Call Your State House Members and Urge Them To Vote for the Iran-Sudan Divestment Bill.H.B. 151 Prevents Ohio's Public Pension Funds from Investing in Rogue Regimes in Iran and Sudan.The Iran-Sudan Divestment Bill (H.B. 151), introduced in the Ohio House of Representatives by Josh Mandel (R-Lyndhurst) and Shannon Jones (R-Springboro) with leadership from Armond Budish (D-Beachwood) and Matt Szollosi (D-Oregon), will prohibit the state's public pension funds from investing in companies with business ties to Iran's petroleum and natural gas sector or with business ties to the government of Sudan. Iran, the world's leading state-sponsor of terrorism, is pursuing nuclear weapons in defiance of UN Security Council resolutions, while Sudan is committing genocide against the people of Darfur. Both Iran and Sudan are vulnerable to economic isolation. Ohio citizens can ensure that their state pension funds do not support these terrorist regimes.The Iran-Sudan Divestment Bill is scheduled to be voted on in the Ohio House of Representatives next Tuesday, June 5. Please call your area State Representatives TODAY in their Columbus offices and ask them to support the Iran-Sudan Divestment Bill (H.B. 151). You can click here to look up your state officials and their contact information. Thank you in advance for your support of this most important legislation that is in the interest of all Ohioans and all Americans.
Thursday, May 31, 2007
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2 comments:
With all due respect, HB 151 asks too much from too few. It only includes members of PERS, STRS, SERS, highway patrol, and fire & police pension systems. It does NOT include the Ohio Tuition Trust Authority, nor mutual funds, nor the higher education alternative retirement plans, nor the proposed (HB 152) alternative retirement plans. Why not include everyone? Why should a select few bear the burden of fighting terrorism? Include everyone, and then let's talk!
Remember, members of those five pension plans made CONTRIBUTIONS to their respective retirement funds, via PAYROLL DEDUCTIONS, throughout the years they worked. I know because I taught for 16.9 years.
Investments fund retirement healthcare. No profits, no healthcare for retirees. These pension funds cannot afford to lose money (some more than others), and the cost of compliance with this mandate is estimated to be in the MILLIONS of dollars for each pension system. Furthermore, the unfunded liability is anticipated to rise. For example, STRS' current unfunded liability is 47.2 years, whereas the ideal is 30 years, for a financially healthy system. However, should the bill become law, the unfunded mandate is projected to go as high as 79+ years. That is very, very bad. Remember, retirees are having a hard enough time paying for healthcare premiums and bills, especially with the rising costs of utilities, gas, groceries, and everything else. Fix ALL these problems with the bill, and then let's talk!
As for Sudan, include China, then let's talk. China is complicit with the genocide in Darfur. But, alas, they're helping the U.S. keep that gigantic national deficit fat and getting fatter. I guess we'd better not go after China then!
HB 151 is well-meaning, but ill-conceived. Complex foreign policy is best left to the feds. Let them handle it and give states the guidelines.
Fix the many problems with HB 151, and maybe I won't be so skeptical and cynical. I'm not for terrorism, either, but I don't want a bill that is going to hurt Ohio public retirees. There's too much emotion in this bill, and all that emotion is keeping us from getting a good bill that satisfies both sides. One mustn't make major decisions based too much on emotion, especially when it's SOMEONE ELSE's retirement and healthcare!
By the way, the Ohio Retirement Study Council, PERS, STRS, SERS, and the highway patrol pension plans oppose the bill. The fire & Police plan is neutral, but has concerns.
Furthermore, as it is, the financial advisor of each pension fund already assesses the risks involved in investing in foreign companies that do business with Iran. U.S. companies, as I understand it, are not allowed to do business with Iran anymore.
From: a former teacher who is frightened about what will become of her "golden" years!!
exactly what she said!
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