I'm surprised you bit your tongue. I believe the Marines have already done this and the CG implemented this just recently. It has a cap on numbers though as well as a little different formula calculating retirement. I believe it's:

2.5%xYOSx .01 for each year less than 20.

So someone punching at 16 would end up with 36% base pay of high 3. Plus this program I believe allows full medical. I haven't dug too much on this so I may have some details wrong.