An Act Providing a New Separation, Retirement, and Pension System for the Military and the Uniformed Personnel, and Appropriating Funds Therefor
The proposal creates two new pension trust funds—one for the armed forces and one for other uniformed services—financed by contributions from personnel (7 % for military, 9 % for other uniformed staff) and matching government shares (14 % and 12 %). It sets retirement benefits, defines who can retire and when, gives the GSIS responsibility for managing the funds, and provides tax exemptions and a government guarantee to make the system financially sustainable.
Automated summary by BatasWatch. It may miss nuance — read the bill text before citing it.
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SBN-636 · Sources: BetterGov Open Congress, BatasWatch
Similar in what they’d do, filed by any lawmaker.