February 12, 2014
WASHINGTON, D.C. — U.S. Sen. Jim Inhofe (R-Okla.), ranking member of the Senate Armed Services Committee, praised the Senate's passage today of S.25, a bill to fix Section 403 of the Ryan-Murray Bipartisan Budget Act that found budget savings by reducing military retirement benefits. S.25 passed the Senate by a vote of 95-3 and will now proceed to the President's desk.
"I applaud my colleagues in Congress today for doing the right thing and restoring the earned benefits of our current and future military retirees that were irresponsibly cut in the recent budget deal," said Inhofe. "This is an unfortunate trend we have seen in the Obama Administration over the past five years where our national security has carried the burden time and again to pay for the President's reckless spending. Those currently serving in our military, and those who have already sacrificed and who are now retired, have bravely fulfilled their vow to protect and defend the United States of America. Today Congress has acknowledged we in return must be faithful to the promises made when they enlisted. Our men and women in uniform deserve the best, and I applaud my colleagues for keeping politics out of this vote."
Section 403 under the Ryan-Murray budget deal found roughly $7 billion in savings by subtracting a full percentage point each year from current and future military retirees' Cost of Living Adjustment (COLA) for those under the age of 62 and who retire at the 20-year point. S.25 protects the promised benefit for current military retirees and those currently serving by grandfathering in any person who began military service before January 1, 2014. S.25 pays for the fix by extending sequestration levels into 2024, a cost savings of $9.2 billion according to the Congressional Budget Office. Remaining offset funds will be used to extend the "Doc Fix" provision by creating an account to pay for physicians' services under Part B of Medicare.
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