March 26, 2013

WE ALL KNOW WHERE WE'

Bill Bradley Goes Right (ALLYSIA FINLEY, 3/26/13, WSJ)

Mr. Bradley, who now advises the investment firm Dimensional Fund Advisors, visited Topeka last week to promote defined contribution plans for government workers. "This is an innovation that is desperately needed in the pension area," the Democrat told a senate committee. "Your choice is: Do we really try to innovate here and in this case make Kansas really the cutting edge?"

Mr. Bradley was taking on public unions that groused that 401(k)-style plans transfer investment risk to workers. They also complained that moving new employees to defined contributions, as Republican Gov. Sam Brownback has proposed, wouldn't reduce the state's $9 billion unfunded liability. That's true as far as it goes, but the switch would take taxpayers off the hook for untold billions in liabilities for future workers.

Posted by at March 26, 2013 6:20 PM
  

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