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Lake Geneva Chiropractic
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report print email Source: Editorial: Despite cloudy future, Bay School Board to plan ahead
Enough Already
March 16, 2011 | 10:56 AM

Your quote " Completely eliminate the public employee state funded pension and have them contribute to social security and their own 401k plans."

There are only 14 states that exempt teachers from social security contributions and Wisconsin isn't one of them.

http://www.cga.ct.gov/2006/rpt/2006-R-0547.htm

"WHICH STATES EXCLUDE TEACHERS FROM SOCIAL SECURITY?

Fourteen states do not provide Social Security coverage for teachers. These states have so-called “independent” retirement systems for teachers and, in some cases, other public employees.
The 14 states with independent retirement systems for teachers are: Alaska, Maine, California, Massachusetts, Colorado, Minnesota, Connecticut, Missouri, Illinois, Nevada,
Kentucky, Ohio, Louisiana, & Texas."

I've read this so many times and knew it didn't apply to Wisconsin so I finally decided to get it out there. I don't disagree with your analogy in part though...SWIB (State of Wisconsin Investment Board) who oversee's the state pension for everyone but Milwaukee - has done a pretty lousy job with the funds they have entrusted to them, but they gave themselves (the directors et al) a nice increase in wages anyway. I'd much rather allow public employees to take their money where they want to invest it - collect it by all means - but let the free market money managers who compete for your money manage it. My private investment manager is kicking butt! Even in this crappy economy. SWIB has been losing ground for years .

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