!!

Ken

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Anytime DOD says its going to improve the retirement system and save money you'd better grab your ass because your about to get screwed. Recall sometime about mid 90s DOD actually made a dramatic change, (don't remember what it was, I was already retired). As a result, retention plummented along with morale. This went on for several years and eventually the great minds in DC changed it back to what it was prevously was.

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There's a deal where if you spend so much time in the AOR, you get to collect six months early. I was "lucky" in that I qualified for it this last go round, despite numerous rotations of sufficient length before the new rule went into effect. I don't recall anything about retiring early, though that may be part of the same deal.

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This is been a while ago but in 1972 there was a plan brought up where you could get a retirement pay after you served 6(?) years. BUT you had to wait until age 65. Also if you stayed 30 years your retirement would be 50% of your base pay. Again you had to wait until you were 65. AFMPC came to Elmendorf AFBl to give this briefing to everyone. As I remember it was about 2 hours and they were there for several days. This keeps coming up when Congress wants to reduce the DOD budget. I served 21+ years and have been retired 25 years.

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The way I remember it : ( early to mid '60s) 20 years - 50% , 30 years- 75% of base pay. From 20 to 30 some percentage was added. Regardless of "the deal" it's not enough for the troops who dedicate that much of their life to the country.

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They have been talking about revamping the military retirement system since the 60's, it will very likely never happen, as long as cops and firemen have the same 20 year option.

I sure as hell wish my department had had a 20 and out. It is a 30, minimum, at a max of 45-50%, nearly half of which you would pay back to keep the city health insurance. Plus, the People's Republick of Maryland and the Feds still tax it. AND, there is only one option you can chose that you get the full amount, and that pays you the max but stops when ya die. I am only gettin' about 78% of my "full benefit". AND I am lucky enough to be on my wife's insurance until she retires next year, then what I don't know........... There ARE departments that do the 20 and out, but that is slowly changing. It is easier to kill a guy on the job, pay that off than to provide a decent retirement. Believe me firefighting ain't no young man's job, but most people outside the profession don't really know what it is like. BUT, that was my choice, and I have to live with it. My pension is administered by the PRMd, and last year Governor Owe-Malley decided that there was a negative increase in the cost of living ( yeah freakin' right) so we got no COLA, but he was nice, said that if they actually followed the numbers, we would have actually have had our benefit reduced ( who the hell ever heard of THAT) so this year he had them reduce our COLA by the amount he kindly let us keep last year. Talk about bullshit!!!!!!!!!!! I know you retired military guys are gettin' hosed too, but you are not alone, believe me!!!

Giz

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  • 1 month later...

Here we go again if this goes through, I remember when they did that gaggle f*ck retirement plane for anyone in the 81 to whatever group, thank god my time started in 79 and I got the good ol retirement system most of you guys know. I feel sorry for the 80's crowd, I am not sure what their retirement plan is now but I bet its less than mine.

Also thanks to mr. klintoon, I get my social security disability taxed as well, they take a pretty big chunk on top of the premiums for medicare! Then lets not talk about the taxes here in my new state of Indiana, land of the taxed.

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