Republican legislators trying to pull a fast one on Wyoming state employees

Fringe elements of the Wyoming State Legislature are trying to replace the state’s very successful pension system with a defined contribution plan or 401(k). One doesn’t have to be paranoid to suspect that this is in line with the current conservative meme that public workers are blood-sucking leeches on the body politic. We have seen this approach used to deadly effect in Wisconsin and Ohio and Florida and other states with Republican majorities.

Take a gander at the talking points issued by my union, the Wyoming Public Employees Association. WPEA has joined with the Wyoming AFL-CIO to stymie this Tea Party plan to short-change Wyoming state employees.  

Here is some information that you should know regarding the controversial defined contribution bill:

• A Defined Contribution System is too RISKY and too COSTLY for Wyoming.

• The Wyoming Retirement System (WRS) is NOT broken.

• The WRS is one of the top ten best funded systems in the US.

• Ten other states have determined that defined contribution plans are not efficient or cost effective.

• The largest state retirement plan represents about 55,000 Wyoming residents:

• 48% is comprised of teachers and school district employees.

• 22% is state employees.

• 13.3% is cities, towns and county employees.

• 6.6% is University of Wyoming and community colleges.

• 8.7% is all others including special districts, private non-profits, etc.

• A private accounts system will cost taxpayers considerably more.

• Switching plans could have serious economic and state government implications now and into the future.

• Defined benefit program offers stable, predictable retirement income.

• Defined contribution only offers the ability to transfer to another job.

• Defined contributions are usually cashed in and not transferred.

• Wyoming's public pension plans do not pay out lavish amounts to retirees.

• The average Wyoming retirement pension is $16,341 per year.

Keep a close eye on the actions this session and express your view on issues by contacting your Representatives and Senators. You can reach them by going to http://legisweb.state.wy.us where you will find information on how to contract your legislators directly.