The great "can kicking" comparison - West Virginia vs. Ohio

From John Curry, June 7, 2008
Subject: The great "can kicking" comparison - West Virginia vs. Ohio

West Virginia Gazette June 7, 2008
Editorial

Year after year, governors and Legislatures promised teachers more in pensions than they laid aside to pay for those pensions. They kept kicking the can down the road. NEARLY 15,000 teachers voted to convert their defined-contribution retirement plans to the more lucrative defined-benefit plan, which guarantees teachers a set monthly pension when they retire.

They will turn in their 401(k) plans for the Teachers Retirement System. They likely made a wise financial decision.

But this switch will affect taxpayers. The old fund is only 51 percent funded, according to the most recent report, which will be updated in July. The unfunded liability now stands at $3.5 billion.

That is a vast improvement from years ago, however, when the Teachers Retirement System was less than 20 percent funded.

Year after year, governors and Legislatures promised teachers more in pensions than they laid aside to pay for those pensions. They kept kicking the can down the road.

To his credit, Gov. Joe Manchin has stopped the game of Kick the Can.

West Virginia legislators weren't the only ones kicking the can down the road. We have some Ohio legislators who are pretty good at kicking the can down the road also...try house Majority Leader Jon Husted and the F.I.R.E.S. House committee where House Bill 315 still sits collecting dust after a year on the shelf! This IS an election year and THEY certainly don't want to put anything before a vote of the Ohio House that involves additional monies going toward healthcare coverage for Ohio's retired educators who are victims themselves of former STRS Board members and former STRS administrators who played an excellent game of "kicking the healthcare planning can" down the road back in the early years of the 21st Century when they could have.

Of course, Ohio legislators retire in a retirement system (OPERS) which didn't allow the game of can kicking to occur, did they? They don't have the political courage to stop the game of can kicking, do they? Anybody out there ready to play a quick game of "kick the retiree and his/her spouse?" The winner gets a month's (2009) STRS healthcare premium of $960...the loser gets a month's OPERS healthcare premium of equal coverage for just $80! Or...if you are just too old to play you can just sit on the sidelines and watch. Heck, ...you can even volunteer yourself to be the can, can't you? If you stand silent on this issue....you deserve to be the can! Isn't it about time to become vocal and open up a can for your friendly local legislator who just doesn't want to talk about HB 315?

John