Ralph Olson wants to enrage the public over reports taxpayers must guarantee a rate of return on state pension funds ("State pension fund," March 6). He believes state pensioners should be responsible for the gamble on pension investments like he believes regular citizens are. Before succumbing to apoplexy, please understand that Olson is wrong about pension guarantees. Many among us do receive the kind of guarantees against investment risk he objects to for state employees.
Any ordinary citizen who works for an employer offering a defined benefit pension receives guaranteed benefits regardless of investment performance. In fact, all of us covered by Social Security receive the kind of defined benefit pension guarantee Olson vehemently opposes. For the longest time, most pension plans were the defined benefit type which protect pensioners from investment risk. Now, because of the cost of guaranteeing pension benefits, employers are starting to move to defined contribution plans where employee pension benefits are subject to investment risk. But let's not deceive ourselves. State pensioners do not receive special treatment at taxpayer expense. The defined benefit pensions they enjoy are just like those many other private citizens receive.
South Salt Lake
- Why one Mormon man left Hollywood to be a...
- My view: Non-discrimination laws have a problem
- Dan Liljenquist: Detroit is sending a message...
- George F. Will: President Obama's epiphanies...
- Letter: American billionaires
- In our opinion: No more 'Government Motors'
- Jay Evensen: Utah inversions — 100...
- Richard Davis: Mandela's greatest achievement...
- In our opinion: Don't raise the minimum... 65
- My view: Fix Obamacare, don't replace it 61
- Robert Bennett: Create wealth before... 44
- Andrew Morriss: No, Congress should not... 39
- Can Mandela's legacy revive the GOP? 32
- In our opinion: No more 'Government... 32
- Letter: American billionaires 30
- President should not act without... 28