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.

  To read the full article, click here.

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