In response to the Social Security Administration approving a cost-of-living adjustment increase of just over 1 percent for 2021, two lawmakers have introduced emergency legislation calling for a higher income boost for beneficiaries, citing the COVID-19 pandemic.
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In most years, federal annuitants receive cost-of-living adjustments (COLAs) to their annuities. In the second of two columns explaining COLAs, this week’s column discusses COLAs for those annuitants covered by the Federal Employees Retirement System (FERS). Included in the discussion is how the FERS COLA is determined and at what age FERS annuitants get their first COLA.
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In most years, federal annuitants receive cost-of-living adjustments (COLAs) to their annuities. In the first of two columns explaining COLAs, this week’s column discusses COLAs for those annuitants covered by the Civil Service Retirement System or CSRS. Included in the discussion will be how the COLA is determined and when the COLA becomes effective each year.
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