"...Last week, U.S. Rep. Charlie Crist, D-Fla., brought out a proposal to help protect retired veterans who served in the United States Coast Guard (USCG).
Crist introduced the “Coast Guard Retirement Parity Act” with U.S. Rep. Steven Palazzo, R-Miss., and the Tampa Bay congressman’s office offered some of the rationales behind why Coast Guard retirees should be included in the Military Retirement Fund.
“Under the current ‘accrual’ system, Army, Navy, Marine Corps, and Air Force retirement benefits are paid through the Military Retirement Fund, a fiscally responsible public pension fund managed by actuaries. Every year, the Department of Defense contributes to the fund in anticipation of future retiree costs, protecting retirees and taxpayers alike. Coast Guard retirement benefits, on the other hand, require an annual funding bill, which is not only less efficient but threatens retired Coast Guard servicemembers in the event of a government shutdown. The bill corrects this disparity and treats Coast Guard retirement benefits just like the other branches of the military,” Crist’s office noted...."
