Wednesday, February 10, 2010

Retirement Press Conference

Sen. Liljenquist held a press conference Tuesday 2/9/2010 “designed to shed light on the retirement system” and his three retirement bills. He explained how the losses URS experienced in 2008 has “created a massive problem for URS.” He continued to note how “there is not an option to do nothing. Doing nothing just exacerbates the problem.”

UPEA has never supported not doing anything. UPEA supports the Governor’s budget which funds the 2.1 contribution rate increase. UPEA has met with numerous individuals who have repeatedly noted that if the contribution rate increase is funded, URS will not go bankrupt, but remain fiscally sound. UPEA continues to push for an independent taskforce to study the retirement issue over the next year before legislation to change the system for both current and new employees goes into effect.