Lawmaker is a co-sponsor of Military Retirement Restoration Act
Washington (February 12, 2014) – Senator Edward J. Markey (D-Mass.) today voted to restore the cost of living adjustment (COLA) reduction for military retirees that was included in last year’s bipartisan budget agreement. Senator Markey is a co-sponsor of the Military Retirement Restoration Act, a bill introduced last year by Senator Jeanne Shaheen (D-N.H.) that would have replaced the COLA reduction by closing an offshore tax loophole.
“Last year, House Republicans added a provision to the budget agreement that would cost the average military enlisted person an estimated $69,000 in lifetime retirement benefits. That is unacceptable. Reducing retirement compensation for military retirees would have a disastrous impact on the patriots and their families who have fought bravely to protect our nation. It’s time we restore dignity and security for our military retirees by passing this important legislation.”