Begich Protects Pensions for Military Retirees
Supports Plan to Undo Military Retiree COLA Changes in Budget Agreement
U.S. Senator Mark Begich today joined his Senate colleagues to support the Military Retirement Restoration Act to safeguard military retirees from changes to cost of living adjustments (COLA) that were included in the bipartisan budget agreement the Senate is expected to pass this week.
The legislation, introduced by Senator Jeanne Shaheen (D-NH), would replace the estimated $6 billion in expected savings from military retiree cost of living adjustments with an estimated $6.6 billion raised by eliminating a tax loophole for offshore corporations. Currently, companies that are incorporated offshore but managed and controlled from the United States can claim foreign status which helps them avoid paying U.S. taxes.
“I’m pleased the Senate seems poised to pass a budget with strong bipartisan support,” said Sen. Begich. “And as a longtime advocate for servicemembers and veterans, I believe we must continue to honor the benefits our military has earned even as we work to eliminate wasteful spending. That is why I am co-sponsoring the Military Retirement Restoration Act so we can honor our commitment to those who have served our country and enforce critical cost-cutting measures.”
The Military Retirement and Restoration Act does not jeopardize the Bipartisan Budget Act, which passed the House by 332-94 and is expected to pass the Senate Wednesday.
In addition to support from Sen. Begich, the legislation is co-sponsored by Senators Jeanne Shaheen (D-NH), Jack Reed (D-RI), Brian Schatz (D-HI), Mark Warner (D-VA), Tom Udall (D-NM), Al Franken (D-MN), Mazie Hirono (D-HI), Bernie Sanders (I-VT), Richard Blumenthal (D-CT), Jeff Merkley (D-OR), Elizabeth Warren (D-MA), Tim Kaine (D-VA), Angus King (I-ME), Mark Udall (D-CO), and Amy Klobuchar (D-MN).