Equal COLA Act
Equal COLA Act
This bill applies a cost-of-living adjustment (COLA) for annuities paid under the Federal Employees Retirement System that is equal to the increase in inflation, regardless of the amount of the increase.
Specifically, for any year in which the Consumer Price Index (CPI) has increased over the previous year, the COLA amount shall be increased by the change in the CPI from the previous year.
Current law applies an adjustment equal to the change in CPI only if the change is 2% or less. If the change is between 2% and 3%, the adjustment is limited to 2%. If the change is more than 3%, the adjustment is limited to 1% less than the change.
ASSUMING FIRST SPONSORSHIP - Mr. Walkinshaw asked unanimous consent that he may hereafter be considered as the first sponsor of H.R. 491, a bill originally introduced by Representative Connolly, for the purpose of adding cosponsors and requesting reprintings pursuant to clause 7 of rule XII. Agreed to without objection.