Kinda funny how, if you start talking about reforming welfare or Social Security there is an overwhelming backlash, but you can have a discussion about ... not "reforming", but REDUCING, military retirement benefits for service members who are already at, for example, 15-18 years ... and there would seem to be no public outcry.
In fact, you'll have a hard time even finding a report about it in the mainstream media.
I am already retired (2008), but if I were currently active and retirement eligible I think I would strongly consider dropping my papers IMMEDIATELY. It takes 6 months or so to get a retirement approved, and by then it could be too late.
Of course, there is a chance that cooler heads will prevail -- the report showed an option that would still keep the retirement plan solvent and would retain the currrent retirement system for current service members. I would think that at least some folks would get grandfathered into the old plan ...