COLA Equity Act

COLA Equity Act - Provides for all Federal civilian and military retirees to receive the full cost-of-living adjustments in annuities payable under Federal retirement systems for FY 1990 and 1991. (Includes benefits payable under the Civil Service Retirement and Disability System, military retirement and survivor benefit programs, the Foreign Service Retirement and Disability System, the Central Intelligence Agency Retirement and Disability System, and railroad retirement programs.)

Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to exempt railroad retirement supplemental annuities from sequestration.

Prohibits Federal employee disability compensation benefits payable during calendar years 1990 and 1991, including any increases in such benefits, from being reduced or suspended during such period.

Provides for corresponding annual increases in the rates of pay for all Federal civilian and military officers and employees whenever benefit amounts under title II (Old Age, Survivors and Disability Insurance) of the Social Security Act are increased.