New Retirement Options Being Weighed to Cut Costs

"...Military enlistees could soon be offered a range of new retirement options as the Defense Department tries to get a handle on a retirement benefit fund that is spiraling out of control.

Pentagon data show there are more than 2 million military retirees and survivors who were paid $52.4 billion from the Military Retirement Fund during the 2012 fiscal year. A report by the Department of Defense Office of the Actuary suggests that spending will likely double within 20 years.

That level of spending, combined with the rising cost of servicemembers’ pay and benefits, is too high, Chairman of the Joint Chiefs of Staff Gen. Martin Dempsey told an audience at Yokota Air Base earlier this summer.

He called the current retirement system unsustainable..."

Read more at Stripes