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June 29, 2010

SUP. ANTONOVICH: AND WE KNOW WHAT IS TAKING PLACE AT THE STATE WHERE MANY OF THE UNIONS HAVE NOW COME TO AGREEMENTS WITH THE GOVERNOR IN REDUCING STARTING ANOTHER TIER RELATIVE TO RETIRED BENEFITS AND THAT AND I HOPE OUR BOARD HAS ASKED FOR A REPORT HERE AS TO HOW WE ARE LOOKING AT MAKING THE REFORMS IN OUR PENSION SYSTEM. DO WE HAVE ANY STATUS REPORTS ON THAT?

SPEAKER: WE'LL BE GETTING BACK TO YOU ON THAT SHORTLY. I DON'T WANT TO POINT OUT THAT WE FEEL PRETTY STRONGLY THAT WE DID 30 YEARS AGO WHAT THE STATE IS LOOKING AT DOING NOW AND WHAT MANY OTHER JURISDICTIONS ARE LOOKING AT DOING NOW. WE HAVE A VERY RESPONSIBLE PENSION SYSTEM AND WE DID REFORM IT 30 YEARS AGO, AND THROUGH YOUR LEADERSHIP, WE'VE STUCK WITH THAT, AND SO WE FEEL THAT OUR PLANS NOW ARE FAIR TO THE EMPLOYEES BUT ALSO FISCALLY SUSTAINABLE. WE DON'T HAVE ANY CONCERNS ABOUT CONTINUING TO FUND THEM AND WE DON'T BELIEVE WE NEED TO MAKE MAJOR OR MINOR MODIFICATIONS TO REDUCE THE BENEFITS THAT ARE GIVEN BECAUSE WE HAVE ALREADY DONE THAT AND WE'VE STUCK WITH THAT.

SUP. ANTONOVICH: AND YOU'RE SAYING THERE ARE NO CHANGES THAT OUGHT TO BE CONSIDERED UNDER THE CURRENT SYSTEM?

SPEAKER: WE WILL CONSIDER THEM. WE CAN, AND WE WILL REPORT BACK TO YOU ON THOSE.

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