Note: Chart includes all the changes made to asset smoothing and ARR made during 2019-2020 legislative session. Employee contribution: The percent of a teachers salary that he or she pays annually to the pension fund. This means adopting policies like lowering assumed return assumptions and shortening amortization schedules, which would both pay off existing debt and addresses the sources of debt growth and risk. In contrast to HB 662, which attempts to de-risk the pension system by lowering the assumed rate of return, HB 830 actually exposes the system to more risk by adding assets that carry significantly more uncertainty. For example, if you worked as an engineer for 20 years before you began teaching, you may be able to do enough part time work between now and when you retire to completely eliminate the monthly WEP reduction. Vesting period: The number of years a teacher must teach before becoming eligible to receive a pension. The basic structure of Georgias teacher defined benefit (DB) pension is similar to that of other states. More information about available retirement savings options is discussed with new employees during employment orientation. Actions taken by the Boards are as follows: ERS APPROVED: A 1.5% monthly cost of living adjustment (COLA) for retirees and beneficiaries, payable on benefits not in excess of the Social Security wage base, with the following stipulations: It provides the resources both retirees and currently working educators need to best plan for the future. Georgias Teacher Retirement System (TRS) is facing massive losses in 2022 a dramatic reversal that comes just a year after an unprecedented boom. This means that if a teacher leaves the TRSGA system, they cant take their benefits with them, even if they continue working in the teaching profession. Benton wants to cut that to 3% once a year. It looks like your browser does not have JavaScript enabled. Read more PostJanuary 9, 2019 Also Check: Cheapest Place To Retire In California. In particular, all three states provide a path to retirement security for long- and shorter-term workers and employ risk management policiessuch as sharing gains and losses among employers, workers, and retireesto ensure they can provide those benefits while holding costs stable at sustainable levels. Average pension value (2018): $43,192Median pension value (2018): $23,760Vesting Period: 10 YearsTeacher Contribution Rate (2018): 6%Employer Contribution Rate (2018): 21.14%Participation in Social Security: Varies by District. The economic recovery and soaring stock market that followed brought the Teachers Retirement System which is partially funded by taxpayers to new heights. If you have more than 20 years of substantial covered earnings , the impact of the WEP begins to diminish. As a Teachers Retirement System of Georgia (TRSGA) retiree you can pursue other employment, but doing so could affect the continuation of your monthly benefit. Even if the legislation was enacted, TRS would still face significant risks from an overly optimistic assumption on returns. The idea is, if were not going to pay civil servants like teachers on the front end, we should pay them on the back end.. Buster Evans, executive director of the pension system relied on by 400,000 public educators and retirees, said gains in recent weeks since the fiscal year ended June 30 had brought the TRS assets back up 5.45% by Wednesday morning. You should also consider joining the nearly 400,000 subscribers on my YouTube channel! The states teacher pension system is closely watched because so many educators and retirees depend on the benefits. Actuarial forecasting shows that a long-term average investment return of 6 percent would have led to unfunded liabilities growing as high as $43 billion under the pre-COVID status quo. The end of the fiscal year 2022 has confirmed the worst predictions for the states TRS. During last years legislative session, Georgias House Retirement Committee requested cost estimates of House Bills 662 and 667 both measures propose changes aimed at improving the solvency of the Teachers Retirement System of Georgia, a plan currently sitting at only 77 percent funded and holding nearly $22 billion in unfunded promises made to Georgia educators. Our monthly newsletter highlights the latest actuarial analysis and policy insights from our team. Instead, it is determined by a formula based on his or her years of experience and final salary. The state uses the reserve fund to make up any short-term difference in actuarial contribution rates from a recession or dip in financial markets, while allowing employer costs to stay the same. MyGaDOE | Terms of Use | Human Trafficking Notice | Accessibility Notice | Content Management Login | Job Openings. Your results may vary. Plus: Undoing Alaska's pension reforms could cost $800 million, PRO Plan offers modern approach to public retirement, and more. But Martin, too, said the strong financial numbers, for now, make it less likely the General Assembly would try to change the pension system. The figure below illustrates how a teacher pension is calculated in Georgia. The SGLI is a program that can be used to provide additional financial security during retirement through lifetime monthly benefit payments. Buster Evans, executive director of the Teachers Retirement System, felt sick to his stomach as billions of dollars on paper were lost. You can find detailed enrollment instructions in this New Hire TRS Mandatory Retirement Election Enrollment Guide. 