Title: Equal COLA Act
Policy area: Government Operations and Politics

Summary:
Equal COLA Act
This bill revises the formula used to calculate the cost-of-living adjustment for annuities paid under the Federal Employees Retirement System.

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. 4221 Introduced in Senate (IS)]

<DOC>






117th CONGRESS
  2d Session
                                S. 4221

  To amend title 5, United States Code, to achieve parity between the 
cost-of-living adjustment with respect to an annuity under the Federal 
  Employees Retirement System and an annuity under the Civil Service 
               Retirement System, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                              May 16, 2022

Mr. Padilla (for himself, Mrs. Murray, Mr. Sanders, Mr. Van Hollen, and 
  Ms. Warren) introduced the following bill; which was read twice and 
referred to the Committee on Homeland Security and Governmental Affairs

_______________________________________________________________________

                                 A BILL


 
  To amend title 5, United States Code, to achieve parity between the 
cost-of-living adjustment with respect to an annuity under the Federal 
  Employees Retirement System and an annuity under the Civil Service 
               Retirement System, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Equal COLA Act''.

SEC. 2. INCREASE IN COLA FOR FERS ANNUITIES.

    (a) In General.--Section 8462 of title 5, United States Code, is 
amended--
            (1) in subsection (a)--
                    (A) in paragraph (1), by adding ``and'' at the end;
                    (B) in paragraph (2), by striking ``; and'' and 
                inserting a period; and
                    (C) by striking paragraph (3); and
            (2) by amending subsection (b)(1) to read as follows:
    ``(b)(1) Except as provided in subsection (c), effective December 1 
of each year, each annuity payable from the Fund having a commencing 
date not later than such December 1 shall be increased by the percent 
change in the price index for the base quarter of such year over the 
price index for the base quarter of the preceding year in which an 
adjustment under this subsection was made, adjusted to the nearest \1/
10\ of 1 percent.''.
    (b) Effective Date.--The amendments made by subsection (a) shall 
take effect on the date that is 90 days after the date of enactment of 
this Act.
    (c) Application.--The amendments made by subsection (a) shall apply 
to--
            (1) any cost-of-living adjustment under section 8462 of 
        title 5, United States Code, made after the effective date 
        described in subsection (b); and
            (2) any annuity covered by section 8462 of title 5, United 
        States Code, commencing before, on, or after the effective date 
        described in subsection (b).
                                 <all>