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YOUR THREE CENTS: Do you support or oppose the cuts to military retiree benefits?
Veterans groups are fighting cuts in annual pension increases for military retirees under age 62 that are part of the new budget deal passed by Congress last week and awaiting President Obama's signature.
The two year, 2-trillion dollar plan includes a provision to cut one percentage point off annual cost-of-living adjustments, and would apply only to military pensions paid to veterans younger than 62.
Once they turn 62, veterans would receive a cost-of-living correction that would restore retirement payouts to the amount they would have been without the cuts.
The plan would mean a savings of $6.3 billion over a decade for the government.
After protests from the military community, lawmakers said they'll review the cut next year and possibly reverse it.
But Defense Secretary Chuck Hagel says reform of military compensation can't be avoided and the growth in military compensation must be slowed.
Someone who enters the military at age 18 and stays 20 years starts drawing pension checks worth half their base salary immediately at age 38 - rather than having to wait until their 60s - and gets the payments for life.
Critics say 40 years of pension for 20 years of work is overly generous, but retirees say they deserve it for doing risky jobs
There are nearly 2 million retirees currently getting military pensions at an annual cost to the defense department of $4.5 billion.
Do you support or oppose the cuts to military retiree benefits?
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