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<p class=MsoNormal style='margin-right:225.75pt'><span style='font-size:11.0pt;
font-family:"Calibri","sans-serif";color:#1F497D'>Don, Ron and Visionaries,<o:p></o:p></span></p>
<p class=MsoNormal style='margin-right:225.75pt'><span style='font-size:11.0pt;
font-family:"Calibri","sans-serif";color:#1F497D'>I think the goal here is to
have two effective and reasonably comparable retirement programs for employees
at the University of Idaho. A personal financial adviser recommends that one
rebalance one’s portfolio every two years or so. Given that future projections
for stocks and bonds are very different now from what they were twenty years
ago, it is also makes sense for the University to realign its retirement offerings.<o:p></o:p></span></p>
<p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";
color:#1F497D'>Judy<o:p></o:p></span></p>
<p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";
color:#1F497D'><o:p> </o:p></span></p>
<div style='border:none;border-top:solid #B5C4DF 1.0pt;padding:3.0pt 0in 0in 0in'>
<p class=MsoNormal><b><span style='font-size:10.0pt;font-family:"Tahoma","sans-serif"'>From:</span></b><span
style='font-size:10.0pt;font-family:"Tahoma","sans-serif"'> Donovan Arnold
[mailto:donovanjarnold2008@yahoo.com] <br>
<b>Sent:</b> Saturday, December 12, 2009 9:08 AM<br>
<b>To:</b> vision2020@moscow.com; JLBrown; Ron Force<br>
<b>Subject:</b> Re: [Vision2020] Good Economic News<o:p></o:p></span></p>
</div>
<p class=MsoNormal><o:p> </o:p></p>
<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0>
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<td valign=top style='padding:0in 0in 0in 0in'>
<div>
<p class=MsoNormal>Ron,<o:p></o:p></p>
</div>
<div>
<p class=MsoNormal> <o:p></o:p></p>
</div>
<div>
<p class=MsoNormal>Thank you for the detailed explaination. <o:p></o:p></p>
</div>
<div>
<p class=MsoNormal> <o:p></o:p></p>
</div>
<div>
<p class=MsoNormal>It sounds like to me, except for those forced onto this
plan, took a gamble and lost. I think it would be unfair to the faculty that
were forced into the plan to have to compensate PERSI. But those that opted
for it sound like they just lost a bet rather than going for the sure thing
of PERSI. <o:p></o:p></p>
</div>
<div>
<p class=MsoNormal> <o:p></o:p></p>
</div>
<div>
<p class=MsoNormal>These gamblers seem to have cost PERSI lots of revenue,
and those in it, and the University, and thus the students. I don't see why
they should be allowed to skip out on their agreed to contract of paying what
they owe back to the students, faculty, and University.<o:p></o:p></p>
</div>
<div>
<p class=MsoNormal> <o:p></o:p></p>
</div>
<div>
<p class=MsoNormal>Of course, my understanding could be wrong, but as you
explained it to me, that is the way I see it.<o:p></o:p></p>
</div>
<div>
<p class=MsoNormal> <o:p></o:p></p>
</div>
<div>
<p class=MsoNormal>Your Friend,<o:p></o:p></p>
</div>
<div>
<p class=MsoNormal> <o:p></o:p></p>
</div>
<div>
<p class=MsoNormal>Donovan Arnold<o:p></o:p></p>
</div>
<div>
<p class=MsoNormal> <o:p></o:p></p>
</div>
<div>
<p class=MsoNormal><br>
<br>
--- On <b>Sat, 12/12/09, Ron Force <i><rforce2003@yahoo.com></i></b>
wrote:<o:p></o:p></p>
</div>
<p class=MsoNormal style='margin-bottom:12.0pt'><br>
From: Ron Force <rforce2003@yahoo.com><br>
Subject: Re: [Vision2020] Good Economic News<br>
To: "Donovan Arnold" <donovanjarnold2008@yahoo.com>,
vision2020@moscow.com, "JLBrown" <jlbrown@turbonet.com><br>
Date: Saturday, December 12, 2009, 12:02 AM<o:p></o:p></p>
<div>
<p class=MsoNormal>Donovan,<br>
<br>
In the early 90's there was a proposal to move university faculty from PERSI,
which is a defined benefit program to a defined contribution program.
