The Nation: The Pension Parade

Curiously, at a time of high unemployment, the top brass of the armed forces are retiring in droves. By the end of September, 215 generals and admirals — 17% of the Pentagon's total — will have retired this year, along with 2,300 colonels and Navy captains. The vast majority of those stepping down do so voluntarily. Reason: at those ranks an officer may have a larger U.S. income in mufti than in uniform.

Since October 1972, military active-duty pay increases have totaled 12%, while monthly retirement benefits have swelled 33% — thanks to a regulation that ties pensions but not regular pay...

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