On January 16, Representative Gerry Connolly, D-VA-11, reintroduced the Equal COLA Act, H.R. 491, to provide Federal Employees Retiree System (FERS) employees full cost-of-living adjustments (COLAs) to their federal annuities.
Currently, FERS retirees do not receive a full COLA when consumer prices increase by more than 2 percent. If consumer prices increase between 2 and 3 percent, FERS retirees receive a 2% COLA, and if consumer prices rise above 3%, then FERS retirees receive COLAs of 1 percentage point less than that increase. Reversing this policy would create a more just retirement system and protect the earned value of FERS annuities from fluctuating economic conditions.
The Equal COLA Act would provide full COLAs to FERS retirees, creating parity with Civil Service Retirement System (CSRS) and Social Security COLAs. Without this amendment to the current system, FERS retirees will face a continued annual decline in the value of their annuities, which were earned through years of committed public service – the very issue COLAs were meant to address. Contact your representative today to urge cosponsorship of the bill, or to thank them for doing so already.
