Eye On Boise

Retirees: ‘The funds we have worked all our lives for’

Posted by Betsy

Feb. 22, 2010 12:38 p.m. • 3 comments

About 30 state and local government retirees gathered on the Statehouse steps in a biting wind today to protest HCR 42, the measure to block a scheduled 1 percent cost-of-living increase for state retirees that’s scheduled to take effect next month. Longtime state employee Dale Tankersley, who retired 15 years ago after 38 years of service to the state, declared, “I think it’s wrong and it’s irresponsible, and it’s not doing the right thing for public employees.” Don Brennan, a retiree who started his career as a teacher in Pocatello, said, “In 2009 the Legislature saw fit to discontinue our health benefits. … This year, more tampering with the PERSI account,” which he said will “minimize the funds we have worked all our lives for.”

The press conference was sponsored by the Idaho Public Employees Association, the Idaho Education Association and the AARP of Idaho, all of which are opposing the legislation. Donna Yule of the IPEA said, “We think the Legislature should show confidence in our PERSI board, not try to second-guess them. … The PERSI fund is not underperforming. It’s just simply not true.” HCR 42 comes up for a full public hearing tomorrow at 1:30 in the west wing auditorium of the state Capitol. House GOP leaders who pushed the bill said they’re worried that the Public Employee Retirement System of Idaho fund isn’t performing adequately, so they’re proposing to override the board’s recommendation on a COLA for the first time ever, though the fund remains highly ranked compared to other states’ retirement funds. Rep. Dennis Lake, R-Blackfoot, lead sponsor of the bill, said he also was prompted to act by “equity” concerns, because current state employees are facing furloughs and other cuts.

Three comments on this post so far. Add yours!

JamesBond on February 22 at 2:12 p.m.
I also have a PERSI account. I understand the anger, but I have always believed the defined benefit plan and other benefits made years ago to people who were years away from retiring were way, way too much. We have got to get away from the notion of making future promises that cannot be kept without severe consequences. We do it all the time. It might be good politics at the moment, but eventually it comes back to bite you in the fanny.
panhandlepanhandler on February 22 at 2:16 p.m.
I keep reading about Rep Lake and his concerns for “equity” and “what’s equitable”……amazing that this Republican can see equity problems in an issue where there appears sufficient monies in the PERSI fund to honor the 1% COLA, yet neither he nor his paty carry that same concern for “equity” to the even more pressing issues of HEALTH CARE…..
Arpie on February 22 at 3:12 p.m.
The PERSI system is one of the most well regarded in the US. The board is prudent and conservative. The fund performs well consistantly.

For our legislators to second guess the fund managers for the first time ever smacks of smallmindedness.

They are going to have to do a whole lot of cutting over the next month where it counts, on a budget that must be balanced. This just seems like they are too eager to get started on that. They are so eager to cut budgets that they are cutting where they don’t need to. I urge the senate to let this bill drop.