. . . . Please read this article written by IN Rep. David Niezgodski. It is most informative about what is about to be done to the retirement accounts of state and local employees. ----------------------------------------- . . . . .“Your state government is in the process of changing the way retirement accounts will be handled for thousands of state and local employees. If the plan comes to pass, a key chunk of their retirement benefits could be cut nearly in half. Who would be affected? Not just a good number of state workers, but teachers and employees of cities, counties and townships across Indiana. The change would affect annuity savings accounts. Workers have the chance to use ASAs to invest an extra portion of their own savings if they can scrape up a few extra dollars to set aside. If the Indiana Public Retirement System’s Board of Trustees gets its way, control of this process would be given to the private sector. Experts agree this change will drastically reduce the rate of return on an investment. To the trustees who oversee our public retirement system, having an issue “fully aired in public” meant deciding it in meetings that met the barest notification requirements. In short, the public was denied much of a chance to give its side of the story until the matter came up before myself and other members of the Pension Management Oversight Commission at our August meeting. I have no illusions that these efforts can be successful. One of the hazards of single-party control of state government is that voices of dissent often cannot be heard when the people in charge want to do something and have no interest in listening to other opinions. What is being attempted here is wrong. It will cheat thousands of Hoosiers out of benefits they have earned fairly through dedicated service to the people of this state . ."
Posted on: Fri, 20 Sep 2013 14:19:07 +0000
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