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Shows & Panels
Search Tags: COLA
President Barack Obama's proposal to change the way retirees' cost-of-living adjustments (COLAs) are calculated has drawn the ire of federal-employee groups and unions. The National Active and Retired Federal Employees Association (NARFE) has released a calculator designed to show retirees and policymakers how benefits would be reduced if the chained CPI were implemented.
President Barack Obama wants to make federal service cool again. But his budget proposals, which would reduce future retirement benefits and force feds to pay more for them, has a lot of current civil servants hot under the collar, Senior Correspondent Mike Causey.
Federal employees would see a slight pay bump next year under President Barack Obama's proposed budget for 2014. But at the same time, the White House budget outline proposes sweeping changes to federal employees' retirement benefits, including reductions to annual cost-of-living increases for retirees.
President Barack Obama is calling for the implementation of the "chained Consumer Price Index" to measure inflation. The change will reduce cost-of-living adjustments for retired federal employees and Social Security recipients. The 2014 budget is officially scheduled for release on Wednesday.
If you could pick any historical event to relive, it probably wouldn't be the maiden voyage of the Titanic — that didn't go well. And now, 100 years later, federal, military and Social Security retirees are just becoming aware of a political iceberg that could punch a hole in their future benefits, Senior Correspondent Mike Causey says.
In the latest proposals traded back and forth between the White House and Boehner, the President proposed changing the formula the Labor Department uses to measure inflation — which would reduce annual COLAs for Social Security beneficiaries, including federal and military retirees. Federal-employee unions and groups remain worried the COLA proposals are still very much on the table.
In the fiscal-cliff talks, it now appears that both sides have blinked. Republicans appear willing to accept some higher taxes and Democrats seem to have agreed that Social Security's growing costs must be curtailed. Slightly and slowly. So how will the proposals affect you? Check out Senior Correspondent Mike Causey's column.
If Congress and the White House change the yardstick used to measure inflation, will retirees barely notice or will they have to go on a diet of Hamburger Helper and Ramen Noodles? Check out Senior Correspondent Mike Causey's column for more.
Federal-employee groups and veterans organizations say a legislative proposal that would result in lower cost-of-living adjustments for federal and Social Security retirees is a non-starter. Moving to a "Chained" Consumer Price Index method of calculating inflation would curtail future benefits for Social Security retirees, including federal employees and veterans, opponents of the proposal say.
The 1.7 percent cost-of-living adjustment (COLA) will begin with benefits that more than 56 million Social Security beneficiaries, according to the Social Security Administration. Social Security recipients received a 3.6 percent increase in benefits this year after getting none the previous two years.