Equal COLA Act

Bill: 117-hr-304
Sponsor: full_name: Rep. Connolly, Gerald E. [D-VA-11]
Introduced: 2021-01-13
Policy area: Government Operations and Politics
Subjects: Congress

Government employee pay, benefits, personnel management

Inflation and prices
Latest action: action_date: 2021-01-13
text: Referred to the House Committee on Oversight and Reform.

Summaries:
action_date: 2021-01-13
action_desc: Introduced in House
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: I 117th CONGRESS 1st Session H. R. 304 IN THE HOUSE OF REPRESENTATIVES January 13, 2021 Mr. Connolly introduced the following bill; which was referred to the Committee on Oversight and Reform 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 Paragraph (1) of subsection (b) of section 8462 of title 5, United States Code, is amended to read as follows: (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) Application The amendment 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 date of the enactment of this Act; and (2) any annuity covered by such section commencing before, on, or after such date.