The Equal COLA Act would change how cost-of-living adjustments are calculated for federal employees who receive pensions under the Federal Employees Retirement System (FERS). Currently, FERS retirees receive smaller annual increases than those retired under the older Civil Service Retirement System (CSRS), and this bill aims to eliminate that difference by giving FERS annuities the same cost-of-living adjustment formula as CSRS annuities. The legislation would tie annual increases to changes in consumer prices, adjusting annuities each December based on inflation measurements from the previous year. The bill would apply to all future cost-of-living adjustments and to all current and future FERS retirees. No specific funding amount or implementation timeline beyond the December effective date is specified in the bill text.