What's the formula for a retirement pension now, say after 20 years of service? Is it 50%, or 50% of the highest three or last three years?

Thanks. I was wondering. I was in 1985-2005, and received the High Three Plan at 50% as you called it. But then there were other coming in after a specified date who would supposedly be only receiving 40% of the final 36 months of service. That said, I had seen something recently that seemed like they were providing straight-up 50% of your pay as it was upon your retirement. Compared to when I retired, the pay has gone up drastically, so someone retiring now with the same rank and time would receive $600-700 more of a pension, which equals ~$7.2-8.4k annually, plus they'll receive a little more proportionately at each annual pay raise…if there is one, lol. That said, I put away ~$224k in an IRA between 2006-2015, which will help make up the difference at retirement. I appreciate your feedback. Thanks.

SSgt Chuck “Gunz” Gundlach USMC Ret., MBA - That 40% plan sounds like the REDUX plan. It had the opposite effect on retention from what was intended (was supposed to incentivize people to stay in beyond 20, but more people actually chose to not even stick around to 20). The military developed a transition program that allowed people to opt out of that plan and revert to the 50% pension like the two of us.

Yes…it was the redux plan.

With the new plan, as I read it, if people get to put 5% of their pay away and then have it match at ~4%, which is free money in itself, and then and it grow over a twenty year career and then get any kind of retirement, they are doing well, because as I said, the person in my same situation ~11 years ago, as of 2016, would make ~$7.2-8.4 more annual, and if you added twenty years of investment, matching and growing…WOW.