US troops in Iraq losing savings

US troops in Iraq losing savings
US combat troops in Iraq battle to defend savings

US Lieutenant Colonel Mark Grabski has been busy on the computer over the past few weeks -- not to follow the history-making presidential election but to check on his dwindling savings.

"I had a list of icons, my favourites, the funds that are working with Thrift savings programme. Every single day, their rates were just collapsing," said the officer posted at Camp Speicher, north of the Iraqi capital.

"Virtually, I've lost right now tens of thousand of dollars," said the 31-year-old who is in charge of criminal inspections of the base.

Grabski said a third of his salary goes into Thrift, an additional pension scheme for US civil servants and soldiers. "I've lost 30 percent of my savings in this programme due to the financial crisis."

Army pensions are meant to pay out 50 percent of the salary of soldiers with 20 years of service and 75 percent for 30 years, but many rely on the Thrift programme to further secure their retirement.