Upgrades to the Common armor whether it be mods, power level, or energy level are never retained when you meditate to the next level as you're getting a completely different armor set that will drop with a base power level, empty mod slots, and a base energy level.
The incorrect power level of the resulting armor can glitch however, which is a known issue Bungie is investigating.
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I'm working on my light level and im 1271 again, took some time, but I got help from a nice player. But I still want my item level back on those items, otherwise it will be impossible to do the achievmnets for it.
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The issue must have been that I had incorrect power level on the items becuase I infused them with higher light level equipment, will I be getting my light level back?
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Bungie is aware of the issue and investigating. https://twitter.com/BungieHelp/status/1413588689364557824?s=20 However, there has been no mention of doing anything for players who have already been impacted by this glitch.