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They will say its the staff’s responsibility, but the staff executes on policy set by the board.

As for the previous “firing” those responsible for not achieving the goal of 7.5% returns on investments. If you were going to fire someone(s) for this, you would have to fire every investment manager, public and private, in the US. When goals are set, they are “targets”. The downturns in the market can often not be anticipated.

The underfunding is not something caused by state employees. It was caused by the legislators. What happens if you don’t put enough money in your checking account – you get overdrawn. What did the legislators think would happen by not putting in the required money? And don’t blame the investment committe – KERS was headed downhill before 2007. The stock market crash just hurried things along.

“The workers are the ones who have been funding the state pension, not the tax payers. The state has failed to put their share into the system, while workers are forced to still put in their 5%. Legislators are the ones that offered up the early retirement…this fault does not fall on the workers. Also, the “double dippers” do not cost the taxpapers extra money. They are workes that already know the job. No extra training required. Also, the state already knows if they were a good workers. This job has to be filled any way. The “double dippers” do not collect health insurance benefits, which saves us money.

The fault here lays with legislators that thought they could sit back and not put in contributions when the market was making money. If they had held up their end of the bargain, the state wouldn’t be faced with this problem. Stop blaming everything that is wrong on the state workers. Most of them are hard working employees. They get paid less than the industry standard and the trade off is that they have good retirement benefits.”