Washington, D.C. – U.S. Senator Catherine Cortez Masto (D-Nev.) joined U.S. Senators Jon Tester (D-Mont.) and Jerry Moran (R-Kan.) in cosponsoring the bipartisan Veterans’ Compensation Cost-of-Living Adjustment of 2024 (COLA) Act — which would increase benefits for veterans and their families. This bill would increase the rates of compensation for veterans with service-connected disabilities and military survivors under the Department of Veterans Affairs (VA) to ensure the benefits keep up with the rising cost of living.
“Our servicemembers and veterans have sacrificed so much to defend our freedoms, and I’m fighting to make sure they get the benefits they deserve,” said Senator Cortez Masto. “This bipartisan legislation will increase vital veterans benefits to ensure that veterans living on a fixed income can keep up with the cost-of-living. I’ll continue working across the aisle to ensure Nevada veterans and their families have access to the resources and care they need.”
Nevada has over 200,000 veterans, and many of them have service-connected disabilities. The bipartisan Veterans’ COLA Act will help ensure the VA is able to give them the compensation they deserve after years of service and sacrifice by increasing certain VA benefits, including disability compensation, clothing allowances, and dependency and indemnity compensation (DIC) for surviving spouses and children to reflect increases in the cost of living.
The cost of living adjustment will be determined by the annual COLA adjustment to social security benefits, as determined by the Social Security Administration, and it will go into effect December 1, 2024. The Social Security Administration bases their annual COLAadjustment on the Consumer Price Index, as determined each December by the Labor Department’s Bureau of Labor Statistics.
Senator Cortez Masto is a champion for our service members and their families, as well as our veterans. Last year, she secured the expansion of the Fallon Range Training Complex through the National Defense Authorization Act (NDAA). She passed her Brian Neuman Act to remove roadblocks for disabled veterans accessing their benefits. She also passed the PACT Act to ensure veterans suffering from toxic exposure in the line of duty get the medical care they need and worked across the aisle to get legislation helping veterans exposed to Agent Orange and expanding benefits for women veterans signed into law.
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