Cost and consequences
In a recent Mirror article pertaining to Act 47 and public sector pensions, firefighter union president Bryson Peterman is quoted from an email that, “Defined contribution plans come with a much higher risk of losing everything to the fat cats manipulating the stock market.”
The comment is both ignorant and mendacious.
It is ignorant because funding of defined benefit plans requires the use of financial markets no more and no less than defined contribution plans.
It is mendacious in that the comment maligns an entire industry, one that is largely and mostly populated with hardworking people who put in long hours to create the economic miracle that is modern society.
As a student of business and someone who appreciates the rising living standards that innovative financial institutions provide, I am disheartened to hear such mean-spirited ignorance coming from someone of prominence in the public sector.
I’m just glad he doesn’t represent me.
Jesse J. Ickes