As a member of the City of Pontiac General Employees' Retirement System, I am writing to urge your OPPOSITION to SB 153. This legislation, as proposed, significantly increases the Emergency Manager's authority over this Retirement System. Publis pension plans may be well-operated and well-funded, even if the local unit of government is not. This Bill proposes to unfairly give control of a well-funded retirement system to an outsider.
This Retirement System has been well-funded, since even before I retired...and we were always assured that our pensions would be protected. I believe that decisions regarding our Retirement System, and control over it, should remain in our hands the the hands of the Board of Trustees who represent us.
I am highly opposed to having an Emergency Manager take control over our Retirement System and I strenuously object to passage of the Bill. I hope that you will OPPOSE SB 153 so that myself and other members will continue to have control over this Retirement System. I look forward to hearing from you regarding your views on this Bill.