Listen up, Marines!
This week’s cover story is a must-read for all — from the lowliest privates to tomorrow’s general officers. Marine Corps Times Pentagon correspondent Andrew Tilghman lays out in stark detail an aggressive new plan to revamp the military retirement system, one that would dump today’s 20-year model in favor of something akin to a corporate 401(k).
The proposal, pitched by an influential Pentagon advisory board, calls for everyone to receive at least some retirement cash when they leave the service. Even Marines who complete just one enlistment and get out as lance corporals would clear about $20,000.
Career-mind troops planning to stay in for 20 years or more would take a massive hit, however. Replacing the current pension system with a civilian-style 401(k) would result in retirement packages worth hundreds of thousands of dollars less, on average, according to the Defense Business Board’s plan.
Also in this week’s print edition, senior staff writer Dan Lamothe outlines two abrupt announcements from Marine Corps headquarters: one freezing housing allowance requests for single NCOs and below; the other implementing new top-end service limits for sergeants. Both changes mean that day-to-day life is about to change drastically for the Corps’ junior leaders.
To read up on these and other important stories, pick up a copy of this week’s Marine Corps Times — on newsstands now. Or you can subscribe online here and get instant access to our digital edition.