Yesterday, I said that the Republican attack on PERS is nothing more than a political payback scheme designed at a national level to shift management of state pensions to private hands. So, guess what's in that legal brief from the Mississippi Center for Public Policy? One of the Mississippi Center for Public Policy's recommended solutions reads as follows:
New employees and all persons hired after July 1, 2007 who have not accrued eight years of time in service can be switched to a defined-contribution plan. (Savings to the State multiply: When each employee manages his own fund, PERS won’t need to employ so many investment managers. PERS added 12 managers over the past ten years to the 17 that were on staff in 2000. Switching to the defined-contribution plan would allow most of the 29 investment managers to leave PERS and find work in the private sector – perhaps advising state employees seeking to invest the funds in their retirement accounts. The State would stop paying the high salaries of several public investment managers and would stop contributing to those investment managers’ retirements.) - Page 6 (Emphasis added)So, there you go. Republicans would have public employees, on their low wages, hire investment analysts to tell them how to invest their money. Honestly, haven't we done enough to bail out Wall Street?