"Under the existing defined-benefit plan, most officers and enlisted personnel who serve 20 years receive annual retirement pay equal to half of their average basic pay over their last three years of service. The [proposed] legislation would ... reduce that figure from 50 percent to 40 percent, in part to fund a 401(k)-like Thrift Savings Plan for the more the 80 percent of service members who leave the military without getting any retirement benefit."  MORE >>