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Reforming military retirement : analysis in support of the Military Compensation and Retirement Modernization Commission

Author: Beth J AschMichael G MattockJames R HosekRand Corporation,National Defense Research Institute (U.S.),All authors
Publisher: Santa Monica, Calif. : Rand Corporation, [2015] ©2015
Series: Research report (Rand Corporation), RR-1022-MCRMC.
Edition/Format:   Print book : EnglishView all editions and formats
Summary:
MCRMC engaged the RAND National Defense Research Institute for analytical support during its internal deliberations regarding the form and details of its retirement plan. We based our analysis on the RAND Dynamic Retention Model, a dynamic programming model of individual choice regarding active-component (AC) retention and reserve-component (RC) participation that has been estimated based on longitudinal data and
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Material Type: Internet resource
Document Type: Book, Internet Resource
All Authors / Contributors: Beth J Asch; Michael G Mattock; James R Hosek; Rand Corporation,; National Defense Research Institute (U.S.),; United States. Military Compensation and Retirement Modernization Commission,
ISBN: 0833090151 9780833090157
OCLC Number: 913137321
Notes: "RR-1022-MCRMC"--Back cover.
"Prepared for the Office of the Secretary of Defense. Approved for public release; distribution unlimited."
"National Defense Research Institute."
Description: xvii, 105 pages : color illustrations ; 28 cm.
Contents: Introduction --
Elements of the MCRMC Retirement Reform Options --
Brief Overview of the Dynamic Retention Model --
Steady-State Retention Results --
Transition Results --
Concluding Thoughts --
Appendix A: Steady-State Rentention --
Appendix B: Lump-Sum Formula.
Series Title: Research report (Rand Corporation), RR-1022-MCRMC.
Responsibility: Beth J. Asch, Michael G. Mattock, James Hosek.

Abstract:

MCRMC engaged the RAND National Defense Research Institute for analytical support during its internal deliberations regarding the form and details of its retirement plan. We based our analysis on the RAND Dynamic Retention Model, a dynamic programming model of individual choice regarding active-component (AC) retention and reserve-component (RC) participation that has been estimated based on longitudinal data and with significant capability to simulate alternative compensation policies. An important criterion of the analysis was whether a reform could sustain the current force size and shape. We found that the MCRMC plan could do so; this was the case by service, for officer and enlisted, for AC and RC.

Further, the MCRMC plan would decrease cost. We estimated cost savings in the steady state ranging from $2.3 billion to $7.7 billion per year, depending on the DC plan contribution match rate and the lump sum versus second-career annuity choice, with an intermediate example showing cost savings of $4.3 billion a year. The report also discusses how our estimated savings figures compare with those reported by the MCRMC.

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