The Pension Parade

Curiously, at a time of high unemployment, the top brass of the armed forces are retiring in droves. By the end of September, 215 generals and admirals -- 17% of the Pentagon's total -- will have retired this year, along with 2,300 colonels and Navy captains. The vast majority of those stepping down do so voluntarily. Reason: at those ranks an officer may have a larger U.S. income in mufti than in uniform.

Since October 1972, military active-duty pay increases have totaled 12%, while monthly retirement benefits have swelled 33% -- thanks to a regulation that ties pensions but not regular pay to increases in the consumer price index.

Generals still in the service are acutely aware that one of their number who retired four years ago actually makes more money than they do. Hence the exodus.

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