S. 624, also known as the “Equal COLA Act,” aims to amend title 5 of the United States Code to ensure that the cost-of-living adjustments (COLA) for annuities under the Federal Employees Retirement System (FERS) are in line with those under the Civil Service Retirement...
Simple Explanation
S. 624, called the “Equal COLA Act,” is a rule that wants to make sure that the money given to retired federal workers to help with living costs is fair and the same for everyone, no matter which retirement plan they are in. It means when prices go up each year, everyone’s retirement checks will increase the same way.