MARKEY CO-SPONSORS AMENDMENT TO REVERSE MILITARY RETIREE COLA REDUCTION, CLOSE OFFSHORE TAX LOOPHOLE

 

Washington (February 11, 2014) – Senator Edward J. Markey (D-Mass.) today co-sponsored an amendment that would undo the cost of living adjustment (COLA) reduction for military retirees and replace those savings by closing an offshore tax loophole. The amendment, led by New Hampshire Senator Jeanne Shaheen, is similar to language Senator Shaheen filed last year as standalone legislation titled the Military Retirement Restoration Act, which was introduced in response to last year’s bipartisan budget agreement which reduced cost of living adjustments for military retirees.  The Senate is currently debating legislation to repeal the COLA adjustment without finding alternative savings. 

 

The amendment is cosponsored by United States Senators Richard Blumenthal (D-CT), Christopher Coons (D-DE), Mazie Hirono (D-HI), Mark Udall (D-CO), Tom Udall (D-NM), Jeff Merkley (D-OR), Joe Manchin (D-WV), Tim Kaine (D-VA), Mary Landrieu (D-LA), Brian Schatz (D-HI), Al Franken (MN) and Elizabeth Warren (D-MA).