Why has there been no cola for IBM retirees in 21 years?

IBM retirees have not seen a cost-of-living adjustment (COLA) for their pensions in 21 years due to the company's decision to freeze pension plans and transition to a 401(k)-based retirement structure. This shift aimed to reduce financial liabilities and costs associated with traditional pension plans. As a result, retirees have not received any adjustments to their pension benefits, despite rising living costs. The lack of COLA has been a point of contention and concern among retirees, highlighting the challenges of managing fixed incomes in an inflationary environment.