Bill Details
S.624 - 119th Congress
Status
Latest action
2025-02-18 - Read twice and referred to the Committee on Homeland Security and Governmental Affairs. (Sponsor introductory remarks on measure: CR S1011)
Introduced Date
2025-02-18
Policy Area
Government Operations and Politics
Committees
View committees (1)
Sponsors
Cosponsors
View cosponsors (20)
- Sen. Van Hollen, Chris [D-Maryland]
- Sen. Sanders, Bernard [I-Vermont]
- Sen. Murray, Patty [D-Washington]
- Sen. Warren, Elizabeth [D-Massachusetts]
- Sen. Baldwin, Tammy [D-Wisconsin]
- Sen. King, Angus S., Jr. [I-Maine]
- Sen. Schatz, Brian [D-Hawaii]
- Sen. Blumenthal, Richard [D-Connecticut]
- Sen. Kaine, Tim [D-Virginia]
- Sen. Fetterman, John [D-Pennsylvania]
- Sen. Shaheen, Jeanne [D-New Hampshire]
- Sen. Schiff, Adam B. [D-California]
- Sen. Merkley, Jeff [D-Oregon]
- Sen. Luján, Ben Ray [D-New Mexico]
- Sen. Markey, Edward J. [D-Massachusetts]
- Sen. Alsobrooks, Angela D. [D-Maryland]
- Sen. Blunt Rochester, Lisa [D-Delaware]
- Sen. Gillibrand, Kirsten E. [D-New York]
- Sen. Kim, Andy [D-New Jersey]
- Sen. Coons, Christopher A. [D-Delaware]
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AI Summary This summary was generated by AI from the bill text. AI can get information wrong.
This bill would change how annual cost-of-living increases are given to retirees under the Federal Employees Retirement System. In plain terms, it would make those inflation adjustments work the same way as they do for people under the older Civil Service Retirement System. The goal is to give FERS retirees a more equal yearly increase in their annuity payments so their benefits keep up better with rising prices. The change would apply going forward and would also cover annuities already being paid.
- Each year, the retirement payment would be increased based on the change in a federal price index, which is used to measure inflation.
- The increase would take effect every December 1 for eligible annuities.
- The new rule would apply to cost-of-living adjustments made after the bill becomes law.
- It would also apply to annuities that started before, on, or after the date the bill is enacted, as long as they are covered by the law section being changed.
Official Summaries
No summaries available
Current Full Text
[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 624 Introduced in Senate (IS)]
<DOC>
119th CONGRESS
1st Session
S. 624
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.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
February 18, 2025
Mr. Padilla (for himself, Mr. Van Hollen, Mr. Sanders, Mrs. Murray, Ms.
Warren, Ms. Baldwin, Mr. King, Mr. Schatz, Mr. Blumenthal, Mr. Kaine,
and Mr. Fetterman) introduced the following bill; which was read twice
and referred to the Committee on Homeland Security and Governmental
Affairs
_______________________________________________________________________
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.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Equal COLA Act''.
SEC. 2. INCREASE IN COLA FOR FERS ANNUITIES.
(a) In General.--Section 8462(b)(1) of title 5, United States Code,
is amended to read as follows:
``(b)(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.''.
(b) Application.--The amendment made by subsection (a) shall apply
to--
(1) any cost-of-living adjustment under section 8462 of
title 5, United States Code, made after the date of enactment
of this Act; and
(2) any annuity covered by section 8462 of title 5, United
States Code, commencing before, on, or after the date of
enactment of this Act.
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