2/17/2005
21
Comments/Notes continued
Some union leaders suggested the governor’s defined contribution proposal piggybacks on President Bush’s plan to privatize Social Security. “This is the California version of Social Security privatization,” Carroll Wills, spokesman for California Professional Firefighters.
Others suggest a backlash toward CalPERS for its activist corporate governance positions.
… opponents of a shift to public defined contribution plans worry that participants are not prepared to manage their own retirement assets.  “You’re putting so much risk of the stock market onto each individual person, they become in danger of losing retirement protections,” Art Pulaski, executive secretary, California Labor Federation, AFL-CIO.
“It’s a hard thing to make the public understand about our pension systems, and why we need them,” Fred Nesbitt, executive director of NCPERS.
"There's an old saying, so goes California, so goes the rest of the nation.  That's exactly what they're worried about.  You talk about pensions.  What do you think, it's just about California?  No.  If California's pension system goes, now it will go like an avalanche.” Orange County Register, January 25, 2005