Sudden Retirements Wreak Havoc in Wisconsin
On page three of the bill, "third paragraph from the top, there is very interesting language that leads to the very important question for Governor Walker. The paragraph mandates that a study of the existing Wisconsin Retirement System be performed and it must “specifically address establishing a defined contribution plan as an option for WRS participating employees” and the deadline for completing this study is June 30, 2012. I don’t think that Walker would be adding retirement benefits for workers - so I am wondering if the Republican Governors that are trying to get rid of collective bargaining of retirement benefits, so that they can terminate the existing plans and recover excess assets for their state balance sheets.
"If Governor Walker’s bill passes, and collective bargaining of retirement benefits is eliminated, then next year when Governor Walker decides it is in Wisconsin’s best interests to get rid of the existing plan and replace it with something less valuable for the employees. And the employees would have no say and no one can keep Walker from raiding your retirement savings."
Over beers at Donnelly's retirement party, Phillips agrees: "ETF has $78 billion in retirement funds--it has got to have occurred to someone in the Governor's office to use those funds," says.
Walker, Koch, Madison, WalMart, Helmer