tag:blogger.com,1999:blog-2607144762948150931.post5898167263791111797..comments2023-06-27T08:39:54.324-07:00Comments on Pension Vocabulary : Why Teachers Have Compounded COLA of 3%.John Dillonhttp://www.blogger.com/profile/10516552420300264491noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-2607144762948150931.post-75142160881410112672019-03-31T07:16:22.990-07:002019-03-31T07:16:22.990-07:00On May 8, 2015, the Illinois Supreme Court deliver...On May 8, 2015, the Illinois Supreme Court delivered the judgment of the court, with opinion. All seven justices concurred in the judgment and opinion (Doris Heaton et al., Appellees v. Pat Quinn, Governor, State of Illinois, et al., Appellants)]. There are two interesting footnotes in the judgment on pension reform litigation regarding COLA: "By way of comparison, data published by the Social Security Administration show that Social Security increases, which are tied to the cost of living, averaged 3.98%, nearly a percentage point more than under the Illinois formula, between 1975 and 2014 (page 4)." (http://www.ssa.gov/OACT/COLA/colaseries.html.). "While the automatic annual increases have sometimes exceeded changes in the cost of living, these judgments are not cost of living adjustments, and as indicated earlier in this disposition, the increases have actually lagged the average increases granted by the Social Security Administration, which are tied to the cost of living" (page 27). gbrownhttps://www.blogger.com/profile/13435049339082622611noreply@blogger.com