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Retirement program deficit of $77M
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Posted on Oct 07 2004
Your story on the $77 million government arrears with the retirement program is, indeed, very alarming. It is a steady march toward payless paydays for retirees after non-payment of government contribution sinks it deep into colossal debt.
The promise to strengthen the financial integrity of the program never came to fruition. But most, if not, all governors did one thing in common: each kited and juggled government funds, including government contribution to make ends meet at the dire cost of rendering the program insolvent.
Intentional insolvency turns into the ultimate nightmare of retirees. Governors made many promises more than any of us can remember; they promised to render the program bankrupt and they did! Call it lack of accountability triggered by the lack of new sources of revenue generation to support a humongous government payroll.
On another matter, I heard over KMCV7 News that one need not take the test to secure a driver’s license. The issue brings into focus how many other department and agency employees are milking taxpayers to do what taxpayers are paying them, through income taxes, to do their jobs. It must be creative double dipping or call it corruption. It’s a serious concern that merits critical review from A-Z.
John S. DelRosario, Jr.
Retiree
Koblerville
