An AFGE-backed bill has been introduced in the House to protect federal retirees’ retirement income by standardizing the cost-of-living adjustment.
Currently, there has been an unfair disparity between the COLA received by federal retirees under the old retirement system – the Civil Service Retirement System – and the new system – the Federal Employee Retirement System, which covers employees hired after 1983.
CSRS retirees receive a COLA equal to the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). But FERS retirees’ COLA is capped at 2% if the CPI-W is between 2-3%. FERS retirees also receive 1 full percentage point less if the CPI-W is more than 3%.
H.R. 866, introduced by Rep. Gerry Connolly, D-Va., would make the COLA for both CSRS and FERS equivalent to CPI-W. The Equal COLA Act currently has 13 co-sponsors.
“This two-tiered system fails to protect FERS retirees who are living on a fixed income,” Connolly said. “This legislation will rectify this unfair system and ensure these dedicated public servants are protected throughout their retirement.”
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