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House Panel Backs Troop Retirement Overhaul Despite Vets’ Objections
A key defense panel in the U.S. House of Representatives voted to overhaul troop retirement benefits despite objections from members who served in the military. The House Armed Services Committee early Thursday morning voted 60-2 to approve the 2016 National Defense Authorization Act, which included the future retirement change as part of a policy and spending blueprint for the fiscal year beginning Oct. 1.
The legislation will head to the full chamber for a vote by mid-May but would still have to be agreed to by the Senate and signed by President Obama before becoming law. The bill would offer service members a 401(k)-style retirement plan by 2017 with matching contributions and full vesting after two years. Some veterans groups have embraced the proposal, while others have opposed it. Read more…