Dennis Leone re: The 88% is coming back to bite us

From Dennis Leone, June 20, 2010
Subject: Re: The 88% is coming back to bite us

Oh no no no, said STRS in the late 1990s and early 2000s. The 88% plan, all claimed, was a cost neutral arrangement because while higher pensions would occur after 35 years, the savings between year 30 and 35 would supposedly offset the added cost. Uh-huh! What a stupid, naive perception......not to mention the fact that the surviving spouse of a deceased retiree (who had the 88% plan) might receive the higher pension for another 20 years.....the rest of his/her life.

Sidaway, Norris, Chapman, et al set themselves up nicely, and the staff (all of whom were receiving giant annual bonuses at that time) weren't strong enough to say: "Wait a minute, this might not be a good idea in the future." And the likes of Puckett, Petro and Montgomery followed the advice of staff like sheep, just like the active teachers do with OEA. Who loses? Current retirees and future retirees. No one wants to admit it.

Dennis Leone