1. Short title
This Act may be cited as the “Equal COLA Act”.
Equal COLA Act
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.
2. Increase in COLA for FERS annuities
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.”
Application— The amendment made by subsection (a) shall apply to—
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
any annuity covered by such section commencing before, on, or after such date.