|
Think
twice before signing
Gov.
Schwarzenegger’s paid signature gatherers
have invaded our campus. You may have noticed
them in front of the bookstore. Before you
sign, here are some things to consider.
Your
tax dollars are being spent to pay these
signature gatherers. They are not concerned
citizens. The signatures they gather may
lead to a larger budget crisis for California.
They want to change the state pension system
to a 401k system.
Schwarzenegger
thinks a 401k plan would be a better investment
for state workers. The current California
retirement system, CalPERS, has made prudent
investments in real estate and United States
treasury bonds.
As
far as I know real estate is still appreciating
in California. The United States is still
solvent and if treasury bonds lose their
value we are all doomed. CalPERS gives generously
to the Democratic Party. CalPERS has political
clout and has been very vocal about holding
corporations accountable for their malfeasance.
Because of CalPERS’s diversified investments
they have the luxury of being activists
for their constituents’ best interests.
I would think this activity is in the best
interests of Californians in general and
not just CalPERS members.
Schwarzenegger
needs your signatures to throw tax dollars
at a special election. This election will
decide if tax dollars will go to prudent
investments or corporate fees to fund private
401k accounts. If the corporations win,
the retirees will lose. It will cost an
average of 30 percent of their retirements
to maintain the fees on their accounts.
A 401k may also be seized in a bankruptcy.
Most bankruptcies are caused by a medical
crisis brought on by old age.
You
might also consider that Schwarzenegger
belongs to a union himself. His union, the
Screen Actors Guild, has a very generous
pension plan and not a 401k.
—
Margaret Costello
Alumni Relations
|
