11-01-2010, 12:55 AM
Defending state pension system
Submitted by Mike Clark on October 29, 2010 - 3:15pm
From the editorial page
Is Rick Scott a trick or a treat?: Halloween and TV campaign ads have a lot in common. We see a lot of tricks, but not many treats.
In the campaign for governor, Rick Scott’s attacks on Alex Sink over the Florida retirement system is a dirty trick on the people of Florida. He says the fund is in disarray, and needs to be changed.
This accusation couldn’t be further from the truth. As a former member of the Florida House of Representatives, and chairman of the pension committee, I can tell you that Scott is pulling out all “tricks” to scare hundreds of thousands of retirees, and active Florida retirement system participants into believing that Sink has lost millions of dollars from the pension fund and destroyed their retirement.
In fact, Sink, as a member of the state board of administration (which includes the governor, attorney general and chief financial officer), has taken the pension fund to new and responsible heights, with a whopping 14.03 percent net return, 2.51 percent ahead of target. The fund saw a net asset value increase of $9.7 billion from July, 2009, to June, 2010. And, just since the close of fiscal year, June 30, 2010, the fund has increased in value by another $10 billion to $119 billion in October.
Rick Scott, do your homework.
Florida’s public pension plan is actuarially sound; and, the Standard & Poors study of state retirement systems issued June 30, 2010, indicates that the Florida pension plan’s funded ratio of actual value of assets to the actual value of liabilities is the second highest among state retirement systems. In addition, the pension fund has met the long-term actuarial return assumption over the last 30 years. Simply speaking, the Florida public pension plan is safe, and it is sound. All pension funds should be so fortunate. This certainly is a “treat.”
The pension fund is large, liquid, and conservatively managed. The fund is healthy because the state has a history of reasonable benefits, responsible funding levels, and prudent investing.
Sink does her homework. Sink works well with her colleagues, Republicans and Democrats alike, in making good, responsible decisions for the citizens of Florida.
Sink listens and leads.
If every pension fund could be in such great shape as Florida’s public pension system, people could look comfortably and confidently toward retirement.
Don’t let Scott “trick” or scare our retirees and seniors into believing their retirement is in jeopardy. What should be frightening is Scott, the man whose company was fined $1.7 billion dollars for medicaid fraud. Scott, a corporate raider, now wants to raid the Florida pension system.
Tommy Hazouri is a former member of Florida House of Representatives, former mayor of the city of Jacksonville and a member of the Duval County School Board.
Submitted by Mike Clark on October 29, 2010 - 3:15pm
From the editorial page
Is Rick Scott a trick or a treat?: Halloween and TV campaign ads have a lot in common. We see a lot of tricks, but not many treats.
In the campaign for governor, Rick Scott’s attacks on Alex Sink over the Florida retirement system is a dirty trick on the people of Florida. He says the fund is in disarray, and needs to be changed.
This accusation couldn’t be further from the truth. As a former member of the Florida House of Representatives, and chairman of the pension committee, I can tell you that Scott is pulling out all “tricks” to scare hundreds of thousands of retirees, and active Florida retirement system participants into believing that Sink has lost millions of dollars from the pension fund and destroyed their retirement.
In fact, Sink, as a member of the state board of administration (which includes the governor, attorney general and chief financial officer), has taken the pension fund to new and responsible heights, with a whopping 14.03 percent net return, 2.51 percent ahead of target. The fund saw a net asset value increase of $9.7 billion from July, 2009, to June, 2010. And, just since the close of fiscal year, June 30, 2010, the fund has increased in value by another $10 billion to $119 billion in October.
Rick Scott, do your homework.
Florida’s public pension plan is actuarially sound; and, the Standard & Poors study of state retirement systems issued June 30, 2010, indicates that the Florida pension plan’s funded ratio of actual value of assets to the actual value of liabilities is the second highest among state retirement systems. In addition, the pension fund has met the long-term actuarial return assumption over the last 30 years. Simply speaking, the Florida public pension plan is safe, and it is sound. All pension funds should be so fortunate. This certainly is a “treat.”
The pension fund is large, liquid, and conservatively managed. The fund is healthy because the state has a history of reasonable benefits, responsible funding levels, and prudent investing.
Sink does her homework. Sink works well with her colleagues, Republicans and Democrats alike, in making good, responsible decisions for the citizens of Florida.
Sink listens and leads.
If every pension fund could be in such great shape as Florida’s public pension system, people could look comfortably and confidently toward retirement.
Don’t let Scott “trick” or scare our retirees and seniors into believing their retirement is in jeopardy. What should be frightening is Scott, the man whose company was fined $1.7 billion dollars for medicaid fraud. Scott, a corporate raider, now wants to raid the Florida pension system.
Tommy Hazouri is a former member of Florida House of Representatives, former mayor of the city of Jacksonville and a member of the Duval County School Board.