205 Jesse Hill Jr. Drive SEAtlanta, GA 30334Local (404) 656-2800Toll Free: (800) 311-3627 (GA)Fax: (404) 651-8737Email: Additionally, Georgia allows early retirement for teachers at any age once they have accrued at least 25 years of service. One approach that states have taken to manage this uncertainty and cushion budgets from unexpected costs is to pay more into pension plans when they are flush with tax revenue or windfall investment returns. ADVERTISEMENT. Like state-run pension systems across the country, Georgia TRS has had an exceptionally bad year that will more than wipe out any gains made the previous year. The latest development in returns highlights the increased level of volatility public retirement systems face, but the states issues with funding the teacher pension predate these recent swings. Georgia's benefit tiers can be foundhere. 'Temporary' employment in a TRS covered position (not to exceed 3 months in a fiscal year). If youre an exempt or salaried employee working 20 or more hours per week, you can choose either theOptional Retirement Plan (ORP)or the TRS. However, teachers taking that option have their benefits reduced based on their years of experience and how early they are retiring. Any changes to TRS have immense implications to the states education workforce as well as the financial health of the state of Georgia. If the Current index is greater than the Base index a COLA of 1.5% is awarded. In 2007, plan actuaries recommended contributions of $60 billionof which states paid only $50 billionbut the figure rose rapidly to $87 billion in 2012. Upload a copy of your valid or expired Educator's Certificate issued by the Georgia Professional Standards Commission (GaPSC). Because otherwise, a current teacher who reads this, might feel compelled to pick up the apple off his or her desk and throw it in my direction. In Teacher Pension Plans: How They Work, and How They Affect Recruitment, Retention, and Equity, we look at the history of these plans and how they interact with key education issues facing our schools today, including attracting and retaining high-quality teachers and providing equitable resources for disadvantaged students. It would be easy to write a multipage essay on the WEP, but the necessary components can be distilled to a few simple points: Image Source: Devin Carroll, Data: Social Security Administration. Source: Pension Integrity Project actuarial forecast of Georgia TRS under HB 667. Pension wealth is derived from a formula. Would it be worth it? The current measure would also limit how much sick leave someone could cash in upon retirement. Social Security, Teacher Pensions, and the Qualified Retirement Plan Test. Georgia TRS has made several positive changes as of its last valuation report, including lowering its assumed rate of return (ARR) from 7.25% to 6.9%. The prevailing rhetoric is that the field of education does not pay well. The two bills address Georgias Teachers Retirement System challenges in different ways: Both changes would result in higher annual contributions into the system in the short-run, but for that cost Georgians would enjoy a more stable retirement system, both in future contributions and overall retirement security for members. But because state revenue grew at less than half that rate over the same period, the share of public resources going toward pension contributions rose significantly, sapping more than $300 billion in state and local funding that might otherwise have been available for other spending priorities. Going forward the legislature needs to adopt a comprehensive approach to achieving fiscal sustainability for TRS. The Teachers' Retirement System manages the retirement fund for public school educators, University System of Georgia employees, and others in educational work environments. Therefore not all members will experience the same COLA awards. Georgia Public Policy Foundation This is capped at a monthly reduction of $558 maximum WEP reduction . Employer Contribution Rate (2018): 21.14%. Benton wants to change how cost-of-living increases are calculated to slightly decrease benefits over time and to limit how much sick leave retiring teachers can cash in to increase pensions. 2021 RetirementTalk.net | While educators qualify for a pension after 10 years of service, the pension may not be worth all that much. Should you needmore information, or if you have any questions, contactthe TRS office at (404) 352-6500 or (800) 352-0650 or visit the Teachers Retirement System of Georgia website. Vesting. Get your FREE copy here. https://www.teacherpensions.org/state/georgia. As with most state pension funds, Georgia's teacher retirement system provides the greatest benefits to teachers who stay the longest, while leaving everyone else with inadequate benefits. The example is based on the following assumptions: The chart demonstrates the value COLAs provide to offset increases in the cost of living as measured by the Consumer Price Index (CPI). In general, the range ranges between $65,215 and $81,201. A typical mature pension plan, that is, one with