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Tuesday, October 16, 2012

COLA Adjustment

Retired feds will learn later today how much of a raise they'll get in their pensions come January. The Labor Department is releasing the Consumer Price Index, which shows the rate of inflation for September. That's the figure the new Cost-of-Living-Adjustment will be based upon. Federal retirees got a so-called COLA of 3.6 percent last year, the first increase since 2008. Federal News Radio Senior Correspondent Mike Causey said they won't be so lucky today. He said it's bound to be a "bitter diet cola." The Congressional Budget Office has predicted a 1.3 percent boost.

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