Military Retirees: You Betrayed Us, Congress
Military retirees are outraged that Congress will start voting Thursday on a budget deal that trims military pensions, calling the move “an egregious breach of faith.”
The Military Coalition, some 27 military groups, wrote to leaders in Congress and President Obama late Wednesday about their “strong objection” and “grave concern” over the budget deal.
The deal cuts pension cost of living raises by 1 percentage point for military retirees who aren’t disabled and not yet 62 years old. Cost of living hikes are automatic raises intended to keep up with inflation.
The problem is, most military retirees are a lot younger than private sector retirees. They enlist in their 20’s and retire in their 40’s. Very few stay on till they are 62 — those who may be lucky enough to escape major injuries at war, or rose to higher echelons in the military system . . .
The average cut in pension payouts, including compounding interest, for a retiring Army Sergeant first class, would be about $3,700 each year, according to the Military Officers Association of America. Over 20 years, the total losses could balloon to more than $80,000. (Read more from “Military Retirees: You Betrayed Us, Congress” HERE)
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