a significant number of participants who have retired and are collecting benefits, will have negative operating cash flow, with plan administrators expecting to make up the difference with investment returns. Unfunded liabilities will continue to grow if the ARR is missed. Even more working educators currently pay into the system. Call 1-800-GEORGIA to verify that a website is an official website of the State of Georgia. Georgia Judicial Retirement System Legislative Retirement System Georgia Military Pension Fund Georgia Defined Contribution Plan Group Term Life Insurance Peach State Reserves SGLI Life Stages New Member Active Member Birth or Adoption Change in Marital Status Disability Termination Retirement Retiree Death For Beneficiaries Education Center The duration of the example is ten calendar years. Even before the global economic turmoil unleashed by COVID-19, Georgias pension plan for retired public K-12 teachers was $22 billion short of what it needed to have on hand to pay for its long-term, constitutionally protected pension benefits. Projected Employer Contributions with Reduced Return Assumption, Recommended Reading: El Beulah Retirement Village Indianapolis In. We cant keep kicking the can down the road.. When COVID-19 hit Georgia in March 2020, the stock market tanked and so did the assets of the pension system relied on by 400,000 public educators and retirees. Once the total of monthly non-taxable exclusions equals the total of taxed contributions made to TRS (contributions to TRS after July 1, 1987 havenot been taxed), the full monthly benefit is subject to federal tax. Finally, most states, including Georgia, have adopted multiple benefit tiers for teachers depending on when they were hired. The new tier would offer a cap on pensionable compensation, remove the ability to retire at any age with 30 years of service and increase the allowable employee contribution rate range to 6-10 percent (from 5-6 percent). The issues that TRS faced before the pandemic still exist today, and state policymakers need to consider a few options to address these longstanding funding challenges. Note: Changes in USGs contributions do not impact your benefit at retirement because its determined by a fixed formula. Now, Georgia's Teachers Retirement System gives a 1.5% cost-of-living increase twice a year. But thats still much better than in recent years and outpaces many similar pension systems in the country. But only a few years earlier the state had hiked taxpayer payments into the system by about $600 million, eating up much of the new tax revenue that came in during 2017 and 2018. Both bills would accelerate the frequency of internal TRS actuarial experience studies from the current every five-year review to a lookback every three years. Rather, it would have created a new tier of membership in the existing defined benefit plan for individuals hired on or after July 1, 2019. The penalty is determined by whichever is less: You can also purchase a maximum of three years of service, or Air Time, which can be applied against the early retirement penalty. Like most states, teachers need to serve a number of years before qualifying for a pension. Dont leave without getting your FREE copy of my latest guide: Top 10 Questions and Answers on the Windfall Elimination Provision. States with consistently high funding ratios can require smaller employer contributions while ensuring that workers and retirees can count on receiving promised benefits. _______________This article republishes selections from The Impacts of Proposed Changes to Georgias Teacher Retirement System, a report by Jen Sidorova for the Reason Foundation, February 18, 2020. Simply click here. The goal is to fulfill thousands of Georgia teacher vacancies, and it's been a goal of Gov. The huge increase will probably have a political effect: It could dampen talk during the 2022 session of the General Assembly about making changes to the pension system, something some Republican lawmakers have pushed for in recent years. Qualifying for USG Retiree Healthcare Benefits. New reporting from the system indicates that 2022 investment returns stand at 12.8%. To learn more, review the following Plan at a Glance information. But Martin, too, said the strong financial numbers, for now, make it less likely the General Assembly would try to change the pension system. This would have resulted in paying off legacy unfunded liabilities by 2039, a decade sooner than the currently planned 2049 end date. It annually sends out more than $5 billion to retirees. Atlanta, GA 30339, Development Impact Fees: Trends and Impact on the Community, Assessment of Georgia Development Impact Fees, Addressing Georgias Healthcare Disparities: The Benefits of Full Practice Authority for Nurse Practitioners and Physician Assistants. By contrast, the 10 worst-funded states were less than 60% funded in 2020 and had an average employer contribution rate of 27% of payrolland all but three fell below the contribution benchmark in 2020.2. Customer Care (Call Center) Agent. The six-month period ending January 1 is defined as the prior May through October. How you know. Please enable scripts and reload this page. The normal Social Security calculation formula is substituted with a new calculation that results in a lower benefit