No-conscience lawmakers going after military retirement pay?

Lawmakers flirt with retired-pay overhaul
By Rick Maze - Staff writer
Posted : Tuesday Jun 28, 2011 13:12:39 EDT
Two cuts in military retired pay are under discussion as part of negotiations between Congress and the White House over the size of the U.S. national debt, but getting an agreement is proving difficult.

One cut is small, involving how annual cost-of-living adjustments are calculated. It could apply to military and federal civilian retirees, disabled veterans and survivors. The net effect would be annual adjustments that average one-quarter of a percentage point below what they would be under the current formula.

The second retired-pay option involves a complete overhaul of the benefit, replacing the 20-year model, which pays immediate benefits, with a new plan that could provide some retirement benefits for as few as five years of service — with the actual payments not starting until at least age 60 for any service members who do not retire on a full military disability.

As it stands, this proposal would apply only to future troops, not current retirees or anyone already in uniform.

The talks come as the U.S. has run out of borrowing power after reaching its current $14.3 trillion debt limit. The Treasury Department has warned the U.S. will run out of cash reserves to pay bills Aug. 2, which has become the deadline for reaching an agreement.
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Lawmakers flirt with retired-pay overhaul