A new report released by a panel of military advisors would eliminate the current pension retirement system where anyone who serves twenty years is eligible for half their salary.

Instead they would get a 401K style plan with government contributions.

The defense business board says the current system is unfair, inflexible and expensive; totaling 24-billion-dollars for this fiscal year alone.

Future liability would grow from 1.3-trillion to 2.7 trillion by 2034.

It cites how increases in inflation and life expectancy has increased retirement pay for our armed forces.

The board is concerned these continuing rising costs could undermine war-fighting capabilities.

Advocates say the new system would not only save money -- but would also be more fair.

Giving benefits to those who serve less than 20 years, who currently get nothing.

It would also give more money to those in combat or high risk situations.

Now critics of the plan say it won't attract those who see the benefits of a military career as a safe bet...

Major General Bob Scales, U.S. Army - Retired, says "My fear is the quality of the force will decline because the rewards of serving will go down."

AMVETS -- a service organization for american veterans -- says the plan changes the game on active-duty service people who are relying on the 20-year retirement plan and the promise about retirement they got when they joined up.

The plan is just a proposed framework at the moment. It's in the early stages and finished plan would require congressional approval.