A
$1.1 trillion omnibus spending bill, passed by the House
of Representatives on
Wednesday this week, continues to punish the pockets of military retirees. I
wrote earlier this month about the budget deal that hurt veterans by
eliminating Cost of Living Adjustments (COLA) from their pensions – resulting
in thousands of dollars taken out of the pockets of retirees under the age of
62. The current legislation keeps the 1% decrease in COLA, which will be a huge
blow to service members and commissioned officers.
According
to a recent report, “Enlisted service members could lose a minimum of $72,000
over a 20 year period of their retirement, while commissioned officers could
face up to $124,000 in lost compensation.”
With
a second chance to put money back in the pockets of those who have served our
country, Congress has faltered once again. Eighty-two percent of veterans still
face significant losses in their retirement pay, only exempting disabled
veterans receiving Chapter 61 benefits. This bill restores benefits for only
17.5% of military retirees, while leaving intact generous benefits for federal
civil employees.
This
bipartisan deal is disappointing and simply unfair. Federal civil employees are
allowed to keep their benefits on the backs of the people who have sacrificed
so much for our country – our veterans.
Oklahoma
Senator Jim Inhofe’s comments are telling: “The fact that we even have to take
efforts to restore these retirement benefits in the first place is
troubling,” he said. “This is a benefit these men and women were promised when
they joined the services and earned by dedicating their lives to protect
our national security.”
Learn
more about the spending bill’s impact on military retiree pensions and COLA
here:
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