Cornyn, Casey Introduce Legislation to Improve Access to Retirement Benefits for Servicemembers Legislation would allow National Guard Members and Military Reservists to take advantage of federal matching contributions
PoliticalNews.me - Mar 04,2017 - Cornyn, Casey Introduce Legislation to Improve Access to Retirement Benefits for Servicemembers
Legislation would allow National Guard Members and Military Reservists to take advantage of federal matching contributions
WASHINGTON –U.S. Senators John Cornyn (R-TX) and Bob Casey (D-PA) introduced the Servicemember Retirement Improvement Act, bipartisan legislation to allow members of the National Guard and military reserves to take full advantage of federal retirement benefits. U.S. Representative Sam Johnson (R-TX) introduced companion legislation in the House of Representatives today, and the legislation is supported by a broad spectrum of military and veterans’ organizations.
“So often our Guardsmen and Reservists put their civilian lives on hold to answer the call to protect our country, and that sacrifice deserves the full benefits of military service. I’m proud to work with Senator Casey to ensure our National Guard members and reservists can get the full retirement benefits they deserve,” said Sen. Cornyn.
“These selfless individuals should be able to reap the full benefits of their military service, which is why I’m proud to work with Senator Cornyn to ensure they have access to the retirement benefits they deserve,” Senator Casey said.
The 2015 National Defense Authorization Act made changes to military pensions that included a federal government match of servicemembers’ contributions to retirement plans. Currently some members of the National Guard and Reserves with 401(k) plans from civilian employment are unable to take full advantage of this benefit because of federal limits on tax-free retirement savings. The Servicemember Retirement Improvement Act would allow these individuals to contribute the maximum to both their civilian and military retirement plans, and is endorsed by the following groups:
Association of the United States Army
Association of the United States Navy
Enlisted Association of the National Guard of the United States
National Association for Uniformed Services
National Guard Association of the United States
Naval Enlisted Reserve Association
Reserve Officers Association
The Retired Enlisted Association
Marine Corps Reserve Association
U.S. Army Warrant Officers Association
American Military Retirees Association
Commissioned Officers Association of the U.S. Public Health Service
Military Officers Association of America (MOAA)