Proponents of change say that this will increase salaries on the short term, and that is a possibility. The problem we would see is that less will likely go into retirement, which means those who do not invest their savings wisely will not have that monthly check in their later years. An additional problem with not having a stable defined benefit is that each retiree will see a different size check and if the market crashes, then there is less likelihood that the retirement program will be stable with fewer persons participating, along with the percentage placed in by the employer.
Under a defined contribution plan, the employees often bear 100 percent of the market risk and pay high fees for administrative costs, along with fewer protections for catastrophic injuries that lead to early retirement. This is very similar to the proposals we saw a decade ago to modify Social Security as proposed by some in the federal government. I have great fear that by tinkering with the systems, we will see fewer solvencies and also place the entire bond rating of the state at risk. Any proposal which is brought forth needs to be thorough and have many safeguards in place to not only protect those currently in the retirement system, but also those who will receive those benefits in the future, along with the solvency of the systems.
Other than studies and collecting signatures, I had the great pleasure of visiting with the Mission Academy last week. This is a school located in Oklahoma City which specializes in assisting students with drug dependency issues. The school helps the students overcome their addiction, while continuing their coursework to keep them up with their grade-level education. This program is very unique and provides an avenue for students, and their families, to help conquer the problems facing this young adult. I look forward to working with them in the future to provide greater services across the entire state. To learn more about this program, check out their website: https://www.teenrecoverysolutions.org/
Finally, I want to thank everyone for the great birthday wishes I received, and I also want to wish my mom, Jan Dorman, a very happy birthday!