House Approves Veterans COLA Increase

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The House of Representatives moved Monday to try to eliminate one bit of financial uncertainty by passing a bill guaranteeing a Dec. 1 cost-of-living adjustment. This increase applies to veterans disability and survivor benefits that will match whatever increase is provided to Social Security beneficiaries.

The bill, HR 4114, is necessary because Congress has clung to its old-school practice of passing an annual COLA bill for veterans, while Social Security, military and federal civilian retired pay and federal annuities automatically increase each year by a formula set in law.

Veterans’ COLA legislation doesn’t have to be signed into law until November in order to be paid on time, but Rep. Jeff Miller, R-Fla., the House Veterans Affairs Committee, said he doesn’t think veterans should have to wait to know they are getting an increase.

We will keep following this story and let you know if there are any bumps in the Senate, where the bill is headed next.

Source:  Marine Corps Times

https://www.marinecorpstimes.com/news/2012/07/military-house-approves-cola-bill-veterans-070912/

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