Members of the Retirement Systems of Alabama (RSA) need to be aware of the following. The state is after our pensions again. This time it’s State Finance Director, Clinton Carter. In a Teacher Retirement System board meeting a couple of weeks ago, Mr. Carter suggested that YOUR pension funds be used to guarantee state bond debt! In other words, if the state failed to pay its billions of dollars of debt, YOUR retirement fund would be used to pay it.

Mr. Carter, by virtue of his current position, is on both the Teacher Retirement System and Employees’ Retirement System Boards of Control. More importantly, he sits on the three-member Investment Committee of each system. As a trustee member of the Board and the Investment Committee, Mr. Carter has a legal duty to make sure your investments are performing well and that your retirement systems are sound. However, Mr. Carter has had a history of pushing for the state to borrow money and issue bonds to fund his pet projects.

Although he proposed paying the RSA a small fee for using YOUR money, it is truly unbelievable for a fiduciary trustee to even think about, much less suggest that risky scheme for consideration. Gov. Ivey and the people of this state deserve a finance director who helps make your pensions sound, not one who intentionally hurts the RSA and puts our pension funds at risk. Search online using “contact Gov. Kay Ivey.” This will take you directly to her email site. Express your displeasure for this scheme and suggest she replace Mr. Carter with someone that is willing to protect our pensions.

You may read RSA CEO, Dr. David Bronner’s full statement at http://www.rsa-al.gov. Look under Publications for the July 2017 newsletter.

 

Sherri Powell

Andalusia

 

Editor’s note: Letters to Gov. Ivey should be mailed to her at:

Alabama State Capitol

600 Dexter Avenue

Montgomery, Alabama 36130

Phone: (334) 242-7100