The Senate voted 95-3 Wednesday to undo the recently planned reductions to annual cost-of-living adjustments, or CoLAs, in military retirement pay. This is the provision of the Bipartisan Budget Act AFA and other associations have been working to repeal.
The bill, which first passed the House Tuesday with a vote of 326-90, offsets the $6 billion the COLA caps by extending automatic cuts to Medicare funding by one year.
So now, except for those who have signed up or will sign up to join the military after Jan 1, 2014, military retirees and currently serving troops will receive the full cost-of-living adjustments to retirement pay as approved by Congress each year. Anyone who enlists or receives a commission after this past January first, will be subject to the CoLA cut should they receive a retirement.
AFA thanks all the support and feedback from members on this issue and will continue to closely follow all initiatives aimed at changing military compensation.
Friday, February 14, 2014
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