Posted on 04/28/2014 7:25:26 PM PDT by Vince Ferrer
You know Democrats are up to no good when they set up a task force to study the state of Coloradans’ retirement savings, yet they deny the state Treasurer a seat at the table. Treasurer Walker Stapleton is the only statewide official who sits on the board of the Public Employees Retirement Association (PERA), and his expertise would be invaluable to the task force. So why block him from participating?
Turns out, Stapleton isn’t bought into the task force’s pre-determined agenda. House Bill 1377, which was introduced at the last minute by House Speaker Mark Ferrandino, creates a task force that is supposed to make recommendations for the establishment of a state-run retirement plan for private sector employees.
The prospect of such a move is downright terrifying. The state can’t even manage PERA properly, and we’ve seen what a disaster Social Security has become. Why on earth would anyone in his right mind think the creation of another government run retirement plan is a good idea?
As Stapleton put it in his recent release:
“Under no circumstances would I support a Colorado run retirement plan for private sector employees. Frankly, it frightens me that Democrats are even asking for such recommendations. Our current public employee plan, PERA, is $26 billion in the hole. We should start by turning the titanic away from the iceberg before we start placing more passengers on the ship.”
Stapleton is exactly right. Democrats should be focused on fixing PERA, not trying to launch a government takeover of private sector retirement plans.
That type behavior is usually present when the pension fund is about to be raided by using the ruse of investing the funds elsewhere for higher yields but somehow ends up in the pockets of the board members.
Or the government retirees.
November can’t get here fast enough!
Smother those fascist thieves...
“That type behavior is usually present when the pension fund is about to be raided by using the ruse of investing the funds elsewhere for higher yields but somehow ends up in the pockets of the board members.”
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Indeed. The DimocRATS are looking down the road a bit and are worried about “running out of other people’s money”. They want to extend judgement day a bit and would absolutely LOVE have PRIVATE retirement funds available for them to cash out and replace with IOUs. That’s their plan folks-—REALLY!
Be prepared for Democrats across the country begin murmurings of tapping 401K’s as they have in Europe.
Eventually, everything washes onto our shores, especially leftist ideas of how to take more money and more freedom from the citizen.
“Sh*t flows downhill” - well known observation. In Colorado, it flowed down from the Sheeples Republic of Boulder to Denver and thence statewide - and Colorado became a Democratic state.
Let ‘em starve, I say! They deserve every bit of the pain they inflicted on themselves.
Have worked on quite a few cases involving pension fraud with RICO charges and ERISA violations. It always seems to start out the same way. The CEO has found a better fund with higher yields, sets a board meeting, they meet, he promises bonuses or higher returns, they vote, then somehow the pension funds begin disappearing, and the CEO and the rest of his cronies end up with lionshare in their pockets. When I work these cases I always take a look at the lifestyles of the CEO and CFO and I usually find that they are living the high life, especially as of late.
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