Ms. April Boling, Chairwoman
Pension Reform Committee
and PRC Committee Members
Dear Chairwoman Boling and Members:
Your diligence and countless hours of work have allowed you
to gift the city, its officials, its past and present employees, and
its taxpayers with your reasoned conclusions; the rationale that had
eluded the City's best efforts over as many years. Most of us have taken
to heart your words of wisdom and all of us greatly appreciate your selfless
dedication to your endeavor for our sakes.
Even to those who find it too difficult to
abandon irresponsible, preconceived concepts, the validity of your
recommendations must be obvious (or, surely, is becoming so). How
long can the City's reckless and foolhardy financial procedures continue
unabated before disaster is visited upon us? If the minority
members and union supporters are able to convince the Mayor and City
Council to ignore Moody's further downgraded City credit rating, will it
improve tomorrow, then? The City isn't being downgraded because the
market took a tumble.
Without question, your recommendation that the retirement
board must be staffed with independent professionals is entirely correct.
Why should the pension fund be administered by anyone with less
education, experience, and proven performance? I was astounded that
Mr. Butterfield would continue to support a board that is constituted of the
same caliber of membership that delivered us into the arms of failure followed
by failure; mistake followed by mistake. Ironically, I have heard his
professional colleagues, who are in the business of rendering financial advice
and management, unfailingly counsel quite the opposite. Competence as a
firefighter, policeman, union member, etc. is not adequate. The road to
hell is paved with good intentions.
Please do not abandon the call. Allow me to urge
your PRC majority to hold fast to its position and what
is arguably right. Now, you must be called upon to draft an
argument against the Mayor's proposed ballot proposition that will assure
that the measure is without merit. First, we have to recognize we
have a problem before we can correct it.
It would be impossible to thank you enough; but,
insufficient as it is, let me say thank you again for the many personal
sacrifices all of you have made in an effort to remove the financial
stumbling blocks that the City and the retirement board have created for its
citizens and to put us back on our feet again.
Sincerely,
Rosado Wiseman