Under defined benefit, a pension is based on a combination of years of
service and the salary received (usually the highest pay over some months,
like 60). The contributions are pre-tax, and when the pension is received,
it's taxed at regular income rates. If the employee leaves employment
before retiring, they could withdraw or roll over their contributions, but
not the employer's. The employer and employee contribute to a centralized
fund, managed by the state, in the case of PERSI. Regardless of the return on
the fund, the state is obligated to pay the pensions. <br>
<br>
In the defined contribution plan, the employer and employees contribution
goes into a choice of managed funds, which become the property of the
employee. Once again, they're pre-tax, so if they're taken out they become
subject to regular income tax. Under IRS rules, withdrawals before the age of
59 1/2 are subject to an additional penalty.<br>
<br>
Faculty were certainly unhappy with PERSI at the time. It had the
lowest pension payout rate in the West. If you changed jobs and went to
another state, inflation would eat up the value of the pension, and if you
withdrew the funds, you lost the employer's contribution. The previous
twenty years in the stock market showed that retirement funds invested in
mutual funds would outpace PERSI, and of course intelligent faculty could
easily pick winning stocks. The university liked the idea of the defined
contribution plan, since most of the new faculty they wanted to recruit
envisioned being mobile, getting the call from Harvard after a few years,and
a non-mobile retirement plan was a disincentive.<br>
<br>
On the state side, having so many (relatively) high-paid people in PERSI
magnified the risk that their investment strategies would fall behind pension
obligations and have to draw on general taxation for retirement payouts.<br>
<br>
The deal was that faculty who were in PERSI could stay with it until
retirement, or switch to the new defined contribution plan. All new faculty
would be placed in the defined contribution plan (no choice). Most of the
grandfathered faculty chose to go with the defined contribution plan and were
happy to do so. To compensate PERSI for the loss the universities
agreed to continue a minimum payment to PERSI for each faculty member on
defined contribution.<br>
<br>
Things didn't work out for everyone as envisioned. PERSI got better
management and increased their benefits. The stock market didn't do as
well for the majority as anticipated, although some got lucky and juggled
their funds at the right time to avoid the big losses in 2001 and 2008. And,
faculty mobility has declined considerably. Many of the faculty who had
the choice now realize they would have been better off in PERSI, but I guess
hindsight is always better.<br>
<br>
In the real world (outside government) the defined benefit pension is as dead
as a doornail, and the employer contributions to 401Ks (defined contribution)
are rapidly disappearing, so complaints from the Ivory Tower sound a little
like whining.<br>
<br>
Sorry to be so long-winded answering a simple question. Anything to
add/correct, Judy?<br>
<br>
Ron Force<br>
Moscow ID USA<o:p></o:p></p>
</div>
<p class=MsoNormal><o:p> </o:p></p>
<div class=MsoNormal align=center style='text-align:center'><span
style='font-size:10.0pt;font-family:"Tahoma","sans-serif"'>
<hr size=1 width="100%" align=center>
</span></div>
<p class=MsoNormal style='margin-bottom:12.0pt'><b><span style='font-size:
10.0pt;font-family:"Tahoma","sans-serif"'>From:</span></b><span
style='font-size:10.0pt;font-family:"Tahoma","sans-serif"'> Donovan Arnold
