Ohio’s public pensions are a good deal for taxpayers

Ohio’s public pensions are a good deal for taxpayers

EDITOR:

Defined benefit pensions such as the one provided via the State Teachers Retirement System are the best deal for Ohio taxpayers. According to the National Institute on Retirement Security, defined benefit pensions can provide the same retirement income as defined contribution plans [cash accounts such as a 401(k)] at 46 percent of the cost due to economic efficiencies from pooled investment risk, higher returns and lower fees.

It’s important for Ohioans to understand that public employees’ own contributions and investment returns fund approximately three-quarters of their lifetime retirement benefit. As for the State Teachers Retirement System, educators themselves are being asked to take responsibility for the lion’s share of the adjustment necessary to adequately fund the pension system. Educators will be reducing their future benefits, increasing their own contributions, and working longer to pay for the needed funding. It is also important to note that public sector retirees do not receive Social Security benefits like most Americans.

Employers are being asked for a modest increase in their contribution to share in the cost of maintaining a secure retirement plan. For this investment, employers will help to maintain the solvency of a retirement plan that is an important tool in their recruitment and retention of a high-quality workforce. By extension, taxpayers benefit from a high-quality educational system, which is mandatory for the economic success of Ohio.

WILLIAM W. LEIBENSPERGER

LARRY M. LEWELLEN

Columbus

X The writers are co-chairs of Healthcare & Pension Advocates for State Teachers Retirement System.

Love the country; hate the government

EDITOR:

I love my country, the United States of America. I served in its military. I stand and remove my hat whenever the National Anthem is played. I’ll defend the flag and its Constitution whenever it is threatened by outside elements bent on destroying the country they represent and made great. There is not a single document on this planet written by man as important to me as the Constitution of the United States of America. But I have grown to despise my country’s government.

I despise the government of my country that has grown to represent the special interest groups and not the people. I despise the government of my country that feels it is above the law and is answerable to no one. I despise the senators and congressman who believe themselves to be royalty and vote themselves outrageous perks and benefits. I despise these same people for ignoring the needs of the people of my country while allowing jobs and industry to go overseas and then acting stupid and not understanding why unemployment is so high. I despise partisanship in government that causes nothing to get done because it’s more important to follow the party line than actually think that maybe that’s a good idea even if it’s from a member of the other political party. The list goes on.

There is not much I like about the government of my country as it stands today. The Constitution’s preamble starts out, “We the people.” I think it’s high time “we the people” speak out and take back our government and our country before it’s too late.

TOM HALL

Lisbon