The Royal Scam

Where are our IAP contributions? Who's earning the interest on the "float"? Why can't we access our IAP accounts? Why does my IAP settlement check (after retirement) not reflect all contributions, or why is the amount significantly less than I contributed? It just seems that the more I hear about the IAP fiascoes (for members, not for PERS, not for Citistreet, not for employers) the worse the scam appears. Members from dozens of agencies are complaining about delayed postings, no postings, settlement checks that differ by more than 10% (less) than what was contributed; no PIN access and a variety of other concerns that leave one wondering just where the money is. Members who've complained to their employers have been told that their money has been submitted to PERS. Members who call PERS are told that their money has been submitted to Citistreet, or that their employers really haven't submitted the money, or that PERS holds the money and submits it "...all at once". Whatever the excuse, members' money is being "held" by some entity for some indefinite period of time and members are losing out on earnings. When members ask PERS who is going to reimburse them for losses or non-earnings for the posting delays, they're told, in effect, that this is "too bad." No windfall awaits IAP members, but it appears that someone is being enriched by all these delays. This money isn't being stuffed into a mattress until it shows up in members accounts. As far as I can see, the IAP is just a royal scam so far. (Oh, and lest anyone think I'm affected, I have no dog in this fight. I retired more than a year before the IAP went into effect. If it was *my* money, I'd have already been on the phone to the Governor, every Representative and Senator who voted for this scam, to Paul Cleary [executive director of PERS], to Hardy Meyers, Oregon Attorney General, to Randall Edwards [Oregon Treasurer], to Senator Vicki Walker, and to the Oregonian, the Salem Statesman Journal, the Eugene Register Guard, and any of the other newspapers who've enjoyed skewering PERS members for so long. This just appears to be a scandal waiting to be exposed --- just my opinion of course).