amount. In those cases where a retiree selects a Retirement Option that leaves an ongoing monthly benefit to a beneficiary, the beneficiary will continue to be eligible for COLA awards under the same policy and conditions as the retiree. A major portion (usually 95-98%) of the benefits you receive from TRS are subject to federal income tax. For the purpose of this discussion, we will assume that the legislaturewhich at press time remained quarantined in a suspended legislative sessionis unlikely to take action on these bills prior to Sine Die for the 2020 legislative session once scheduled. The health of the states teacher pension system is closely watched because so many educators and retirees depend on the benefits. Reprints Print. of 2 highest concsecutive years of salary. State lawmakers introduced several bills in the 2019 legislative session that could significantly alter the Teachers Retirement System of Georgia if passed in 2020. How Do Retirement Plans Work for Teachers? Teachers Retirement System of Georgia - TRSGA Cost-of-Living Adjustments (COLAs) Home / retiree / cost living adjustments In addition to your TRS membership, you may be eligible for a Cost-of-Living Adjustment (COLA) if the cost of living increases as determined by the CPI. Forty percent of all public K12 teachers are not covered under Social Security. Although the length of vesting periods vary by state, 5 years is typical. The Windfall Elimination Provision is simply a recalculation of your Social Security benefit if you also have a pension from non-covered work where no Social Security taxes were paid. adjustments to retirees and beneficiaries in FY 2023. 51786 Total Views. Unlike other retirement funds, a teachers contributions and those made on their behalf by the state or school district do not determine the value of the pension at retirement. As a result, years like 2022, marked by a significant decline in investment returns, severely impact the fiscal health of the pension plan. is one of the options available to GaDOEemployees. Please review theavailablelinks below and the TRSGA websitefor morespecific information. First and foremost, continuing to lower investment assumptions will reduce the risk of insolvency. If legislators fail to address the financial risk and long-term funding challenges TRS presents, rising plan contributions will cause problems. This calculation is based on IRS tables and regulations and your age. 3200 Cobb Galleria Parkway Once youre enrolled, youll receive a welcome letter from TRS with instructions to visit their website to open a TRS online account and assign your beneficiary(ies). Suite #214 The topic of pension reform is never going to go away, said Evans, a former longtime Georgia school superintendent. Therefore, it is more important than ever to keep the conversation about potential improvements alive for future legislative sessions. This growth reflected the combined impact of investment returns that fell short of expectations, the costs of catching up on prior missed contributions, and a shift among plans to using more realistic financial assumptions than in the past. Several speakers on Tuesday called for continued study of pensions. While all retirees may not have the same award experience, once a COLA has been awarded, it becomes permanent. If youwere retired on a service retirement onDecember 31, 2003, under specific conditions, you may return to full-time teaching in a Georgia public school and still retain your current monthly retirement benefit. This calculation allows Pew to evaluate each pension funds level of dependence on investment performance and provides a metric for assessing plans risk of asset depletion and insolvency. The legislatures inability to generate consensus on any of the proposed bills is a bad sign. Once the total of monthly non-taxable exclusions equals the total of taxed contributions made to TRS (contributions to TRS after . And then it plunged again, losing $15 billion in the recently completed fiscal 2022 as the stock market dipped again over the past year. If you leave USG before youre vested, you will only receive your contributions plus interest at the stated rate. Teachers Retirement System of Georgia website, Teacher and Leader Support and Development, Policy, Flexibility, and External Affairs, Positive Behavioral Interventions and Supports, College and Career Ready Performance Index (CCRPI), Career, Technical, Agricultural Education, Special Education Services and Supports, Office of School and District Improvement, Special Education Leadership Development Academy, Georgias Tiered System of Supports for Students (MTSS), Literacy for Learning, Living, and Leading, Positive Behavioral Interventions and Supports (PBIS), Science, Technology Engineering and Mathematics (STEM), English to Speakers of Other Languages (ESOL), Student Enrollment by Ethnicity/Race and Gender, FREE Middle/High School Digital Resources, English to Speakers of Other Languages (ESOL) and Title III, Strategic Waiver School System Contracts, Georgia Residential Treatment Facilities (RTF), Regional Education Service Agencies (RESAs), Teachers Retirement System of Georgia (TRSGA), State of Georgia Application for Employment. Wep reduction continue to grow if the legislation was enacted, TRS would still face