I am writing regarding a letter in the Feb. 8 issue to make clear our firm's position on state and local employees' retirement security.
Very simply, we believe that retirement security is critical for all workers, whether they are in the private sector or the public sector. We believe that working men and women who put in years of service should have the means needed to live comfortably for the balance of their days after retirement, without feeling their financial security is at risk.
The promised benefits should be backed by a commitment of resources sufficient to ensure that benefits offered to employees during their careers can be met when the time comes for them to retire. These are trying fiscal times for all levels of state and local governments. But the benefits earned by state and local employees who have put in years of dedicated service should not be made a scapegoat for this crisis.
State and local pension funds have been the single largest investors with Blackstone since our founding. We are proud of the returns we have been able to achieve and the part those returns have played in helping states and cities keep the promises made to their employees.
Joan Solotar
Senior Managing Director, Public Markets
The Blackstone Group
New York
