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Pension. A correction.

January 21, 2013

beautiful-oops

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.

 

One Comment leave one →
  1. Anonymous permalink
    January 21, 2013 7:35 pm

    Fred

    Thanks for the clarification and to all those who notified you. In the mean time, I wonder if the governor and the assembly will try to pass some kind of a BS bill that would prevent us from receiving our COLA on February 1, of this year. They would have to act at the end of January. What a jerk that socialite Nekritz is!! She reminds me of a Super gone wild. Her relationship with that other Jerk who she is seen with is questionable.

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