Reforming the Military Retirement System

By: Beth J. Asch, Richard Johnson, John T. Warner

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Paperback | 1 March 1998

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89 Pages

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22.3 x 14.53 x 0.71

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The authors summarize the principal features of a model of military compensation developed by the authors earlier and use it to analyze the effects of converting the current military retirement system to an alternative system patterned after the Federal Employees Retirement System. The three parts of the alternative system are a retirement plan similar to that for civil service employees, a 7 percent across-the-board pay increase to counteract mandatory contributions under the new plan, and a set of retention bonuses targeted to address any retention problems. Because the alternative system may not create the services' desired seniority profiles, a larger set of pay raises, retention bonuses, and/or separation payments would be added. In addition, the authors recommend that pay raises be skewed--be higher in the higher ranks. The authors consider the implications of this proposal in terms of the effects on cost, force size and structure, productivity, and force management flexibility.

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Preface	p. iii
Figures	p. vii
Tables	p. ix
Summary	p. xi
Acknowledgments	p. xix
Introduction	p. 1
Overview of MFERS	p. 7
Basic Benefit Plan	p. 7
Thrift Savings Plan	p. 9
Social Security Benefits	p. 10
Coupling MFERS with a Pay Raise	p. 10
Differences Between MFERS and FERS	p. 10
Transitioning to MFERS	p. 11
Overview of the Theoretical and Empirical Models	p. 13
Theoretical Model	p. 13
Organizational Objectives	p. 13
Individual Productivity	p. 14
Individual Decisionmaking	p. 15
Organizational Policies	p. 20
Empirical Model Overview	p. 25
Retention and Force Structure	p. 26
Computing Ability and Effort Supply	p. 31
Cost Analysis	p. 34
Estimating the MFERS Retirement Annuity	p. 35
Modeling the Transition to MFERS	p. 36
Steady-State Results	p. 39
The Current Military Retirement System: REDUX	p. 39
MFERS without a Pay Raise	p. 41
MFERS with an Across-the-Board Pay Raise	p. 43
MFERS with a Skewed Pay Raise	p. 45
Results for the Transition to the Steady State	p. 51
Theoretical Effects	p. 51
Grandfathering	p. 51
Converting Members	p. 52
Results	p. 54
Other Considerations	p. 61
Force Management Flexibility	p. 61
Involuntary Separation	p. 66
Portability	p. 68
Force Stability	p. 69
Conclusions and Policy Options	p. 71
MFERS with Retention Bonuses	p. 73
Policy Options	p. 74
References	p. 79
Table of Contents provided by Syndetics. All Rights Reserved.

Reforming the Military Retirement System

At a Glance

Paperback

Shipping

How to return your order

Defective items

You Can Find This Book In

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