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Kay Hagan

Budget Deal Hits Military Retirees' Pensions  

Last month's congressional budget deal hit military retirees with 20 years of service or more in a very real and controversial way: It trimmed their cost-of-living adjustments [COLAs] by 1% each year until they reach 62.Veterans' groups say this reduction could add up to an average of more than $80,000 in losses for retirees who are affected -- and a loss of confidence in the U.S. government's word.The recently passed cut, which is supposed to save an estimated $6 billion in the next decade, does not take effect until 2015, but the battle over this provision, which supporters call much-needed, has already started."The U.S. government has broken their promise and for someone who has committed themselves -- commitments that can be extremely grueling on a family -- and are pulling 15, 20 years or more, this is a fundamental loss of trust and has unquestionably hurt morale for active members," said retired Vice Admiral Norbert Ryan, president and CEO of the Military Officers Association of...

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