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Friday, January 29, 2010
Bullet With Butterfly Wings
The fact that any of this was discussed in a public meeting is utterly repugnant and contemptible. The current PERS Board acts like PERS members and retirees are an inconvenient group of people for them to deal with (please see note below for a correction). They'd prefer dealing only with employers. Of course, without PERS Members and Retirees, there isn't a retirement system. Unless my understanding of state statute has been gravely flawed, it is stated in law that the PERS Board acts as the fiduciary for the system. They are responsible TO and FOR members. WE ARE NOT INCONVENIENT STATISTICS THAT MUST BE TRIFLED WITH. I find this behavior by the Board, even if tongue in cheek to be reprehensible and I hope the Board finds a copy of this post in its collective mailbox. Otherwise, the bullet will have butterfly wings and, if you recall, chaos theory starts with the flapping of butterfly wings. Expect a tsunami of complaint about this stupidity. I'm offended deeply and even sorrier I wasn't able to make the meeting. Had I been there, I would have objected out loud and in person face-to-face.
Note added at 8:00 p.m. My source for this information attended today's meeting as well. I was corrected that the remark about pesky retirees didn't come from a PERB member but a member of the Oregon Investment Council. I'm not any more mollified to know this as the OIC is also charged with the responsibility to invest OUR money. If they find us annoying and pesky and inconvenient, every member has the option of resigning. I'm sure there are many other folks out there who would be perfectly happy investing our money and would do just as well.