The Air Force will, by today, release a list of nearly 100 enlisted airmen who will be separated next year via what’s called “date-of-separation rollbacks.” In order to keep retirement benefits, these affected airman must take specific steps, and quickly. This means submitting a retirement application by January 31 for the May 1 retirement date. Those who do not will be considered separated, instead of retired, from the Air Force, and will not receive retirement benefits. These rollbacks are a result of sequestration cuts. Affected airmen: Those with less than 15 years of active duty as of May 30, or those with 20 years or more by April 30.
The budget passed the House and Senate. Some sequester cuts will be mitigated for a couple of years, but keep in mind when sequestration was implemented, it was for 10 years. So although there is some relief from more drastic immediate cuts, sequestration continues.
With the new budget, military retirees under the age of 62 receive 1 percentage point less in their annual cost-of-living adjustment, which could cost servicemembers up to $124,000 over a 20-year period according to the Military Officers Association of America. The pension cuts don’t begin until December 2015. Originally, the cuts were proposed to take partial effect in 2014. Military groups say the new start date gives them more time to convince Congress to reverse the cuts.
Source: airforcetimes.com, money.cnn.com