Originally Posted by certifiedfunds
In some cases the owners are the board. In every case, the owners appoint the board. In every case, the board has a fiduciary duty to the shareholders to make the best use of their money or they will find themselves on the losing end of litigation.
Should the legislators be bound by the acts of a previous legislature that is no longer in office?
You trust the government?
What about the taxpayers that may not want their money going into a pension fund that was created decades ago by their parents? Who should they trust?
So most government employees are in it for the pension gravy?
Generally speaking, the government doesn't attract the best and brightest (to say the least). I guess what you're saying is that if you can't dangle a lucrative pension in front of them, it'll get worse?
Yes, I understand in many cases the board is the owners of the business who have a direct stake in the success of the company but at the least are appointed by the ownership. In cases where they are not the owners, they have a fiduciary duty to the owners as you stated. However, they have no stake in the operation of the company and could do what they wanted as long as they were acting "in the best interests" of the company.
I know you're intentionally being dense on this parallel I'm drawing because you refuse to admit that it's the same thing. Lawmakers have a fiduciary duty to be fiscally responsible when handling the taxpayers' money, wouldn't you agree? How is it fiscally responsible to knowingly incur debt and spend the money that was budgeted to pay that debt anyway? Just because they say "oh well, we spent your pension money" doesn't mean that the gov isn't still obligated to pay that pension. There have been court cases regarding that very issue. This is why changes to the pension system only apply to new members going forward, not to those already in the system. Because they would find themselves on the losing end of litigation.
I trust the government as long as its' employees fear going to jail or its elected officials fear losing election. I believe the current legislators should honor the commitments made by prior legislators, otherwise disband the entire system and refund my contributions (and those of everyone else).