Dennis Leone: Nancy is correct -- 73% of the solution for preserving pension solvency falls on the shoulders of retirees

From Dennis Leone, August 31, 2010
Subject: Re: Fwd: Response to August 13, 2010 STRS Letter
......in other words, Nancy is correct -- 73% of the solution for preserving pension solvency falls on the shoulders of retirees, period. And there really is no good answer for why things like changing the 3-year Final Avg Salary to a 5-year FAS can't start before 2015. No one seemed to mind immediately stopping the 13th check and health insurance for spouses in 2002. And no one on the Board seems to mind starting the COLA reduction in 2011. It seems that it is more important for the Board to protect actives as long as possible. Interesting also, if one thinks about it, was how the Board voted in 1999 to help actives immediately by starting the 35-year/88-percent benefit in 2000. There wasn't any 4-year or 5-year waiting period for that one, no sir. How sweet it was to retire between 2000 and 2010 with 35 years. Too bad for those who retired before 2000 and too bad for those will retire beginning in 2011. The "haves" and the "have nots."
Dennis Leone