<donovanjarnold2008@yahoo.com><br>
<b>To:</b> vision2020@moscow.com; JLBrown <jlbrown@turbonet.com><br>
<b>Sent:</b> Fri, December 11, 2009 12:37:54 PM<br>
<b>Subject:</b> Re: [Vision2020] Good Economic News</span><o:p></o:p></p>
<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0>
<tr>
<td valign=top style='padding:0in 0in 0in 0in;font-size-adjust: inherit;
font-stretch: inherit'>
<div>
<p class=MsoNormal><span style='font-family:"inherit","serif"'>Judy,<o:p></o:p></span></p>
</div>
<div>
<p class=MsoNormal><span style='font-family:"inherit","serif"'> <o:p></o:p></span></p>
</div>
<div>
<p class=MsoNormal><span style='font-family:"inherit","serif"'>Perhaps you
can explain to us why people are on the ORP instead of PERSI?<o:p></o:p></span></p>
</div>
<div>
<p class=MsoNormal><span style='font-family:"inherit","serif"'> <o:p></o:p></span></p>
</div>
<div>
<p class=MsoNormal><span style='font-family:"inherit","serif"'>Thanks,<o:p></o:p></span></p>
</div>
<div>
<p class=MsoNormal><span style='font-family:"inherit","serif"'> <o:p></o:p></span></p>
</div>
<div>
<p class=MsoNormal><span style='font-family:"inherit","serif"'>Donovan
Arnold<br>
<br>
--- On <b>Fri, 12/11/09, JLBrown <i><jlbrown@turbonet.com></i></b>
wrote:<o:p></o:p></span></p>
</div>
<blockquote style='border:none;border-left:solid #1010FF 1.5pt;padding:
0in 0in 0in 4.0pt;margin-left:3.75pt;margin-top:5.0pt;margin-bottom:5.0pt'>
<p class=MsoNormal style='margin-bottom:12.0pt'><span style='font-family:
"inherit","serif"'><br>
From: JLBrown <jlbrown@turbonet.com><br>
Subject: Re: [Vision2020] Good Economic News<br>
To: vision2020@moscow.com<br>
Date: Friday, December 11, 2009, 6:36 PM<o:p></o:p></span></p>
<div id=yiv19824803>
<div>
<p class=MsoPlainText style='margin-right:189.75pt'><span style='font-size:
10.0pt;font-family:"Arial","sans-serif"'>Visionaries,</span><span
style='font-family:"inherit","serif"'><o:p></o:p></span></p>
</div>
</div>
<p class=MsoPlainText style='margin-right:189.75pt'><span style='font-size:
10.0pt;font-family:"Arial","sans-serif"'> </span><span
style='font-family:"inherit","serif"'><o:p></o:p></span></p>
</blockquote>
<p class=MsoPlainText style='margin-right:189.75pt'><span style='font-size:
10.0pt;font-family:"Arial","sans-serif"'>This is good news for PERSI
participants.<span style='color:#1F497D'> </span> However, UI
employees who are on the University’s Optional Retirement Program (ORP),
which is subject to market fluctuations, have taken a hard hit as a result
of this recession.<span style='color:#1F497D'> </span> ORP
participants have been required to subsidize PERSI since 1990.<span
style='color:#1F497D'> </span> Especially with PERSI doing so well,
the time is ripe to end this subsidy.</span><span style='font-family:"inherit","serif"'>
<o:p></o:p></span></p>
<p class=MsoPlainText style='margin-right:189.75pt'><span style='font-size:
10.0pt;font-family:"Arial","sans-serif"'> </span><span
style='font-family:"inherit","serif"'> <o:p></o:p></span></p>
<p class=MsoPlainText style='margin-right:189.75pt'><span style='font-size:
10.0pt;font-family:"Arial","sans-serif"'>Judy</span><span style='font-family:
"inherit","serif"'> <o:p></o:p></span></p>
<p class=MsoPlainText style='margin-right:189.75pt'><span style='font-size:
10.0pt;font-family:"Arial","sans-serif"'> </span><span
style='font-family:"inherit","serif"'> <o:p></o:p></span></p>
<p class=MsoPlainText style='margin-right:189.75pt'><span style='font-size:
10.0pt;font-family:"Arial","sans-serif"'> </span><span
style='font-family:"inherit","serif"'> <o:p></o:p></span></p>
