FRANKFORT -- There's some good news for the 29,000 military retirees living in Kentucky. The Department of Defense announced Thursday a cost-of-living raise for military retirees and survivors in 2020.

Most military retirees will receive a 1.6% increase to their retired pay beginning with the pay they receive on January 1, 2020. Likewise, survivors of members who died on active or inactive duty, or survivors of military retirees who participated in the Survivor Benefit Plan will, in most cases, see a 1.6% increase to their annuities beginning in January.

Survivors who are eligible for the Special Survivor Indemnity Allowance will also receive an increase to their payments which reflect this 1.6% adjustment. The maximum amount of SSIA payable will be $323 beginning in January.

These cost of living adjustments are calculated based on the Consumer Price Index for Urban Wage Earners and Clerical Workers for the four quarters ending with the third calendar quarter of 2019, and generally go into effect for all pay received beginning in January 2020.

Those military retirees who retired during calendar year 2019, and all military retirees who retired under the REDUX retirement system receive a slightly different annual cost of living adjustment. The complete list of updates to military retired and retainer pay, and survivor annuities, allowances, and premiums can be found at https://militarypay.defense.gov/Pay/Retirement/Cola.aspx.

React to this story:

0
0
0
1
0

Recommended for you