Negotiators Reach Agreement on 2016 Defense Authorization Bill

"...House and Senate negotiators on Tuesday reached agreement on a $612 billion defense authorization bill for fiscal 2016 that includes a 1.3 percent pay raise for service members, trims to some military benefits and a dramatic overhaul of the military retirement system...

As lawmakers unveiled the deal's details Tuesday, Pentagon spokesman Peter Cook said Defense Secretary Ash Carter will still recommend a veto of the legislation...

The military retirement overhaul would replace the current 20-year, all-or-nothing retirement with a "blended" compensation system featuring a 401(k)-style investment plan that promises all future troops will leave the service with some money for retirement, even if they don't serve 20 years.

Military advocates praised that reform as a boost for the 83 percent of troops who leave service with no retirement benefits..."

Read more at militarytimes.com