"There is danger from all men. The only maxim of a free government ought to be to trust no man living with
power to endanger the public liberty." - - - - John Adams

Monday, February 22, 2016

Military pensions cut - A pay off to Wall Street

Follow the Money Trail

  • After spending mountains in corrupt campaign contributions the Wall Street Elites have succeeded in getting military pension money diverted into their accounts to "invest".
  • Whatever the pros and cons are, the bottom line is the pensions paid to our brave troops will shrink and billions in government cash will flow to Wall Street.

(Military Times)  -  Hundreds of thousands of service members face a critical decision during the next year that could have a huge impact on their future financial security: Whether to opt into the new military retirement system or stick with the traditional one.

Signed into law in November, the new retirement benefit will mean smaller pension checks but include cash contributions to the individual investment accounts of all troops.

It's the biggest change in decades for military compensation. For the first time, the military will offer some limited retirement benefit, similar to 401(k) contributions, to troops who separate before reaching 20 years of service. Historically those non-career service members — more than 80 percent of the force — received no retirement benefit.

Officially the new retirement system takes effect Jan. 1, 2018. After that, all troops coming out of boot camp will be automatically enrolled in the new benefit as the traditional pension plan is phased out.

Read More . . . .

No comments: