(Photo: AP)DOVER, Del.- The Pentagon is considering the largest overhaul of the military pension system in half a century. The military may nix the current pension system and replace it with a 401k-type system.
The move would likely mean less money for those who serve in the military for 20 or more years. It is not yet clear if current military personnel would be affected by the proposal.
The Pentagon is looking to cut $400 billion in spending. The government would make contributions to the new accounts along with members of the military. For the first time service men and women who serve for less than 20 years would receive some benefits. Soldiers working in combat situations would also get more money.
Still, some veterans are worried the move will discourage people from joining the military.
Danny Seeman, a veteran in Delaware, said, "My main concern is it might change the whole outlook on people wanting to join the service."
The plan must still pass Congress for the changes to take effect.
