What does Preamble of S 624 do?

This bill aims to amend title 5 of the United States Code. The stated purpose is to establish parity between cost-of-living adjustments for annuities under the Federal Employees Retirement System and the Civil Service Retirement System.

What does SHORT TITLE. of S 624 do?

This bill is formally titled the Equal COLA Act.

What does INCREASE IN COLA FOR FERS ANNUITIES. of S 624 do?

This section amends Section 8462(b)(1) of Title 5, United States Code, to modify the calculation of cost-of-living adjustments (COLAs) for annuities payable from the Fund. The amendment specifies that annuities with a commencing date not later than December 1 shall be increased by the percent change in the price index. The adjustment is based on the change in the price index from the base quarter of the preceding year to the base quarter of the current year. The adjustment is rounded to the nearest one-tenth of one percent. The amendment applies to any cost-of-living adjustment made after the date of enactment of this Act. It also applies to any annuity covered by Section 8462 that commences before, on, or after the date of enactment.

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Equal COLA Act — S. 624

Last updated: 2/18/2025 · Introduced: 2/18/2025

Author: Alex Padilla (D-CA)

TL;DR (AI)

This bill aligns cost-of-living adjustments (COLAs) for annuities under the Federal Employees Retirement System (FERS) with those provided under the Civil Service Retirement System.
It modifies the calculation of FERS annuity COLAs to be based on the price index change from the preceding year's base quarter to the current year's base quarter, rounded to the nearest one-tenth of one percent.
The changes apply to annuities commencing before, on, or after the bill's enactment date.

119th Congressin committeeHR. 491(In Committee)Official page

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Other Sections

Includes provisions on preamble, short title., and 1 more.

3 sections

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