A recent article featured on Military.com features AAFMAA COO, BG Michael Meese (Ret.) explaining the new military retirement system. Mike wrote the article to distinguish the three different pension plans in effect now, depending on when you entered the service.
Current military members with less than 12 total years of service will be eligible for the new retirement plan in 2018, which is designed to resemble corporate 401(K) plans, with which employees contribute to their own retirement throughout their working lives. Read Meese's full article here: http://www.military.com/benefits/military-pay/upcoming-changes-to-military-retirement-system-explained.html.