Bill > S624

This bill, called the "Equal COLA Act," aims to modify the cost-of-living adjustment (COLA) calculations for federal employee retirement annuities. Specifically, the bill amends Section 8462(b)(1) of title 5 of the United States Code to ensure that annuities from the Federal Employees Retirement System (FERS) receive increases based on the percent change in the price index for the base quarter of the year compared to the previous year's base quarter. The adjustment will be rounded to the nearest one-tenth of a percent. The changes will apply to any COLA adjustments made after the bill's enactment and will affect annuities that commenced before, on, or after the date of enactment. The primary goal of this legislation is to achieve parity in cost-of-living adjustments between the Federal Employees Retirement System and the Civil Service Retirement System, helping to ensure that federal retirees' benefits keep pace with inflation.

Military Affairs and Security

https://www.congress.gov/bill/119th-congress/senate-bill/624/all-info