$8 Billion Massachusetts Pension Loss Begs for True Oversight and Accountability Reform.
When will the time come for the pension fund be run for those receiving pensions with strict oversight and accountability?
The fact be known for several years the pension plan is being funded completely by employee contributions ranging from nine to twelve percent plus cent of their wages and not a burden on taxpayers. The problem stems from unlistened calls by those who have called for a transparent, informative, and most strict investment strategies.
Prior and continued investment strategies in out of state and country including shopping centers, housing, and real estate have been bad. When you look at the politically appointed investment board members and contracted firms, you identify and wonder whose benefit agenda being taken care of the employee, taxpayer or others? It is sad to witness losing eight billion dollars as good. Soon it will be real monsy and not chomp change.
Treasurers Cahill should immediately and other previous treasurers before him identify all contributions from investment, insurance companies, their employees, and lobbyists,as and return those perceived tainted monies. Additionally, true no bid contracts anywhere in the pension system be stopped whether for analysis or investment selection. The pension system needs its own analysts who come under the state ethics commission, open meeting laws, and freedom of Information act as not to become too dependent on outside sources with their companies profit agenda.
Again, those who called for reforms have not been listened to. This will continue not to be listened to as the opium of patronage and campaign donations appear to rule that seems to contaminate our government at all levels.