Ernie Casbeer (Running for Tx House District 59) Applauds AG Decision to Protect Teacher Pensions. Somervell County Salon-Glen Rose, Rainbow, Nemo, Glass....Texas


Ernie Casbeer (Running for Tx House District 59) Applauds AG Decision to Protect Teacher Pensions.

16 October 2008 at 5:53:31 PM

I have to admit, I saw an article about this in the last couple of days but I couldn't figure out who was trying to scam who. This explains it.

Texas House Challenger Says Current Financial Crisis Calls For Prudent Management of Critical Fund

(OGLESBY)-- Texas House challenger Ernie Casbeer today applauded the decision by Attorney General Greg Abbott’s staff to pull the plug on a high-dollar contract with an outside firm to manage the Texas Teacher Retirement System fund, saying the middle of the worst financial crisis since the Great Depression is the wrong time to put retired classroom teachers’ pensions in the hands of an untested outsider.

“Pension funds around the world are losing money during these tough times,” Casbeer said. “Public school teachers have the right to know that state leaders aren’t gambling with their retirement.”

A decision months ago by the Teacher Retirement System’s board to award a contract to a California-based law firm whose Washington, D.C. office is run by a former Securities and Exchange Commission member sparked controversy, in part because the new firm would be paid $750 an hour, one of the highest legal fees ever approved by Texas authorities.

Like all public pension funds, the Texas Teacher Retirement System has lost money in the current financial meltdown. It is currently worth about $105 billion and represents 1.3 million active and retired public school employees.

Casbeer, a public school teacher with 40 years of experience in the classroom, said questions had been raised about the high fees under the new contract as well as potential conflicts of interests that could affect the new firm’s ability to fairly represent retired Texas teachers.

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