REPORT: Scott Walker, Right-Wing “Think Tanks” creating another crisis – Public Employee Pensions « Badger Democracy
Recent reports on the fiscal state of the Wisconsin Retirement System (WRS) have been consistent. The Pew Research Center rated Wisconsin a “solid performer” in employee pension funds. The Wisconsin Retirement System (WRS) Study submitted under Act 32 on June 30 reported on the fiscal soundness of the fund as well as reforming aspects of the program, including allowing employees to opt into 401(k) style investment. This report was clear in its assessment of the WRS:
Given the current financial health and unique risk-sharing features of the WRS, neither an optional Defined Contribution plan nor an opt-out of employee contributions should be implemented in Wisconsin at this time.
Despite these two independent reports reaching the same conclusion; right-wing think tanks and corporate conservatives like Scott Walker are colluding to create a “crisis” of unfunded liability and debt. This crisis will be used (much like Walker’s $3.6 Billion deficit lie) to push reform of a successful program which needs no reform, is fully funded, and working. The November election outcome will decide if political will exists to push legislative pension reform in Wisconsin. If successful, corporate conservatives will decimate one of the most beneficial, responsible public pension programs in the world – selling it off to 401(k) investments companies like TIAA-CREF, which stand to profit greatly from “reform.”