Pension

Military pensions under attack

WASHINGTON -- It sounds like a pretty good deal: Retire at age 38 after 20 years of work and get a monthly pension of half your salary for the rest of your life. All you have to do is join the military.

As the nation tightens its budget belt, the century-old military retirement system has come under attack as unaffordable, unfair to some who serve and overly generous compared with civilian benefits.

That very notion, laid out in a Pentagon-ordered study, sent a wave of fear and anger through the ranks of current and retired military members when it was reported in the news media this month.

California public employees' $100,000 pension club booms

The $100,000 pension club is growing fast.

Almost 9,000 retirees in the California Public Employees' Retirement System receive at least $100,000 in annual benefits, more than quadruple the number getting that much during 2005, according to a review of CalPERS data.

Collectively, these pensioners will receive about $1.1 billion in benefits this year.

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