We have received text from H.R. 491: Equal COLA Act. This bill was received on 2025-01-16, and currently has 39 cosponsors.
Here is a short summary of the bill:
This bill, titled the Equal COLA Act , aims to make changes to how cost-of-living adjustments (COLAs) are applied to retirement annuities for federal employees. Specifically, it intends to achieve parity between the adjustments made for the Federal Employees Retirement System (FERS) and the Civil Service Retirement System (CSRS). The key points of this bill are as follows:
1. Adjustments to Annuity Increases
The bill proposes that starting December 1 of each year, all annuities from the FERS will be increased based on the percent change in the price index from the previous year. This means that the adjustments are designed to reflect inflation and the changes in living costs.
2. Application of the Adjustment
The proposed amendment will apply to:
- Any COLA made after the enactment of this Act: This means that all future adjustments will take into account the new method of calculation.
- Any annuity that is under the section: This includes annuities that commenced before, on, or after the enactment date of the bill.
3. Purpose of the Changes
The motivation behind the bill is to provide equal treatment regarding cost-of-living increases between the two retirement systems—ensuring that federal employees covered by FERS receive adjustment increases that are consistent with those provided to CSRS beneficiaries.
4. Legislative Process
The bill was introduced by Mr. Connolly and co-sponsored by several other representatives. It has been referred to the Committee on Oversight and Government Reform for further consideration.
5. Implications
If passed, this bill is expected to adjust the way federal employees' retirement benefits are calculated in relation to inflation, potentially benefiting many retirees who are covered by the FERS.
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