Edwin Woolsey

Willow Springs, Mo.

To the editor:

Many of your readers, who are retired educators from the state of Missouri, need to be forewarned to prepare for another fight to protect their meager pensions from just another bureaucratic “fat cat” on the prowl for public retirement funds!

On June 12, I received the following message from the Public School Retirement System of Missouri (PSRS/PEERS):

“The Show Me Institute funded by St. Louis billionaire Rex Sinquefield requested PSRS/PEERS CAFR’s (Comprehensive Annual Financial Audit) and other information from 1991 to the present. We can expect another of their ‘research reports’ attacking PSRS/PEERS in the near future.”

The Show Me Institute is methodically working to privatize public pensions. This includes Kansas City PSRS, PSRS of St. Louis, and PSRS/PEERS of Missouri. In Missouri, the Show Me Institute is working to put education new hires into a 401(k) system. As an example, if this happens, it will eliminate the 14.5 percent employee contribution and also will eliminate the 14.5 percent contribution from the school district in to the PSRS/PEERS systems. If they succeed in changing this, the PSRS/PEERS pension and COLAs cannot be sustained much more than 20 years. Plus, PSRS retirees do not have Social Security to fall back on. All education retirees must join together to protect the best educator retirement benefits in the nation, or go begging after our funds have been stolen.

Once again, it’s time to contact our elected representatives concerning the actions and motives of “The Show Me Institute” and Sinquefield.