The Equal COLA Act would change how annual cost-of-living adjustments (COLAs) are calculated for annuities paid from the Federal Employees Retirement System (FERS). It amends 5 U.S.C. §8462(b)(1) to specify that, effective each December 1, each FERS annuity with a commencing date on or before that December 1 would be increased by the percent change in the price index for the base quarter of the year compared to the base quarter of the previous year in which an adjustment was made. The change must be rounded to the nearest tenth of one percent. The bill says this change applies to COLAs made after enactment and to annuities that began before, on, or after the enactment date.
No publicly available information.
The bill’s text states its purpose is to achieve parity between the COLA for FERS annuities and the COLA for CSRS annuities. The bill was introduced by Representative Connolly and has many cosponsors.
No publicly available information.