Note to self, never read JSonline comments. Those people are batshit crazy.
Two points-
#1- Walker is not going to change the system. There is no reason to believe that he will. Also, the Supreme Court has already ruled that past years of service credit (any pension earned prior to this date and every day moving forward until a change is made, is guaranteed and vested. Any change could not be applied retroactively. All prior service credit is funded, meaning taxpayers are not on the hook for anything, and no retiree/current public employee is in danger of losing the benefits they have already earned.
#2- This system is no different than an average 401k that any private sector employee has access too. An employee (public) is REQUIRED to contribute 5.9% of their income. The employer matches it with a 5.9% contribution. The amount of money of the contributions + interest is help in an individual account as part of the $80 billion dollar WRS. When the stock market goes up, individual accounts go up. When the stock market goes down, individual accounts go down. At retirement, employees use their accounts to buy an annuity. This is the EXACT SAME PROCESS as any private sector worker could do. A private sector worker with $500K in their 401k, or a public sector worker with $500k in their WRS, could buy essentially the same annuity. The Department of Employee Trust funds might charge a smaller processing fee or administration fee than a private sector solution, but that is for another debate.
So for you idiots that think WRS is come expensive benefit paid by the taxpayers... you are IDIOTS!
if anyone thinks that Walker is going to change WRS in any meaningful way... 500,000 Wisconsin taxpayers are either getting a benefit from WRS, or are contributing towards a future benefit. I guarantee you that a HUGE number of those members (probably even a strong majority) voted for Walker in the recall. A balanced budget in Wisconsin is the strongest defense from any illegal attempt to steal money (ala Tommy Thompson) from a Private Fund (WRS)
Two points-
#1- Walker is not going to change the system. There is no reason to believe that he will. Also, the Supreme Court has already ruled that past years of service credit (any pension earned prior to this date and every day moving forward until a change is made, is guaranteed and vested. Any change could not be applied retroactively. All prior service credit is funded, meaning taxpayers are not on the hook for anything, and no retiree/current public employee is in danger of losing the benefits they have already earned.
#2- This system is no different than an average 401k that any private sector employee has access too. An employee (public) is REQUIRED to contribute 5.9% of their income. The employer matches it with a 5.9% contribution. The amount of money of the contributions + interest is help in an individual account as part of the $80 billion dollar WRS. When the stock market goes up, individual accounts go up. When the stock market goes down, individual accounts go down. At retirement, employees use their accounts to buy an annuity. This is the EXACT SAME PROCESS as any private sector worker could do. A private sector worker with $500K in their 401k, or a public sector worker with $500k in their WRS, could buy essentially the same annuity. The Department of Employee Trust funds might charge a smaller processing fee or administration fee than a private sector solution, but that is for another debate.
So for you idiots that think WRS is come expensive benefit paid by the taxpayers... you are IDIOTS!
if anyone thinks that Walker is going to change WRS in any meaningful way... 500,000 Wisconsin taxpayers are either getting a benefit from WRS, or are contributing towards a future benefit. I guarantee you that a HUGE number of those members (probably even a strong majority) voted for Walker in the recall. A balanced budget in Wisconsin is the strongest defense from any illegal attempt to steal money (ala Tommy Thompson) from a Private Fund (WRS)
