Off-Topic: Military Pensions after 20 years service

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	Name:	Talullahhound -
	Subject:	Military Pensions after 20 years service
	Date:	9/8/2011 11:32:49 PM

Under the "old" civil service retirement system, 8% of salary was withheld for retirement and the only SS deduction was the medicare portion. Under the old system, the employee was eligible for retirement at age 55 with 30 years of service for 50% of their base pay. Contributions to TSP were voluntary and optional.

The new system is much more complicated -- it's primarily based on contributions to a TSP account. The government contributes a basic amount, and then matches the employees contributions, but I don't know the exact formula or if there is a cap. There is also a "floating" age for retirement and years of service. It's considered to be generally a less generous plan, but that of course depends on the percentage that an employee contributes to their TSP account. There is no cap on the contributions and it is not taxed until it is withdrawn. The TSP portion is considered "portable"; something that the retirement contributions under the old system were not. This was done supposedly in recognition that most people would not work for the government for their entire career.

I think the current Military retirement is fair. The military is an "up or out" system; ie, service members do not get to stay if they don't get promoted. So there are a lot of service members who don't retire. As Hodja points out, there is a lot of sacrifice on the part of the military member and their families.

Keep this in mind -- federal employees and military members are not exempt from federal (and in most cases) state taxes. A good number of federal and military jobs have no civilian equivalent. Many analytical and administrative jobs formerly done by civil service employees are now being done by support contractors and consultants. And there have been huge consolidations for support services (pay, personnel, etc) and in most cases are now being centrally managed. This has been a trend for the last 15 years or so.

Other messages in this thread:

View Entire Thread

Military Pensions after 20 years service - 4691 - 9/8/2011 11:30:50 AM

Military Pensions after 20 years service - MartiniMan - 9/8/2011 3:59:43 PM

Military Pensions after 20 years service - Feb - 9/8/2011 7:46:08 PM

Military Pensions after 20 years service - MartiniMan - 9/9/2011 8:20:35 AM

Military Pensions after 20 years service - Feb - 9/9/2011 9:12:38 AM

Military Pensions after 20 years service - MAJ USA RET - 9/10/2011 9:33:43 AM

Military Pensions after 20 years service - 4691 - 9/12/2011 1:39:09 PM

Military Pensions after 20 years service - Talullahhound - 9/13/2011 8:12:01 PM

Military Pensions after 20 years service - MAJ USA RET - 9/14/2011 2:47:48 PM

Military Pensions after 20 years service - MrHodja - 9/8/2011 5:13:39 PM

Military Pensions after 20 years service - Talullahhound - 9/8/2011 11:32:49 PM

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