Barack Obama has been a staunch supporter of defined benefit pensions for government employees, but his administration is now working on a plan to convert at least part of military retiree pensions from defined benefit payments to 401(k)-style defined contribution accounts.  The obvious difference is that most public employees are unionized, but the military is not because their code of honor has no room for strikes and collective bargaining.  After our heroes fought with honor and distinction for 13 years in Iraq and Afghanistan, it is despicable to treat American military retirees worse than other public employees. The Military Times reported on March 6th that the Obama Administration is planning to cut military pension costs by 10% by converting part of their retirement to 401(k) defined contribution plans from a defined benefit plans. The move follows Secretary of Defense Chuck Hagel’s announcement last month that the administration intends to cut the Army by...(Read Full Post)