While we are waiting for the republicans to cut social security
Colorado is getting ahead of the game by cutting the government worker's pension benefits. Wait it gets worse. They are also going to continue hiding the fees that they pay banks to manage the funds. These funds could be as much as $1 Billion Dollars!
Colorado lawmakers passed landmark legislation late Wednesday, May 9, reducing pension benefits for thousands of teachers and other government workers. But the measure also included language designed to give lawmakers more information about controversial investments that have delivered hundreds of millions of dollars in fees to Wall Street firms.
The narrow disclosure language in the pension bill — which still keeps fee details hidden from the general public — was added following our investigation showing that in recent years, Colorado's Public Employees Retirement Association (PERA) has paid more than $1 billion in such fees even as the pension fund has delivered returns that have significantly trailed a low-fee stock index fund.
The bill slashes cost-of-living increases and requires higher pension contributions from educators, firefighters, cops (we have been telling the cops that one day they will come for them too) and other public-sector workers covered by PERA. The changes — opposed by the state’s largest teachers' union and approved after recent teacher protests at the Colorado State Capitol — were designed to shore up the finances of PERA, which faces a $32 billion gap between what it has promised retirees and what it has in the bank.
Add this legislation on to the republicans tax bill and we can see how we have arrived at inverted totalitarianism where money is transferred from the working class to the elite bastards class.
Gawd Bless America!