WASHINGTON — U.S. Senators John Cornyn, R-Texas, and Bob Casey, D-Penn., on Thursday introduced the Servicemember Retirement Improvement Act, a bipartisan legislation which will allow members of the National Guard and military reserves to take full advantage of federal retirement benefits.
U.S. Rep. Sam Johnson, R-San Antoio, introduced companion legislation in the House of Representatives, which 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,” Cornyn said. “I’m proud to work with Sen. Casey to ensure our National Guard members and reservists can get the full retirement benefits they deserve.”
Casey said he fully supported the initiative.
“These selfless individuals should be able to reap the full benefits of their military service, which is why I’m proud to work with Sen. Cornyn to ensure they have access to the retirement benefits they deserve,” 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. However, some members of the National Guard and reserves with 401(k) plans from civilian employment are currently unable to take full advantage of the benefit due to 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.