Equal COLA Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
The Equal COLA Act aims to ensure that retirees receiving federal annuity payments through the Federal Employees Retirement System (FERS) receive a cost-of-living adjustment (COLA) that accurately reflects the rising cost of goods and services. Currently, the COLA for FERS annuities is limited based on the percentage increase in the Consumer Price Index (CPI). This bill would eliminate those limitations, providing a COLA equal to the full CPI increase, regardless of the amount.
Key provisions
- Eliminates the percentage limits on COLA adjustments for FERS annuities.
- The COLA will be calculated based on the percentage change in the CPI from the previous year.
- Effective December 1st of each year, adjustments will be made.
- The changes apply to COLA adjustments made after the bill’s enactment and to existing annuities.
- The bill amends title 5, United States Code, specifically section 8462.
Who is affected
- Federal Employees Retirement System (FERS) annuity recipients
- Federal Employees
- Retirees
Notable changes
- Current limitations on COLA adjustments for FERS annuities will be removed.
- The COLA will now more closely align with the COLA provided to Civil Service Retirement System (CSRS) retirees.
Bill text
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Sponsors
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88 on record
Primary sponsor
Gerald Connolly
Cosponsors
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