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Examiner
  • Protect teacher retirement funds

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  • Edwin Woolsey
    Willow Springs, Mo.
    To the editor:
    This is a “call to action.” HCS SCS SB 672 has been voted out of a House committee with an amendment requiring all Missouri pension systems to invest 2 percent to 5 percent of their members’ money in Missouri-based venture capital companies. This also affects the St. Louis and Kansas City Educator Retirement Systems.
    As a voter, taxpayer, and Missouri Retired Teachers Association member, I stand in opposition to such mandates. This does not guarantee money being invested in our Missouri economy.
    It was proven in the 1980’s this type of mandate hurts the funding status of the retirement systems and invites corruption. SB 20, enacted in 1987, put such a mandate into law and was repealed by the bill originator in 1992 because of the huge problems it created. This language must be removed from HCS SCS SB 672. You can find your state representative’s contact information at www.mrta.org.
    For 31 years, I scrimped and saved every single month to make contributions from my limited salary in order to be marginally secure in my old age, only for the Missouri government to now help itself to my pension funds through a bogus legislative “mandate.” What part of “my money, “leave it alone!” does the Missouri legislature not understand?
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