S. 624 — Equal COLA Act

This section revises the cost-of-living adjustment (COLA) formula for Federal Employees Retirement System (FERS) annuities payable from the Civil Service Retirement and Disability Fund to the full percent change in the price index for the base quarter (rounded to the nearest one-tenth of 1 percent) (from the lesser of that percent change or 2 percent if not exceeding 3 percent, or that percent change minus 1 percent if exceeding 3 percent). The revision applies to COLAs effective after the date of enactment for all FERS annuities regardless of their commencing date. (As background, FERS provides retirement, disability, and survivor benefits to federal civilian employees hired on or after January 1, 1984.)