To the Editor:
In his response to Scott Reeder’s column on the Teachers’ Retirement System’s pathetically low 2012 investment returns, TRS Executive Director Dick Ingram does exactly what his letter (Nov. 13) accuses others of doing: mislead.
Dick Ingram states that it is false to say that taxpayers must ultimately make up for TRS’s low investment returns. But that’s exactly what taxpayers will be forced to do during the next 30 years. When investment returns come in below expectations, the missing income is added to the unfunded pension liability. State taxpayers are then forced to pump even more money into the pension system to pay down that unfunded liability.
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