H.R. 695 — Medal of Honor Act

This section states congressional findings on the prestige of the Medal of Honor, the exceptional gallantry of its recipients, their inspirational role for the Armed Forces, and the need for a substantial increase in the special pension paid monthly to living recipients listed on the Army, Navy, Air Force, and Coast Guard Medal of Honor Roll under 38 U.S.C. 1562.

This section revises the monthly special pension payable to living persons on the Army, Navy, Air Force, and Coast Guard Medal of Honor Roll and eligible surviving spouses (i.e., those married at least one year prior to death or with a child of the marriage, and not receiving dependency and indemnity compensation) to the amount of monthly compensation paid under section 1114(m) (special monthly compensation for severe disabilities such as loss of use of both feet or blindness) to a veteran without dependents, increased to the next intermediate rate under section 1114(p) (from $1,406.73), as adjusted annually by Social Security cost-of-living increases under subsection (e). It further prohibits such annual adjustments in any year if the pension amount was otherwise increased during that year. (Thus, this avoids double adjustments stemming from changes to the underlying section 1114(m) rates.)