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Check out the web -- another Fox News alert now and -- are these tough economic times our country's military now rethinking its pension system.
-- -- for the defense now proposing the largest overhaul.
Of the military retirement system we have seen in fifty years Kelly Wright has seen the report good morning what does it recommend Kelly.
All goes right about a month ago -- in July when the defense business board actually called this reporter presentation modernizing the military retirement system task group.
It concludes the military the current military retirement system is out of date it is unfair unaffordable and inflexible.
And it's very expensive totaling 24 billion dollars just for fiscal year 2011.
And that future liability will grow from one point three trillion to two point seven trillion.
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This report also sites how increases and inflation and life expectancy.
Will further increase retirement pay for the military.
The board is concerned these rising cost could undermine the military's war fighting capabilities in the future bill what what is the defense board proposing Kelly.
While the board is -- proposing some dramatic modifications to the existing system to the reduced cost which is why we're talking today.
The movement implementation would -- phased in to ensure current military personnel are treated fairly.
Although would pay attention to the cost it would be very similar to a 41 K style plan with government contributions.
But unlike the current plan which provides retirement -- immediately after one retires having served twenty years.
This plan requires a service member to reach retirement age -- And then pay them it would save 250 billion dollars over twenty years according to this report.
As you can imagine some -- back some active duty service members out there are very concerned.
Expect a lot received one email from a military -- -- states if this policies put in place.
It will destroy the military you might notice everyone on the panel is -- civilian and the only military they talked to is very senior leadership.
This person goes on to say this is very disturbing to me those that have given so much are asked to give more and those that have given nothing.
Continue to get everything.
Bill thank you Kelly Kelly right and that breaking news out of one.
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