New COLA legislation, VA requirements
Last year, Social Security announced it’s Cost of Living Adjustment (COLA) on Oct. 19 but Congress didn’t agree to legislation authorizing a similar increase for VA recipients until Nov. 2. On March 5, Representative Jon Runyan of New Jersey introduced H.R.4142, the American Heroes COLA Act to make VA’s cost-of-living adjustments automatic like Social Security and military retired pay. This bill has been referred to the Committee on Veterans’ Affairs and its passage would eliminate the period of uncertainty between the announcement of the Social Security COLA and action by Congress to raise VA’s rates.