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Proposal Would Cut Military Pension and Add a 401(k)

As it stands today, servicemembers who advance through the Department of Defense are entitled to a pension of 50 percent of their income at retirement after 20 years of service. But a new proposal making its way through Congress would lower that to 40 percent and add a 401(k) savings account.

Some veterans' groups, like the Military Officers Association of America, oppose the change and say the 20-year pension is an incentive for top officers to stay in the service.

>>>Read the full article in NPR's Marketplace