"...The House Armed Services Committee early Thursday adopted a $612 billion defense authorization bill which would radically reform military retirement but reject changes to a host of other benefit trims proposed by the Pentagon.
By a 60-2 vote, the panel approved the annual budget legislation after almost 19 hours of debate, setting the stage for a full House vote in mid-May. The bill is one of the most-followed measures among the defense community, because of the hundreds of policy renewals and revisions involved...
The retirement reforms -- which follow recommendations from a two-year independent commission review -- would update the current 20-years, all-or-nothing system with a blended benefits package featuring 401(k) style investments for all troops.
Supporters have praised that move as finally giving some retirement benefits to the 83 percent of troops who serve less than 20 years, but opponents worry that plans to cut pension-style payouts by one-fifth could hurt retention of senior service members."