LETTER: Keep WRS from going private

To the Telegram:

The state of Wisconsin pension fund is renowned as one of the top five in the world. The Wisconsin Retirement System is fully funded. Doing a “study” of the pension fund is like giving an MRI to a healthy patient. I have also heard rumors that Gov. Scott Walker quietly forced out the head of the state of Wisconsin Investment Board that is responsible for managing and investing WRS funds.

So why would Walker want to “study” this fund? Let’s see if his actions give us any clues. The governor tried to bypass state bidding laws to sell power plants to private companies. He believes in using tax money to fund private schools. He wanted to change environmental laws to give a mining company a quick pass to mine in a fragile environment. He is requesting proposals to privatize the W-2 program.

Currently private investment firms do not control this Wisconsin pension fund. Could Walker’s self-appointed commission to study the pension fund be interested in suggesting changes so that private investment firms will get their hands on all the money in the fund? Which would de-stabilize the current fiscally sound fund by letting higher risk private investors play with the money?

Remember that all the “defined” (or known amount) monthly money pension payments to retirees are then spent in Wisconsin and are a main player in supporting local economies.

Richard Johnson,

McFarland, Wis.

Tags: opinion, letters