A Framework For Restructuring The Military Retirement System

A Framework For Restructuring The Military Retirement System

by Roy Wallace, David Lyle, John Smith
     
 

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In an era of fiscal austerity, the current military retirement system has come under intense scrutiny. Military retirement costs continue to escalate, in part because retirees are living longer, and in part because the military must set aside accrual payments as the
retirement system transitions to a fully-funded system. In response to these escalating costs,

Overview

In an era of fiscal austerity, the current military retirement system has come under intense scrutiny. Military retirement costs continue to escalate, in part because retirees are living longer, and in part because the military must set aside accrual payments as the
retirement system transitions to a fully-funded system. In response to these escalating costs, several pension reform proposals have emerged that yield significant cost savings.
The authors argue that many of these reform
proposals focus too narrowly on cost containment and fail to consider how pension reforms could
significantly lower the well-being of personnel and adversely affect retention. They develop a holistic framework for evaluating pension reform proposals that
considers not only overall program cost, but also impacts on personnel inventory, service member well-being, and public perceptions. Using this framework, the authors evaluate: a set of reforms discussed by the Department of Defense Business Board; incremental changes to the existing pension system; and their own pension reform proposal.

Product Details

ISBN-13:
2940148397656
Publisher:
ReadCycle
Publication date:
09/16/2013
Sold by:
Barnes & Noble
Format:
NOOK Book
File size:
1 MB

Meet the Author

ROY A. WALLACE, Senior Executive Service, is the Assistant Deputy Chief of Staff, Army G1. He was the Director of Plans and Resources, Deputy Chief of Staff, Army G1 for 8 years prior to serving in his current position. Mr. Wallace retired from active duty at the rank of colonel in 2004. He has extensive
experience in Army compensation and resourcing.
Mr. Wallace holds a B.A. from the University of Arkansas and an M.B.A. in comptrollership from
Syracuse University.
DAVID S. LYLE, a lieutenant colonel in the U.S. Army, is the Director of the Office of Economic and Manpower Analysis and an Associate Professor of Economics in the Social Sciences Department at West Point where he teaches econometrics and labor economics. His areas of research interest include labor economics, peer effects, human capital, and talent management. Lieutenant Colonel Lyle holds a B.S. from West Point and a Ph.D. in economics from the Massachussetts
Institute of Technology.
JOHN Z. SMITH is the Director of Research for the Office of Economic and Manpower Analysis and an Associate Professor of Economics in the Social Sciences Department at West Point where he teaches labor economics, microeconomics, and econometrics. His areas of research interest include labor economics, mentoring, compensation, and public finance. Dr. Smith holds a B.S. from the University of Iowa and a Ph.D. in economics from the Massachussetts Institute of Technology.

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