The Equal COLA Act seeks to ensure that federal employees and retirees receive equal cost-of-living adjustments (COLAs) regardless of which retirement system they participate in. Currently, federal employees under the Federal Employees Retirement System (FERS) receive smaller annual pension increases compared to those under the older Civil Service Retirement System (CSRS), even when inflation is identical. This bill amends federal law to give FERS retirees the same COLA calculation method as CSRS retirees, based on changes in the consumer price index. The adjustment would apply to all FERS annuities, whether they started before or after the bill's enactment, and take effect on December 1 each year. The bill has no specific funding authorization listed, as it would adjust existing retirement benefit calculations, though it would increase federal retirement spending over time.
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