Under the budget agreement crafted by House Budget Committee Chairman Paul Ryan (R., Wisc.) and Senate Budget Committee Chairman Patty Murray (D., Wash.), military retirees younger than 62 will receive 1 percentage point less in their annual cost-of-living adjustment. However, federal retirees will continue to receive their generous
pension benefits and current employees will not be required to pay more. When compounded, the 1 percentage point cut could result in much more than a 20% reduction in retiree pensions over 20 years.
