What does a Chained Consumer Price Index mean for COLAs?

One of the ideas being considered in the debt limit talks is changing the formula that calculates cost-of-living adjustments for retirees. The proposal calls for a switch to a Chained Consumer Price Index to measure inflation. Arthur Stein is a certified financial planner with SPC Financial in Rockville, Maryland. He joined the Federal Drive to discuss what that change would mean for federal retirees.