Veterans COLA Adjustment Clears Senate
The Senate passed a 1.7 percent cost of living increase for veterans benefits this week. The bill, HR 4114, has now passed both houses of Congress and heads to the President’s desk for his signature.
Assuming the President signs the bill into law, the benefit would go to about 3.9 million armed services veterans currently collecting benefits. The benefits affected include disability compensation and dependency and indemnity compensation for surviving spouses and children.
The law’s passage could mean as much as $500 per year to some benefit recipients, according to the bill’s sponsor.
The bill actually passed the House of Representatives last summer, but was blocked in the Senate by a “secret hold” put in place by an anonymous Republican. The hold was cleared, however, and the Senate passed the bill in time for the Veterans Administration to update its pay mechanisms to account for the change, according to VA officials.