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dc.contributor.advisorMenichini, Amilcar
dc.contributor.authorHeil, Adam N.
dc.date16-Jun
dc.date.accessioned2016-08-02T19:35:16Z
dc.date.available2016-08-02T19:35:16Z
dc.date.issued2016-06
dc.identifier.urihttp://hdl.handle.net/10945/49486
dc.description.abstractThis paper analyzes the U.S. military's choice to transition to the blended retirement system in 2018. All service members will be grandfathered into the current system but those with less than 12 years of service will be able to change from the legacy cliff-vested annuity to a pension that includes a reduced annuity, a 401(k)-type matched investment, and a career continuation bonus. The method used to value the two systems leverages the assumptions made by the Military Compensation and Retirement Modernization Commission and RAND. However, it also incorporates risk into the calculation when valuing the annuity and continuation bonus portions of the retirement systems by using historical Department of Defense retention curves. All military members who do not intend to complete 20 years of service should switch to the blended system to derive at least some retirement value from their time in the military. Of the remaining population intending to complete at least 20 years of service, all service members--save for enlisted members with six or more years of service--benefit from the change to the new blended pension.en_US
dc.description.urihttp://archive.org/details/riskadjustedvalu1094549486
dc.publisherMonterey, California: Naval Postgraduate Schoolen_US
dc.rightsThis publication is a work of the U.S. Government as defined in Title 17, United States Code, Section 101. Copyright protection is not available for this work in the United States.en_US
dc.titleRisk-adjusted valuation of the current military retirement and the CY2018 retirement systemen_US
dc.typeThesisen_US
dc.contributor.secondreaderEger, Robert
dc.contributor.departmentGraduate School of Business and Public Policy (GSBPP)en_US
dc.subject.authormilitary retirementen_US
dc.subject.authorretirement reformen_US
dc.subject.authorblended retirementen_US
dc.description.serviceLieutenant Commander, United States Navyen_US
etd.thesisdegree.nameMaster of Business Administrationen_US
etd.thesisdegree.levelMastersen_US
etd.thesisdegree.disciplineBusiness Administrationen_US
etd.thesisdegree.grantorNaval Postgraduate Schoolen_US
dc.description.distributionstatementApproved for public release; distribution is unlimited.


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