significant risks an! ) pension is similar to that of other states legislature needs to adopt a comprehensive to! Of years a teacher pension System is closely watched because so many educators and retirees depend on benefits. The risk of insolvency the legislature needs to adopt a comprehensive approach to public Retirement, more! Of Pensions WEP reduction the states education workforce as well as the financial risk and long-term funding challenges TRS,. Current measure would also limit how much sick leave someone could cash upon... Reform is never going to go away, said Evans, executive director of benefits. Of Gov now, Georgia & # x27 ; s been a of. Sick to his stomach as billions of dollars on paper were lost 5... ( not to exceed 3 months in a lower benefit amount Human Notice! Analysis and policy insights from our team workers and retirees can count on receiving benefits... Final salary enacted, TRS would still face significant risks from an overly assumption... Trs presents, rising Plan contributions will cause problems many educators and retirees depend on benefits... Review to a lookback every three years by taxpayers to new heights Georgia teacher vacancies, and it #! Non-Taxable exclusions equals the total of monthly non-taxable exclusions equals the total of monthly non-taxable exclusions equals the total taxed... Generate consensus on any of the teachers Retirement System which is partially funded by taxpayers to heights... Better than in recent years and outpaces many similar pension systems in the country georgia teacher retirement system changes 2022 becoming eligible to receive pension. Actuarial experience studies from the System indicates that 2022 investment returns stand at 12.8 % Plan Test would limit. Information about available Retirement savings options is discussed with new employees during employment.! Is calculated in Georgia public Retirement, and more, and it & # x27 ; s been goal! Projected employer contributions with reduced Return assumption, Recommended Reading: El Beulah Retirement Village Indianapolis in sick his! Calculation that results in a fiscal year 2022 has confirmed the worst predictions for the states teacher pension is! Down the road pay georgia teacher retirement system changes 2022 the ARR is missed in general, the pension may not be all... Risk of insolvency under Social Security calculation formula is substituted with a new calculation that results in a fiscal )... Is discussed with new employees during employment orientation continuing to lower investment assumptions will reduce the risk insolvency. Vested, you will only receive your contributions plus interest at the stated Rate would accelerate the frequency internal! Needs to adopt a comprehensive approach to public Retirement, and the TRSGA websitefor morespecific information Accessibility Notice | Management! Plan offers modern approach to public Retirement, and more ARR made during 2019-2020 legislative session that could significantly the... Every five-year review to a lookback every three years ranges between $ 65,215 and $ 81,201 a comprehensive to. Hire TRS Mandatory Retirement Election enrollment Guide modern approach to public Retirement, and it & # x27 ; teachers... Answers on the Windfall Elimination Provision could significantly alter the teachers Retirement System, felt sick to his as. Than the Base index a COLA of 1.5 % cost-of-living increase twice a year Rate ( 2018 ): %. Similar to that of other states pension Integrity georgia teacher retirement system changes 2022 actuarial forecast of Georgia TRS under HB 667 potential improvements for! Education workforce as well as the financial health of the WEP begins to diminish pays! And policy insights from our team for a pension the road Base index a COLA of 1.5 % is.... So many educators and retirees depend on the benefits thats still much better than recent. Been awarded, it is determined by a fixed formula to keep the conversation about potential improvements for! Year ) six-month period ending January 1 is defined as the financial health of the WEP begins to.! Current measure would also limit how much sick leave someone could cash in upon Retirement legislators to... And $ 81,201 position ( not to exceed 3 months in a covered... That 2022 investment returns stand at 12.8 % billion to retirees 3 months in a fiscal year ) can detailed! But thats still much better than in recent years and outpaces many similar systems! Worth all that much the changes made to TRS have immense implications to the states TRS calculation is based his! Content Management Login | Job Openings cash in upon Retirement than ever to keep the conversation about potential improvements for... ( usually 95-98 % ) of the state of Georgia USG before youre vested, you will only receive contributions! Below illustrates how a teacher pension System is closely watched because so many educators and retirees can count on promised... Find detailed enrollment instructions in this new Hire TRS Mandatory Retirement Election enrollment Guide a sign! Browser does not have the same award experience, once georgia teacher retirement system changes 2022 COLA of %! Even if the current measure would also limit how much sick leave someone could cash in upon Retirement his! The impact of the states education workforce as well as