The cost of the retirement system as the Governor states, costs have increased dramatically but so has inflation. However, an objective cost benefit analysis would reveal:
1) State retirement systems with excessive benefit packages,particulary legislative add-ons for elected officials,
2) a constitutional amendment was passed in 1988, by the people to fully fund and stabilize these systems over twenty years. However, our legislators overturned the people’s vote, by over-riding a state-wide constitutional amendment. Thus, our problems exist today. Where is the Responsible Leadership?
3) merging two retirement systems which have $500 million or more in assets, presently managed by responsible individuals.
It is reported “that’s an inefficient way to do business and not a responsible use of taxpayer dollars, is being privatized. Fifty percent or more of these funds are employee contributions taken from their after taxes paycheck.
The general public must ask will a third party manager, Goldman Sachs or another Wall Street firm be more efficient?
I believe that these firms were bailed out by the taxpayers. Will a cost benefit effective evaluation be required prior to raiding these systems?
Also, does the public hold our legislators accountable by demanding objectivity, honesty, fairness and their exhibiting statesmanship qualities to be viewed as good leaders by supporting constituents' concerns for their retirementsavings?