Preserving The American Political Philosophy

Is The Maine Public Retirement System Unconstitutional? According to the Maine Public Employees ComprehensiveFinancial Report of 2010 , the Maine Public Employees Retirement System was established in 1942 to provide services for retiring public employees. No information is given about how the Public Employees Retirement System was legally structured in 1942. In the report MPERS is described as “an independent public agency of the State of Maine that traces its history to 1942”. Wikipedia  uses the same term but when the link is clicked it reveals that Wikipedia has no idea what " independent public agency " means.  An online search for history of MPERS between 1942 and 1985 comes up empty.  In 1985 during the administration of Governor Joseph E Brennan, the Maine Legislature passed a statute announcing its intentions of using general taxpayer monies to provide for retirement funds and death benefits for public employees, a faction which, incidentally, includes th...

SHARE THIS! TWEET THIS USING THIS SHORT LINK; http://goo.gl/VXLcX8 Continuing where I left off in my last post - addressing the Lepage Campaign talking points as presented by Representative Heather Sirocki in this Portland Press Herald article titled  Maine reaping rewards of governor’s commitment to fiscal responsibility The article says: Let’s start with the state’s improved credit standing. In June, rating agencies issued their outlooks for Maine’s creditworthiness. Standard & Poor’s Rating Services assigned its AA rating to our long-term bonds, while Moody’s Investor Services affirmed its Aa2 rating and upgraded its forecast of Maine’s debt from negative to stable. The agencies cited several major factors that influenced the strong ratings, including repayment of $748 million in MaineCare’s hospital debt; substantial public pension reform; and measures to control costs in the MaineCare program, which provides “free” taxpayer-subsidized health care to more th...

Maine Web News- The Candidates Discuss MPERS Lepage promises to honor promises to state employees pension funds and suggests changing the system for future employees. Lepage says he will have to talk to the legislature, but does not explain why- which is because contractual terms of agreement have been embedded into the Maine State constitution since 1997. For a candidate who is running on a platform that includes respecting the constitution, I find this failure to mention the constitutional mandate which clearly impacts the unfunded liability problem disappointing. Both Kevin Scott and Moody articulate the solution better than LePage, who suggest the same ideas, but not as forcefully. All agree that the problem must be "isolated" to quote Kevin Scott, meaning that future employees must be hired on a different set of terms. Moody addresses the issue of risky investment choices made by the managers of the MPERS fund more forcefully than the others and he brings up a c...