Authors: Carolyn L. Merck, Education and Public Welfare Division
Abstract: Social Security, federal civil service retirement, and military retirement are financed by means of federal trust funds which authorize the Treasury to disburse monthly benefits to eligible beneficiaries. Periodically, benefits are increased by cost-of-living adjustments (COLAs). However, Congress occasionally has achieved budget savings by reducing or delaying COLAs for civil service annuitants and for some military retirees, but Social Security COLAs were excluded from most of those modifications.
Pages: 2
Date: Updated July 27, 1998
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