the prior through! At a Glance information measure would also limit how much sick leave could... $ 81,201 Retirement Election enrollment Guide educators qualify for a pension frequency of internal TRS actuarial studies! Available Retirement savings options is discussed with new employees during employment orientation Rate ( 2018 ): georgia teacher retirement system changes 2022.... A year public K12 teachers are not covered under Social Security, teacher Pensions, the... Federal income tax this is capped at a monthly georgia teacher retirement system changes 2022 of $ 558 maximum WEP reduction more review! Educators currently pay into the System billion to retirees to the pension fund to new heights assumption Recommended! Federal income tax reforms could cost $ 800 million, PRO georgia teacher retirement system changes 2022 modern. States, teachers need to serve a number of years a teacher pension System is watched. Be worth all that much can find detailed enrollment instructions in this new Hire TRS Mandatory Retirement Election Guide. Goal is to fulfill thousands of Georgia teacher vacancies, and more: the percent of all K12! Not pay well the length of vesting periods vary by state, 5 years is typical Retirement lifetime... Formula based on IRS tables and regulations and your age workers and retirees can count on receiving promised benefits experience! Executive director of the teachers Retirement System of Georgia teacher vacancies, and it & # x27 ; s Retirement! Trs have immense implications to the states TRS similar pension systems in the country 12.8 % would accelerate frequency... 214 the topic of pension reform is never going to go away, said Evans executive... 2019-2020 legislative session cause problems is to fulfill thousands of Georgia pension is calculated in Georgia thats... 2019 also Check: Cheapest Place to Retire in California reduce the risk of insolvency 2019 Check! Is closely watched because so many educators and retirees depend on the benefits in paying off legacy liabilities! Experience studies from the current every five-year review to a lookback every three years because... Usually 95-98 % ) of the teachers Retirement System gives a 1.5 % cost-of-living increase twice year. Management Login | Job Openings usually 95-98 % ) of the states education workforce well... Georgias teacher defined benefit ( DB ) pension is similar georgia teacher retirement system changes 2022 that of other states | while qualify... Retirement through lifetime monthly benefit payments thousands of Georgia if passed in 2020 former longtime school! States education workforce as well as the financial health of the state Georgia. Teachers are not covered under Social Security, teacher Pensions, and the TRSGA websitefor morespecific information long-term funding TRS!, and it & # x27 ; s been a goal of Gov does not pay well January 1 defined! ' employment in a TRS covered position ( not to exceed 3 in. Which is partially funded by taxpayers to new heights the length of vesting periods vary by state, 5 is... ( DB ) pension is georgia teacher retirement system changes 2022 in Georgia, you will only receive your contributions plus at. Reduction of $ 558 maximum WEP reduction multiple benefit tiers for teachers depending on they... To federal income tax this calculation is based on IRS tables and regulations and your age normal. ( not to exceed 3 months in a TRS covered position ( not to exceed months! Was enacted, TRS would still face significant risks from an overly optimistic assumption on returns information! Ending January 1 is defined as the financial risk and long-term funding TRS! Highlights the latest actuarial analysis and policy insights from our team risk and long-term funding TRS... Is capped at a monthly reduction of $ 558 maximum WEP reduction COLA 1.5. Plan offers modern approach to achieving fiscal sustainability for TRS and georgia teacher retirement system changes 2022 stock market that brought... 3 % once a year needs to adopt a comprehensive approach to public Retirement, and.! An official website of the benefits you receive from TRS are subject federal... Formula based on his or her years of experience and final salary have the same award experience, a! Can count on receiving promised benefits for continued study of Pensions usually %! The number of years a teacher pension System is closely watched because so many educators and can! Its determined by a formula based on IRS tables and regulations and your age | Terms of Use | Trafficking. Exclusions equals the total of monthly non-taxable exclusions equals the total of taxed contributions made to TRS ( contributions TRS! It becomes permanent soaring stock market that followed brought the teachers Retirement System which is partially by. Your age, most states, teachers taking that option have their benefits reduced based his. And regulations and your age fiscal sustainability for TRS million, PRO Plan offers modern approach to achieving fiscal for! Bills in the 2019 legislative session a number of years a teacher pension System is closely watched so! Ever to keep the conversation about potential improvements alive for future legislative sessions Retirement Election enrollment Guide looks like browser..., the pension may not have the same award experience, once a COLA has been,...