Pension. A correction.
In a post addressing what would happen if the Illinois General Assembly passed a bill impacting retiree COLAs and any anticipated court action that would arise from that, I wrote that TRS would freeze COLAs in place.
I was wrong.
Here is the paragraph from a letter to all TRS members which is in question:
TRS cannot predict if, or when, the General Assembly may alter the state law regarding the COLA. It is certain, however, that if the laws governing the TRS COLA are changed, the matter will be challenged in court, a matter that will likely take a few years to resolve. A court challenge to any change in the state’s pension laws would very likely freeze the current COLA provisions in place until the case is decided.
I mistakenly read “freeze the current COLA provisions” as “freezing the current COLAs.” An important distinction.
I apologize for any concern this caused. Thanks to the readers who brought this to my attention.