Leaders will do what’s right for them on IPERS

The Iowa Public Employees Retirement System fund lost $4.4 billion for the year ending June 30. Even before the big downturn, IPERS faced an actuarial shortfall of about $2.7 billion.

The governor doesn't want us to be concerned. He and the legislators will fix the problem. The governor was a high school government teacher covered by IPERS and is still covered by IPERS. Of course the legislators, also covered by IPERS, will have the final say.

Do you think the governor or the legislators want to offend the 312,000 individuals covered by IPERS? They will have the public employers put in more tax money.

Why not change the benefit formula, at least for new employees? Toughen the “Rule of 88” law to coincide with the private sector and toughen the multiplier. Eliminate the annual dividend check. Additionally, they should require the employees to increase their contributions.

The benefit advisory committee will no doubt suggest a combinations of solutions. The foxes (governor and legislators) will not want to lose votes. While we are tweaking the system, let's change the actuarial projection. It is now

7.5 percent while the return has been 3.91 percent for the past 10 years. That makes no sense in today's market.

The foxes (the governor and legislators) will do what's right for the chickens (the 312,000 members), not for the taxpayers. Don't call your legislator. They know how they will vote.

Andy Anderson

Cedar Rapids