Military retirees are getting the short end of the stick in the budget deal struck by Rep. Paul Ryan (R-Wis.) and Sen. Patty Murray (D-Wash.).
According to the Associated Press, the budget deal:
Reduces retirement benefits for working-age military retirees, including those who retire early because of disability. Starting Dec. 1, 2015, the cost-of-living adjustment for pensions received by people under 62 would be modified to equal inflation minus 1 percent. Upon reaching 62, retirees would receive a “catch-up” increase that would restore their pensions to levels as if the cost-of-living adjustment had been the full consumer price index in all previous years. The change would save $6 billion.
The Iraq and Afghanistan Veterans of America (IAVA) put it this way:
Iraq and Afghanistan Veterans of America (IAVA) today joined U.S. Senators and other leading military and veterans groups calling on Congress to reject a key component of the Congressional budget agreement that would reduce the annual cost-of-living adjustment for military retirees and survivors, leading to a 20 percent cut to retirement benefits over the course of their lives.
According to Military.com, “The cumulative effect would be to cut the lifetime value of military retirement by roughly $83,000 for a typical enlisted member who retires at age 40 after 20 years’ service. The typical officer retiring at age 42 after 20 would lose about $124,000.”
The Western Word 