Monday, November 4

A Reform We All Can Agree On

I know what I am about to talk about is a random topic, but I believe it is a topic that is sorely in need of debate.  Bold statement: The military should switch to a defined contribution plan.  I have may have just touched an electrified third rail, but I do not believe this position is as toxic as some on the right may have you believe.  Having been a member of the military I do not believe that a defined benefit plan is fair.  Why do I say this?  First and foremost only a very small percentage of those that serve actually receive the benefit of a pension for life.  Most men and women who serve our nation do not serve the required twenty years in order to receive a pension.  Since the military bills itself as an institution on the same level as Fortune 500 companies I believe that they need to switch to a similar retirement system as private companies.  No other Fortune 500 company would ever dream of hiring someone for an extended period of time and not offer them a retirement plan without some amount of matching.  Essentially millions of men and women that serve our nation have nothing to show for their retirement other than what they themselves saved during their period of service.  I believe that this reform would not only save our nation billions if not trillions of dollars over the next century, but this reform would also be a fair solution for our service members.

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