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UAW vs. Indiana’s PERF

Dear Editor:

Years ago Chrysler Corp. issued bonds at a pretty good interest rate.  Indiana invested billions of dollars from the Public Employee Retirement Fund to earn that really good interest.  Both parties were happy until the UAW bankrupted Chrysler.  Obama said to Indiana that all the money Indiana invested in Chrysler would have to go to the UAW.  Too bad, Indiana PERF.

Indiana’s PERF did not have enough money to pay out public pensions for more than a few years.  To extend the fund, Indiana assessed government subdivisions like Whitley County, Columbia City and the school corporation a huge chunk of change to make up the short fall and many in local government are wailing and gnashing their teeth about having to pay next year’s assessment (which ultimately we  taxpayers are going to have to pay).

My brother who is a Chrysler retiree told me that he deserved his retirement allotment and he didn’t care if Indiana’s retired teachers didn’t get theirs.  He said that Obama’s Hope and Change was a good thing for him.  He believes that the redistribution of wealth from Indiana’s PERF to Chrysler UAW was a good thing and he supported it.

I don’t have a dog in this fight because property taxes are frozen and the assessed value of my house declined $7,000 this year.  I won’t be on the South end of this wealth redistribution as these government officials tax you readers to pay government retirees.  How elected officials in the towns and city of Whitley County handle this matter may affect you in ways you won’t like.

Keep this in mind when you vote.

Terry L. Smith

God Bless America

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