Statements on Introduced Bills and Joint Resolutions

Floor Speech

Date: May 16, 2022
Location: Washington, DC

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Mr. PADILLA. 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.

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 5.9 percent COLA. However, other Federal retirees received only a 4.9 percent increase due to this policy, which fails to protect retired employees who are living on a fixed income.

That is why I am proud to introduce 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.

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