Pentagon to request 2 new rounds of BRAC

"...Defense Secretary Leon Panetta is expected to request, as early as Thursday, two new rounds of military base closures in the United States as part of the Pentagon budget-cutting process, according to defense sources.

Panetta is scheduled to brief reporters at 2 p.m. EST Thursday on how the Defense Department will begin cutting $487 billion from projected spending over the next 10 years to meet the initial spending caps in the Budget Control Act..."

Read more at federaltimes.com

Panetta: Retirement Benefits Will Be Grandfathered In

"...Finally, Panetta’s guidance is that America cannot break faith with those who have served and their families. This means the current retirement system will remain in effect for those now in the military.

“We have made very clear that we will make no reforms for those who are serving now,” he said. “We will grandfather all benefits for those serving today. We made a promise to you on retirement and we will stick with it.”..."

Read more at defense.gov

Military Retirement Benefits and Defense Budget

"...Factors guiding the Obama administration's approach to reducing the defense budget are not limited to war-fighting strategy. They also include judgments about how to contain the growing cost of military health care, pay and retirement benefits. The administration is expected to form a commission to study the issue of retirement benefits, possibly led by a prominent retired military officer..."

Read more at The Associated Press