Retired Generals Get Wall Street-like Pensions

[unhappycamper]

http://www.usatoday.com/news/military/story/2012-01-26/military-officers-pensions/52939598/1

Some top military brass making more in pension than pay
By Tom Vanden Brook, USA TODAY

A change in federal law to keep experienced officers in uniform allows top generals and admirals to make more in retirement than they did on active duty, Pentagon and congressional records show.

The new pension rules were part of the 2007 Defense Authorization Act to address concerns that the military would lose too many experienced generals and admirals during wartime.

Previously, the maximum annual pension was based on an officer's pay at 26 years of service. Now, a four-star officer retiring in 2011 with 38 years' experience would get a yearly pension of about $219,600, a jump of $84,000, or 63% beyond what was once allowed. A three-star officer with 35 years' experience would get about $169,200 a year, up about $39,000, or 30%.

~snip~

The highest pension, $272,892, is paid to a retired four-star officer with 43 years of service, according to the Pentagon. Before the law was changed, the typical pension for a retired four-star officer was $134,400. The top pay for an active-duty officer is capped at $179,900; housing and other allowances boost their compensation by another third.

[xchrom]

1. Du rec. Nt

[T S Justly]

2. Pigs at the trough. Recall enlisted soldiers having to buy additional armor during Iraq ll. K&R (nt)

[FarCenter]

3. Besides which there are way too many generals and admirals.

Pentagon trimming ranks of generals, admirals

In March, Gates approved a plan to reduce the number of authorized billets reserved for generals and admirals from 952 to 850, giving the armed services five years to implement the changes.

http://www.washingtonpost.com/world/national-security/pentagon-trimming-ranks-of-generals-admirals/2011/12/20/gIQAhAU7MP_story.html

[Cal33]

4. $272,892 after 43 years of service can hardly be compared to a Wall Street CEO pension.

And that's the highest pension ever for an army general. The highest pension for a Wall Street
CEO I've read about was a $400 million package deal. There may be others who received more.

Let's say the general retired at age 65 and would live for 15 more years. His total pension
would amount to between $4 and $5 million -- a drop in the bucket compared to $400 million.

I am not a military person either.