Federal Managers Association
In the News
- COLA adjustments will slim for federal retirees in 2024 - October 12, 2023
By Erich Wagner, Government Executive
After two consecutive years of record increases, the annual cost-of-living adjustment for federal retirees will start to come back to earth in 2024, as federal employee groups revive their effort to end the two-tiered system for calculating the annual annuity increase.
The Social Security Administration on Thursday announced that Social Security beneficiaries will receive a 3.2% cost-of-living adjustment in January, a decrease from the four-decade high 8.7% imposed in 2023 and 5.9% in 2022, albeit still higher than most years in recent memory. SSA calculates the annual increase in annuities based on the annual change in the third quarter consumer price index for workers.
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