|By KEVIN FREKING, Associated Press|
The budget agreement approved this month reduced those adjustments by 1 percent annually once a service member retires until that retiree reaches age 62.
Lawmakers on the
"This is a wrong that should be fixed," Wicker said. "It doesn't make any sense if we're all in agreement on this to wait, unless you want to hold out the possibility that we'll stick with it."
The pension program for military retirees is generally much more generous than those found in the private sector. Most people work at least 40 years for about 20 years of retirement benefits. Military retirees generally work about 20 years for about 40 years of retirement benefits.
In studying the future cost of military retirement, the Defense Business Board said in a 2011 report that military retirement costs would seriously undermine future military warfighting capabilities if changes were not made. That group is an advisory panel of business leaders that provides counsel to
Overall, the pension cut approved by
Veterans groups argue that the pension helps to make up for the toll that 20-plus years in the military can take on a veteran, and it's a big reason why service members choose to pursue a military career. Veterans view paring it back as a breach of faith.
And many voters seem to agree. During a press conference leading up to the hearing, Sen.
"When you put this issue out there in front of the American people, they're outraged,"
"You guys have won," Inhofe observed.
The COLA change saves the
The COLA change is scheduled to take effect at the end of 2015, which Fox said gives a
"Because of the complexity of retirement issues," Fox said, "we would respectfully ask that the
|Copyright:||Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.|
We have detected that you are using an adblocker. The revenue we earn by advertisements allows us to publish quality content on InsuranceNewsNet.com.
If you wish to enjoy our content, please disable your adblocker and click the button below.
We hope you choose to whitelist our website and enjoy the content our team works hard to publish.