Wachtmann Draws the Battleline
"Wachtmann said he would oppose any measure that will increase employer contributions."
"Wachtmann agrees with some of Mayer's sentiments. He said final average salary should be based on a 30-year average, and that the state should move to a defined contribution plan."
Here is a link to these words in today's article entitled, "Ohio pensions: Time bomb for state, local governments" in the Lancaster Eagle Gazette.
His statement shows that he is just another politician in the pockets of Wall Street. He has never been on the side of working man and woman and now teachers or any public employee. Please print the paragraph below from CORE's media letter and send to anyone you know who is an educator and to all the newspapers in your area. Please overwhelm Wachtmann's office. He needs to know that we are on the attack as well. If he is your Representative, send him this message or pay him a visit. It's time to stand up and tell the truth, because he will not. Please share this information with other educators retired and active.
CORE's media letter:
Recent research published by the National Institute on Retirement Security, www.nirsonline.org entitled "More Bang for the Buck," points out that a defined benefit pension is the best retirement plan for all Americans. U.S.News and World Report, August 2008, states "401k plans save employers money because workers fund a portion of the plan. But a new analysis says 401ks are an inefficient way to finance a secure retirement." The Financial News, August 2009, points out that "defined contribution schemes such as 401k plans are more expensive for employers to implement even as companies shift toward them and away from defined benefit schemes." Time Magazine, Oct. 2009, tells us, "Why it is Time to Retire the 401k...the ugly truth is that the 401k is a lousy idea, a financial flop, and a rotten repository for our retirement reserves." And that is the real problem.
Dave Parshall, CORE President
posted by Kathie Bracy at 7:03 PM
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