Veasey Works to Help Retiring Service Members Weigh Financial Options
Washington, D.C. –As part of his unwavering commitment to improving the lives of our nation’s veterans and service members, Congressman Veasey introduced H.R. 6493, the Service Members Financial Planning Assistance Act, to provide certified financial planners for retiring service members.
“Our service members make sacrifices every day to protect our country from harm and deserve to be treated with the utmost dignity and respect as they enter retirement,” said Congressman Veasey. “My bill will empower our veterans with the financial knowledge they need when investing in their retirement as they transition from active duty into civilian life.”
After Congress passed the FY2013 National Defense Authorization Act (NDAA), it established a new Modernized Retirement System (MRS) that will take effect in January 2018. Under the new Modernized Retirement System, service members will be presented with additional retirement options. Retiring veterans with 20 years of service will soon have the option to accept a lump sum payment instead of a monthly pension. This financial decision will have long-term consequences for the financial future of thousands of retiring service members in the coming years.
Congressman Veasey proudly represents the DFW Metroplex, which contains roughly 18,000 veterans. As a member of the House Armed Services Committee, Congressman Veasey continues to work across the aisle to ensure our veterans, service members, and their families receive the support they need during all stages of their service to our nation. In the 114th Congress, Veasey introduced the Veterans’ STEM Education Program, the bipartisan Health Expansion Loss Prevention (HELP) Veterans Act, the bipartisan More for Veterans Act, the Diversity in Military Leadership Act, and Give Veterans Home Loan Choices Act, as part of a legislative effort to expand military leadership opportunities and access to support services for returning service members and their families.
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