Military pension overhaul proposal delayed

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An update to a story CBS News broke earlier this month: a radical plan being considered by the Pentagon to overhaul military pensions and create a corporate-style 401k plan.

Now the Defense Business Board (DBB), the advisory board creating the proposal, says it will not be finalized for several weeks. A spokesman for the DBB advisors told CBS News that no changes would be made to the proposal, despite the delay.

"Nothing's going to change, we're not going to revise anything," a DBB spokesman said. The spokesman said the Board needs more time than it thought to have its report printed in a final form to present to Pentagon officials.

After the proposal is finalized, it will be up to the Pentagon and Congress to ultimately decide whether to implement any or all of the plan. Advocates say the pension plan overhaul could save the country billions of dollars.

Following our report earlier this month, Defense Secretary Leon Panetta reassured the troops by saying he would favor exempting current soldiers. The DBB now says it expects to release its final military pension plan proposal in mid-September.

  • Sharyl Attkisson On Twitter»

    Sharyl Attkisson is a CBS News investigative correspondent based in Washington.

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