THE CONTROVERSY OVER THE PUBLIC EMPLOYEE RETIREMENT SYSTEM

    I'VE BEEN LISTENING TO ALL THE CONSERVATIVE TALK SHOW HOSTS LATELY COMPLAINING ABOUT THE PUBLIC EMPLOYEE RETIREMENT SYSTEMS. I AM OBVIOUSLY A REAGAN CONSERVATIVE MYSELF SO IN MOST THINGS I AGREE WITH THEM. HOWEVER, FOR THE PAST 35 YEARS MY EX-HUSBAND HAS BEEN REQUIRED TO PAY INTO PERS IN THAT BANKRUPT STATE OF CALIFORNIA. FOR MANY YEARS HIS COMPANY EVEN MATCHED WHAT HE PAID UNTIL TIMES GOT HARD AND BENEFITS WERE CUT. HE ALSO WAS REQUIRED TO PAY SOCIAL SECURITY TAXES. HIS COMPANY IS BEING PRIVATIZED ON JUNE 30,2010, AND HE WILL BE FORCED TO RETIRE FROM PERS. THERE ARE SOME PUBLIC EMPLOYEES IN SAN DIEGO COUNTY WHO HAVE ONLY PAID INTO THE SYSTEM FOR FOUR YEARS. AFTER RECIEVING A SALARY OF $100,000.00 PER YEAR, THEY ARE NOW COLLECTING $104,000.00 PER YEAR FROM PERS!!! THIS IS WHERE THE TRAVESTY LIES!! IT IS NOT THE EMPLOYEE WHO HAS PUT IN 35 YEARS OF BLOOD, SWEAT, AND TEARS THAT RETIRES AND COLLECTS WHAT HE/SHE IS DUE. NO ONE COMPLAINS WHEN SOMEONE PAYS INTO AN IRA AND THEN COLLECTS THEIR MONTHLY RETIREMENT.
    PERS INVESTS THE MONEY PAID INTO THE SYSTEM AND IS SUBJECT TO A LOSS IN THE MARKET JUST LIKE ANY PRIVATE PENSION PLAN. THAT LEAVES THE EMPLOYEES WHO DO PAY INTO THE SYSTEM VULNERABLE TO RISKY INVESTMENTS IN THE SAME WAY AS SAY, AIG.
    THE COMPLAINTS AGAINST PERS ARE LEGITIMATE WHEN IT COMES TO EMPLOYEES SUCH AS THE ONES IN SAN DIEGO COUNTY. BUT IT IS ONLY FAIR THAT THOSE WHO HAVE PAID THEIR DUES FOR YEARS AND YEARS RECIEVE THE COMPENSATION THEY ARE DUE!!