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Equal COLA Act: Full inflation adjustments for FERS federal retirees.

This bill aims to equalize the annual cost-of-living adjustments (COLA) for federal retirees under the FERS system with those under the CSRS system. This means FERS retirees will receive the full inflation adjustment, directly increasing their purchasing power and retirement income. The change applies to all current and future FERS annuities, ensuring greater financial stability.
Key points
Federal retirees in the FERS system will receive full annual COLA increases based on the inflation rate.
The method for calculating COLA is standardized between the FERS and CSRS systems, eliminating previous disparities.
The change applies to all future adjustments and covers all existing and new FERS annuities.
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Additional Information
Print number: 118_S_3194
Sponsor: Sen. Padilla, Alex [D-CA]
Process start date: 2023-11-01