Letter to the Editor: Pension funds used as political pawns

Columbus Dispatch
Monday, June 25, 2007

Ohio's public-pension systems caved in to demands by state Reps. Josh Mandel, R-Lyndhurst; Shannon Jones, R-Springboro; and House Speaker Jon A. Husted, R-Kettering, to divest its funds from any companies that do business with Iran or Sudan ("Lawmaker's arm-twisting gets Ohio pensions to divest," Dispatch article, June 8).

Why did the pension fund executives give in so easily? They have a fiduciary responsibility to invest for maximum return for the members. In this global economy, can we afford to tie the hands of private enterprise and reduce its ability to compete?

As a retiree of 10 years, I have lived long enough to see former enemies become powerful allies, i.e. Germany and Japan. Our pensions should not be used as pawns in the ever-changing political climate.

The costs of gasoline, utilities, medical care, etc., are constantly increasing. What are retirees to do when expenses go up and pensions go down because of political interference?

If these representatives want to make a statement, they should do it with their own funds, or is sacrifice required only from those who no longer can work?

SUE CARMEAN
Columbus