Republican theft of pension funds led to current crisis

Pensions in Connecticut have been underfunded for years. The Rowland and Rell administrations stole money that was meant for retirees pensions and healthcare to cover other costs. As more public employees are reaching retirement age, Connecticut’s pension fund is feeling the strain of inadequate funding.

“There’s an oft repeated myth being fed by many that claims the defined benefit pension plans available to most public employees are going bankrupt,” says Harold Schaitberger, president of the International Association of Fire Fighters. “While a new report by the Pew Center for the States feeds those myths, Pew’s research paints a false picture of pensions.”

Schaitberger goes on to outline the five myths about public employee pensions.

Here in Connecticut, State Sen. Toni Boucher (R-26th) has called for “a structural change to the state’s benefits, pension and post-retirement liabilities.”

“Rowland, Rell and Boucher stripped money from the pension fund and now she wants to eliminate public employee benefits altogether,” said Sharon Palmer, president of AFT Connecticut. “The coming election will determine whether we have pro-worker legislators at the state capitol.”

Nationwide, right-wing officials and organizations are also blaming unions for unfunded liability of pensions, pointing specifically to the bankruptcies of Stockton and San Bernardino. Washington Post op-ed columnist Harold Meyerson objects to that assertion in a new column, “Bankrupt Cities? Don’t Blame Unions.” Contrary to reporting on the subject, the bankruptcies of these two cities were caused by Big Banks “peddling subprime mortgages to poorly paid workers.”