Needed -- A Coherent Retirement Policy
From a Letter to the Wall Street Journal
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Your Oct. 3 editorial “Pensions and Palm-Greasing” takes a local issue and generalizes it to the entire public pension industry. It also takes a savings tool—401(k) plans—and attempts to convert it into a meaningful long-term pension plan. The logic in both situations is flawed.
Most public employees participate in well-managed, well-governed, well-funded and closely regulated defined-benefit pension plans. These plans are governed by trustees charged with the fiduciary duty to oversee assets solely for the benefit of their membership. Conflicts of interest are clearly delineated and prohibited. Enforcement powers exist that can be invoked by fellow trustees, by the membership, by regulators and the public at large.
Local shortcomings in New York State can be addressed by implementing best practices and best program designs exhibited by other public plans found through the U.S.
The call to convert successful and effective ... Read More...
