The Senate overwhelmingly passed a bill Wednesday to restore military pension increases, which is good news for 750,000 military retirees who had tens of thousands of dollars at stake.
The Senate voted 95-to-3 in favor of the bill, which the House passed Tuesday. The measure reinstates cost-of-living hikes in the pensions for all current retirees and anyone who enlisted before Jan. 1.
President Obama is expected to sign the bill in the coming days.
In December, a deal to fund the federal government led Congress to trim a full percentage point from cost-of-living raises for military retirees starting in 2015, yielding $6.3 billion in savings.
The move sparked outrage among veterans and retiree groups, who accused Congress of "betraying" promises made to those who risked their lives in wars overseas.
The cuts would decrease the pensions of 750,000 military personnel. Over the course of their lifetime, those cuts would trim, on average, around $69,000 from enlisted members' pensions and $87,000 from officers' pensions, according to a Congressional Research Service report this month.
The bill does not extend pension increases for military personnel who enlisted after Jan. 1.
Vote @: Congress restores military pensions - Feb. 12, 2014
The right move without a doubt. But politicians what about those who enlisted after Jan. 1'st!?