Senate votes to restore military pensions

[TheDemSocialist]

[h=2]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.[/h]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!?

 

[joG]

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!?

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After Jan.1? Why, it's a New Deal.

 

[Fishstyx]

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!?

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This leaves the current military benefits commission flexibility in altering the system. One of the big issues is grandfathering current active duty members which some said shouldn't be done. I think this year we'll see significant changes to the military retirement system.

 

[MMC]

After Jan.1? Why, it's a New Deal.

Even better since it will stop those further cut to the fund for the wounded warriors, and the other cuts that were to come down thru the Omnibus.

 

[DVSentinel]

So, the congress critters that tried to take it away have decided to give it back again. Yep, we should vote for them in November.

 

[DVSentinel]

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!?

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Pensions were part of the contract for joining. If not reversed, it will probably face a lawsuit. Just like when they tried to take medical away. Breach of Contract. Since the law taking it away was prior to 1 Jan, there would be no inclusion of it in the new contracts. Therefore, they are free to take it away from new members.

One of the two retirement options military members had allowed members to take a one time cash options and they would only get 1 cost of living adjustment ever. While those of us who took traditional retirements would be hurt, it would effectively gut retirement for those who took that option.

 

[Fishstyx]

Pensions were part of the contract for joining. If not reversed, it will probably face a lawsuit. Just like when they tried to take medical away. Breach of Contract. Since the law taking it away was prior to 1 Jan, there would be no inclusion of it in the new contracts. Therefore, they are free to take it away from new members.

One of the two retirement options military members had allowed members to take a one time cash options and they would only get 1 cost of living adjustment ever. While those of us who took traditional retirements would be hurt, it would effectively gut retirement for those who took that option.

Thats not accurate. No military member has signed a "contract" guaranteeing the current "pension" system (its not really a pension, its a retainer as all retirees are subject to involuntary reinstatement). The've made various changes to the system through the years as its simply based on how the law defines it. Last one I recall was the creation of the "High 3." Frankly, these small changes are generally more acceptable than the drastic ones being proposed. I could live with a High 5 and changing the system for future members.