Equal COLA Act

Bill: 117-s-4221
Sponsor: full_name: Sen. Padilla, Alex [D-CA]
Introduced: 2022-05-16
Policy area: Government Operations and Politics
Latest action: action_date: 2022-05-16
text: Read twice and referred to the Committee on Homeland Security and Governmental Affairs. (Sponsor introductory remarks on measure: CR S2520)

Summaries:
action_date: 2022-05-16
action_desc: Introduced in Senate
text: <p><b>Equal COLA Act</b></p> <p>This bill revises the formula used to calculate the cost-of-living adjustment for annuities paid under the Federal Employees Retirement System.</p>

tv_txt: II 117th CONGRESS 2d Session S. 4221 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.

1. Short title This Act may be cited as the Equal COLA Act . 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).