Reckless!
I missed this statement by Dick Ingram, the head of TRS. Of all the people charged with advising lawmakers about the state retirement system, Dick Ingram has the legal responsibility to provide truthful, accurate assessments. Read the whole thing.
Note a couple things:
1) The funding mechanism proposed in SB512 is novel idea-- untested anywhere else-- and causes the TRS actuarial people to be unable to make any predictions whatsoever. In short, it's a risky scheme. He even calls it a scheme. When Dick Ingram calls your funding plan a scheme, you should be embarrassed.
2) As pointed out in this very space, the authors of this bill didn't even do the fundamental homework that any responsible person would do before proposing such sweeping legislation:
Note a couple things:
1) The funding mechanism proposed in SB512 is novel idea-- untested anywhere else-- and causes the TRS actuarial people to be unable to make any predictions whatsoever. In short, it's a risky scheme. He even calls it a scheme. When Dick Ingram calls your funding plan a scheme, you should be embarrassed.
2) As pointed out in this very space, the authors of this bill didn't even do the fundamental homework that any responsible person would do before proposing such sweeping legislation:
