Retirees Laud Budget Deal

ALBANY, NY (11/02/2015)(readMedia)-- Retirees Laud Budget Deal

Edward C. Farrell, Executive Director of the Retired Public Employees Association (RPEA) today thanked the members of New York's Congressional Delegation who voted for the recent budget agreement.

Farrell noted, "I addition to keeping the government running, the agreement contained an important provision that prevents a nearly 50% increase in Medicare Part B premiums for 7 million retirees. Such an exorbitant immediate increase would be difficult for many seniors, and it was right to phase it in over a longer period of time. RPEA commends Congress for successfully reaching this agreement."

The sharp Medicare increase was triggered by a quirk in federal law regarding the Social Security cost of living increase. Since there will be no increase in the cost of living adjustment for Social Security in 2016, federal law immediately triggered the Medicare increases.