{"database": "press", "table": "releases", "rows": [["https://web.archive.org/web/20140221193001/http://orourke.house.gov/media-center/press-releases/o-rourke-cosponsors-key-bills-to-protect-military-pensions", "O\u2019Rourke Cosponsors Key Bills to Protect Military Pensions", "2013-12-19", "2013", "2013-12", "Democrat", "House", "TX", "Beto O'Rourke", "O000170", "web.archive.org", null, null, "legacy", "O\u2019Rourke Cosponsors Key Bills to Protect Military Pensions\nBills would fully eliminate COLA reductions from Budget Agreement\nWashington, DC \u2013 Today, Congressman Beto O\u2019Rourke (TX-16) helped introduce legislation to eliminate cuts to cost of living adjustments (COLAs) for military retiree pensions that were part of the recently passed Ryan/Murray budget agreement (H.J.Res. 59). The three bills would:\n Strike Section 403 of the budget agreement, which provides for a 1% COLA reduction for military retirees under age 62.\n\tAmend Section 403 of the budget agreement to clarify that all veterans who medically retire, all those who receive Combat Related Specialty Compensation (CRSC), all those who receive Concurrent Receipt Pay (CRDP), and surviving spouses receiving benefits under the Survivor Benefit Program (SBP) are exempt from the COLA reduction.\n\tRepeal Section 403\u2019s COLA reduction and replace the $6.3 billion in lost savings by closing a tax loophole that allows corporations to avoid paying U.S. taxes by setting up a shell company in an offshore tax haven. This change would raise approximately $6.6 billion over ten years, with the difference going toward deficit reduction.\n \u201cThere are far better ways to get our fiscal house in order other than reducing benefits that were promised to career service members,\u201d said Rep. O\u2019Rourke. \u201cAlthough it was critically important that Congress come together and pass a budget for the first time in over three years, the agreement is not perfect and Congress should work to fix it. The three bills introduced today would protect all current retirees from any cuts and one of the measures would fully pay for the fix by reforming our tax code to prevent large corporations from using tax havens to avoid paying their fair share. As the COLA changes do not go into effect until December 2015, I am hopeful that Congress will have plenty of time to do what is right and treat those who served our nation fairly.\u201d\nThe Ryan/Murray budget contains $85 billion in total budget savings, with $6.3 billion coming from COLA reductions to military retiree pensions for individuals under 62. Under current law, service members who have completed 20 years of service (regardless of age) are eligible for a pension, which typically amounts to at least 50% of their highest 36 months of basic pay. These benefits are indexed to inflation through an annual COLA. Under the changes, starting in December 2015, the COLA would be inflation minus 1 percentage point. For example, if the scheduled COLA is 3.5% for the year, the change would mean a retiree would receive a 2.5% increase. At age 62, the retiree\u2019s pay would be recalculated as if each prior year\u2019s COLA had been the full amount and the retiree would receive the full COLA going forward.\n###", 1, "2026-03-30T12:14:52Z", "2026-03-30T12:14:52Z"]], "columns": ["url", "title", "date", "year", "month", "party", "chamber", "state", "member_name", "bioguide_id", "domain", "scraper", "source", "date_source", "text", "has_text", "collected_at", "updated_at"], "primary_keys": ["url"], "primary_key_values": ["https://web.archive.org/web/20140221193001/http://orourke.house.gov/media-center/press-releases/o-rourke-cosponsors-key-bills-to-protect-military-pensions"], "units": {}, "query_ms": 1.382332295179367, "source": "dwillis/congress-press", "source_url": "https://github.com/dwillis/congress-press", "license": "MIT", "license_url": "https://github.com/dwillis/congress-press/blob/main/LICENSE"}