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Analysis of Inaccurate MJS Article on WI Pension Health

Analysis of Inaccurate MJS Article on WI Pension Health

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Published by vicki_mckenna

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Published by: vicki_mckenna on Jun 26, 2012
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PARAGRAPH BY PARAGRAPH THROUGH THIS AMAZINGARTICLE:"More impressively, Wisconsin got those high marksfor its pensionfunding for fiscal year 2010 - before Gov. ScottWalker and Republicanlawmakers required public employees to contributemore for theirpension and work longer hours and more years toqualify for one."(Automatically extracting whatever is needed tofund the system fromtaxpayers is not "impressive." It's simplyautomatic fundingregardless of circumstances. And the funding wouldstill"fully-funded" regardless of new servicerequirement for part-time,and vesting requirement by Gov. Walker.)"Really in every metric, you're doing better thanother states. .
.It means you can tell taxpayers and businessesyou're going to bepaying for the services you're getting, not theservices that pastgenerations have been getting," said David Draine,a senior researcherat the Pew Center on the States. (Factually wrong,ignores the factthat majority of retirees are at, or approaching,Core Fund base
amounts, and if we have a simple global recessionsometime over nextcouple of years, the taxpayers WILL dig deep to payfor previousretirees, as those guaranteed pensions have to bepaid, it's the law.)"But compared to the rest of the country, Wisconsinhas more reason tocelebrate than to panic." (What???!!! The WRSrefuses to address aformula calculation that guarantees monthly amountsthat don't fittoday's financial world; the WRS continues toinsist on using 7.2%as the assumed rate, because if they don't theyhave to tell taxpayersthey have to kick in even more; the WRS refuses toaddress "pensionspiking" which is out of control withUW/teachers/city workers, etc.;the "total normal cost" is going to have its FIFTHincrease in 2013,and taxpayers WILL have to kick in substantiallymore in 2013 than2012; system has an open-ended taxpayer liability,which one moreglobal financial crisis can send the system down;the WRS uses thepublic-pension accounting rules, which even Timemagazine says shouldbe illegal., etc. etc. etc.)
"To make up the gap, the other 49 states will haveto set aside moretax dollars, cut future benefits or raisecontribution rates forcurrent employees, or resort to legallyquestionable strategies tosiphon away cost of living adjustments for currentretirees." (Themost glaring lie, the smoking gun in the wholedishonest article -- "theother 49 states will have to set aside more taxdollars" What??? We justhad the WRS admit in a Madison newspaper last weekthat the totalnormal cost is going t oleap next year, because offunding needs, andtaxpayers will be paying6.5% match or more of general/teacher pay in 2013,compared to 5.9% in2012. What the hell are they talking about? Localgovernments andschool districts are going to have to be left withdecisions to raisetaxes or cut services to meet this obligation ofpaying ever more tothe WRS!!)"It's pretty clear that the Wisconsin retirementsystem is a model forthe nation in terms of its long-term health," saidJim Palmer, whoserves as both the chairman of the WisconsinCoalition of Annuitants,

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