As the author of the Vermont State Teachers' Retirement Board's resolution on Social Security, I take strong exception to your April 4 editorial, "Bullying tactics."
As a trustee of a pension fund whose plan is complementary to Social Security, we feel it is our fiduciary responsibility to preserve Social Security, as we know it. We passed the following resolution:
"WHEREAS, as Trustees of the Vermont State Teachers' Retirement System, our sole loyalty lies with the members and beneficiaries of this system; and WHEREAS, our pension plan is designed to provide a benefit which in conjunction with Social Security and other savings will make possible a secure retirement for our members; and WHEREAS, privatization, in part or whole, of Social Security poses a great risk to the retirement security of our members; and BE IT RESOLVED: That the Vermont State Teachers' Retirement System Board of Trustees will carefully consider the activities and involvement of investment firms in efforts to promote privatization during the selection and retention process of such firms; and BE IT FURTHER RESOLVED: That the Vermont State Teachers' Retirement System Board of Trustees will attempt to select and retain firms that do not engage in activities detrimental to our members, while not breaching our fiduciary responsibility to earn the highest return possible consistent with the safety of the funds. "
I feel that it is our fiduciary duty to protect Social Security as we know it and not reward organizations that are out to destroy it. We will always hire excellent managers and feel comfortable that we can find excellent managers that do not threaten our members' well-being.
Rather than bullying, it is encouraging managers to do the right thing.
Vermont State Teachers' Retirement System