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Tuesday, February 28, 2012

#JS #Politifact #WRS Contortions - #Retirees is #Walker "Open" ? - NOT

3/19/12 - This is one of those issues you need to put in your long term memory ... it will sneak up on you like a stealth bomber or drone ... it is not an issue of ideology it is an issue of greed ... keep it current!!

Untouchable Pensions May Be Tested in California from NYT 3/17/2012

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A user's Twitter about the Wisconsin Retirement System by Politifact (JS) recently got my attention. It said ...
#WEAC claim about WI Retirement System is false: #Wirecall

I did a "Find" (Ctl-f) on the article looking for "WEAC" ... none found ... so what about this tweet ... Tweet already false unless the author knows something we do not ... highly possible.  I did find a reference to the "state teachers union."  JS is commenting on a "Chain Email" ...
 

Says Gov. Scott Walker is "openly" backing a move to abolish the state retirement system and convert it to a 401(k)-style plan that will reduce pensions "by at least a third" for current and retired public employees  

Subtitled:

Chain email says Gov. Scott Walker supports a move to abolish the state retirement system and reduce pensions.

 So which statement is Politifact checking and more importantly what information/knowledge (if any) are they contributing to the issue.  Having read the article I conclude that Politifact is judging on it's Truth-0-Meter whether Governor Walker is "Openly backing a move to abolish the state retirement system (WRS)" ... they conclude this is FALSE.  I have to agree but it is all about that word OPEN.


All of the officials interviewed were careful to walk the line and not be open or direct.


We asked Mike Huebsch, secretary of the state Department of Administration, if the study would look at putting future hires into a 401(k)-style plan, as Michigan did. We also asked about "hybrid" systems, which combine the traditional guaranteed pension with a 401(k)- type program, such as in Indiana. And we asked if the study included a purely voluntary option where employees could choose to participate in a 401(k)-type program.

Huebsch said all three approaches would be studied but "there is no intent at this point of forcing anybody into a system they wouldn’t want to be part of."...
Walker spokesman Cullen Werwie reiterated that Walker would await the study to determine if any changes needed to be made. No specific options are under active consideration, he said.

Then we see legislation introduced immediately and rushed to the Governor for a signature.  So indeed no one is being open and direct but they do have an agenda ...will it be discovered?

One of the email’s most provocative suggestions is that existing employees -- and even those already retired -- would see major benefit reductions.
 ...
The state Employee Trust Funds department, which administers the pension fund, said in a statement on its website that any changes "could only apply to the accrual of future benefits." That leaves open changing benefits going forward for current employees.

Can you imagine all state retirees (maybe employees) being required to spend all that time trying to decide how to invest their probably meager "accrued earnings".  1) I am sure the "Financial Adviser" lobby and business loves this idea - more fees. 2) Court appointed guardians may love it too since they get to charge you for their time while they ponder your big retirement investment decisions ... and don't forget the financial adviser is still getting a piece! 3) Tax filing will become more complicated as you must now report and conform to annual distribution requirements

Governor Walker and his administration is certainly not "open".  Annuitants in WRS should worry ... a lot!

#Walker hidden  agenda #elites #1% #JS #Politifact #WRS Contortions - #Retirees is #Walker "Open" ? - NOT vs 47% #99% 

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