Natanya - This article provides a popular view; blame the public employee for the ERS issues. Please consider the following facts:
- The ERS pension was raided for years going back to the 1960's as a means to fund other State intiatives. Public employee pensions provided these services with no choice. Now they are blamed for the financial position the ERS is in? Perhaps a "thank you" is in order.
- The ERS Board lowered the assumed rate of return 0.55% from 7.55% to 7.0% in 12/2016, increasing the unfunded liability by $2 billion. ERS Board members interviewed failed to take responsibility for that action.
- The 2017 Legislature was forced to increase employer ERS contributions over the next three years - how will employers hire anyone?
- Investment returns were 9.2% on average for the past 5 years and close to 8% since the 1990's - there was no need to lower the assumed rate of return
- This is a concerted effort by the ERS Board to force the Legislature to lower pension benefits