Equal COLA Act

Mr. President, I rise to speak in support of the Equal COLA Act, which I introduced today.

The Federal Government's workforce is central to protecting our national security and delivering critical services to hundreds of millions of Americans. As such, it is essential that the Federal Government attract and retain an effective workforce and, once their service is complete, ensure retirees receive the dignified retirement that they deserve. It is clear that now more than ever, Congress must step up and support our Federal workforce.

Unfortunately, in 1986, Congress created a two-tiered system that now prevents nearly 800,000 retired Federal employees from receiving a full cost-of-living adjustment when consumer prices increase more than 2 percent from year to year.

In January, some Federal retirees received a 2.5-percent COLA. However, other Federal retirees received only a 2.0-percent increase due to this policy, which fails to protect retired employees living on a fixed income. I believe all Federal retirees who have worked in service to our country should receive a full adjustment to their benefits each year that is consistent with national economic trends.

That is why I am proud to reintroduce this legislation to fix this unfair system and ensure that all retired Federal employees receive full retirement benefits that keep up with the cost of living.

I hope my colleagues will join me in support of this bill to ensure that retired Federal employees no longer pay the price of a misguided law and that their benefits fully keep pace with the cost of living.

Mr. President, I rise to speak in support of the Equal COLA Act, which I introduced today.

The Federal Government's workforce is central to protecting our national security and delivering critical services to hundreds of millions of Americans. As such, it is essential that the Federal Government attract and retain an effective workforce and, once their service is complete, ensure retirees receive the dignified retirement that they deserve. It is clear that now more than ever, Congress must step up and support our Federal workforce.

Unfortunately, in 1986, Congress created a two-tiered system that now prevents nearly 800,000 retired Federal employees from receiving a full cost-of-living adjustment when consumer prices increase more than 2 percent from year to year.

In January, some Federal retirees received a 2.5-percent COLA. However, other Federal retirees received only a 2.0-percent increase due to this policy, which fails to protect retired employees living on a fixed income. I believe all Federal retirees who have worked in service to our country should receive a full adjustment to their benefits each year that is consistent with national economic trends.

That is why I am proud to reintroduce this legislation to fix this unfair system and ensure that all retired Federal employees receive full retirement benefits that keep up with the cost of living.

I hope my colleagues will join me in support of this bill to ensure that retired Federal employees no longer pay the price of a misguided law and that their benefits fully keep pace with the cost of living.

Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.