Stealing money from old people has become common by legislatures nationwide. Now, it’s also fine to steal from those who hope to someday have the possibility of growing old. The plundering of money that people honestly earned by paying into private pension plans has become so common that “pension raiders” run for public office and call themselves “job creators.”
Now that active and retired teachers from the public sector have been targeted and scapegoated as part of the corporate attack on public education, people generally believe that the specific financial difficulties within their district, town, city or state are unique to the situation. Not so!
The legalization of theft and corruption by the lawmakers that make new laws has hit a tipping point. Reading local accounts from state to state is like reading those computer generated form-letters flooding our snail mail and emails. (Dear Ken, You are a valued… etc., etc.) The names are interchangeable.
Here are two sets of pension pillage info where the state’s names and the specific governors’ named have been redacted. Connecticut or Illinois – guess.
A- “(STATE) history is replete with the successive failures of the (STATE) General Assembly and Governor to make payments to the State pensions systems for which (STATE) law called. For years, led by successive Governors and members of the General Assembly, including many currently in office, the State has failed to pay an actuarially-sufficient amount to fund its pension systems. All along, the State and its elected officials did so knowing that they were shortchanging the pension systems, cheating (STATE) public servants and violating the public trust.”
B- “And then to balance the state budget in Fiscal year 2010 and 2011, Governor (NAME) and the Democrats decided to insert language that allowed the state to forgo any contribution for two years. The lack of funding created a situation that began to derail the financial stability… While the state did deposit $35 million in Fiscal Year 2012 and $18 million in Fiscal Year 2013, by refusing to deposit the appropriate amount the Fund was, yet again, undermined.”
See Connecticut blogger Jonathan Pelto’s post HERE for correct answer.
See Illinois blogger Glen Brown’s post HERE for correct answer.
A- “The unfunded liability of the Teacher Retirement Board Pension Fund has increased to $11.1 billion. According to the latest (STATE) Teachers’ Retirement System actuarial report, ‘The unfunded actuarial accrued liability increased from $9.066 billion to $11.127 billion’ over the two year period from 2010 to 2012. The (STATE) failure to properly fund the teacher’s retirement fund and the state employee retirement fund has left (STATE) taxpayers with an obligation that require higher than necessary taxes over the next two decades.”
B- “Augmenting this constant borrowing is the history of thievery from the funding expected set aside for the contractual promises made to the public employees of (STATE). Note: The money taken from promised payment to public employees, like the money borrowed in bond purchases, cannot be avoided. That is, if the debt of $100 billion is owed to the pension funds.”
See Connecticut blogger Jonathan Pelto’s post HERE for the correct answer.
See Illinois blogger John Dillon’s post HERE for the correct answer.
Ironically, Connecticut and Illinois have one very important person in common. Paul Vallas.
Vallas was legally declared unqualified by the Connecticut Supreme Court to hold his appointed position as Superintendent of Schools in Bridgeport, CT. Also, Vallas and others are under investigation for their share of the blame in a $1.5 billion penalty for illegally firing and not rehiring qualified, successful teachers while he was in charge of New Orleans and Louisiana schools. Connecticut was held up by Vallas for thousands of additional dollars after he rescinded his resignation and shifted it to a later date.
Vallas, who declared his readiness to be the Republican candidate for Cook County Illinois Board, was recently endorsed by Illinois Democratic Gov. Pat Quinn as his lieutenant governor in 2014. Gov. Quinn is responsible for the teacher pension cutting bill he signed into law that is now being brought to court. Quinn is famous for declaring that he was “put on God’s earth” to cut those pensions. Read earlier posts HERE and HERE.
Anti-teacher pension cutting by legislators for theft committed by legislators is bipartisan in both Democratic states. The Republican opponents want their own corporate contributors to get a big piece of the pillage pie. Corruption is bipartisan.
What are the names of the teacher pension thieves in your state?