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Accession Number:

AD1157388

Title:

Military Pensions: Servicemembers Need Better Information to Support Retirement Savings Decisions

Author(s):

• Jeszeck, Charles A.
• Todisco, Frank
• Glickman, Mark M.
• Tekchandani, Anjali
• Nelson, Cynthia
• Yoder, Stephen C.
• Balloon, Vincent
• Cackley, Alicia
• Chanley, Virginia
• McCoy, Sheila R.
• Nguyen, Mimi
• Ouellette, Stacy
• Silvestri, Joseph
• Wendel, Adam
• Wentworth, Seyda

Author Organization(s):

• United States Government Accountability Office

Report Date:

2019-09-19

Abstract:

In 2016, DOD and the military service branches began providing training to help servicemembers make informed decisions about the military's new retirement system. The training courses incorporated many effective financial literacy practices. However, some of them do not assess servicemembers' financial literacy. DOD could use such assessments to ensure its courses are effective and revise the courses in areas where servicemembers need more assistance. DOD could also do more to help servicemembers understand how lump sums - an optional form of payment for some retirement benefits under the new system - are calculated.

Document Type:

Conference:

Journal:

Pages:

56

File Size:

7.91MB

Contracts:

Grants:

Descriptors:

Identifiers:

• Retirement Security
• Discount rates
• Financial literacy
• interest rates
• Military forces
• Military retirement
• Pension plans
• Retirement savings
• Retirement system
• Thrift savings plan
• Veterans pensions

SubjectCategory:

• Behavioral and Social Sciences

Communities of Interest:

• Biomedical

Distribution Statement:

Approved For Public Release

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