<p class=MsoPlainText style='margin-right:189.75pt'>Moscow-Pullman <i>Daily
News</i><span style='font-family:"inherit","serif"'> <o:p></o:p></span></p>
<p class=MsoPlainText style='margin-right:189.75pt'><b><span
style='font-size:16.0pt'>Faculty Senate calls for end to retirement plan
subsidy</span></b><span style='font-family:"inherit","serif"'> <o:p></o:p></span></p>
<p class=MsoPlainText style='margin-right:189.75pt'>Published on: November
4, 2009<span style='font-family:"inherit","serif"'> <o:p></o:p></span></p>
<p class=MsoPlainText style='margin-right:189.75pt'> <span
style='font-family:"inherit","serif"'> <o:p></o:p></span></p>
<p class=MsoPlainText style='margin-right:189.75pt'>University of Idaho
Faculty Senators want the state’s university presidents, board of education
members and faculty leadership to pressure the Idaho Legislature to drop a
requirement that members of the UI’s Optional Retirement Plan subsidize the
Public Employees Retirement System of Idaho.<span style='font-family:"inherit","serif"'>
<o:p></o:p></span></p>
<p class=MsoPlainText style='margin-right:189.75pt'> <span
style='font-family:"inherit","serif"'> <o:p></o:p></span></p>
<p class=MsoPlainText style='margin-right:189.75pt'>Senators passed a
resolution Tuesday afternoon strongly recommending the aforementioned
parties ask the Legislature to end the subsidy and redirect the PERSI-bound
money into accounts of ORP participants.<span style='font-family:"inherit","serif"'>
<o:p></o:p></span></p>
<p class=MsoPlainText style='margin-right:189.75pt'> <span
style='font-family:"inherit","serif"'> <o:p></o:p></span></p>
<p class=MsoPlainText style='margin-right:189.75pt'>The resolution’s text
states the Legislature in 1990 directed that a portion of the employer-paid
contributions reserved for ORP members be paid to PERSI, even though ORP
participants do not benefit from PERSI. It also says ORP accounts are
subject to market fluctuations, while PERSI members do not experience such
a risk, leading to “unfair and unequal treatment of OPR participants.”<span
style='font-family:"inherit","serif"'> <o:p></o:p></span></p>
<p class=MsoPlainText style='margin-right:189.75pt'> <span
style='font-family:"inherit","serif"'> <o:p></o:p></span></p>
<p class=MsoPlainText style='margin-right:189.75pt'>Senate Chairman Jack
Miller said if the Legislature eventually does away with the subsidy, PERSI
may need to seek additional funding in the form of a rate increase.
However, he said the subsidy’s elimination wouldn’t affect the benefits of
current PERSI enrollees.<span style='font-family:"inherit","serif"'> <o:p></o:p></span></p>
<p class=MsoPlainText style='margin-right:189.75pt'> <span
style='font-family:"inherit","serif"'> <o:p></o:p></span></p>
<p class=MsoPlainText style='margin-right:189.75pt'>“All it would be doing,
in my estimation, is taking away a subsidy that should never have been
there in the first place,” he said.<span style='font-family:"inherit","serif"'>
<o:p></o:p></span></p>
<p class=MsoPlainText style='margin-right:189.75pt'> <span
style='font-family:"inherit","serif"'> <o:p></o:p></span></p>
<p class=MsoPlainText style='margin-right:189.75pt'> <span
style='font-family:"inherit","serif"'> <o:p></o:p></span></p>
<p class=MsoPlainText style='margin-right:189.75pt'> <span
style='font-family:"inherit","serif"'> <o:p></o:p></span></p>
<p class=MsoPlainText> <span style='font-family:"inherit","serif"'> <o:p></o:p></span></p>
<p class=MsoPlainText> <span style='font-family:"inherit","serif"'> <o:p></o:p></span></p>
<p class=MsoPlainText> <span style='font-family:"inherit","serif"'> <o:p></o:p></span></p>
<p class=MsoPlainText><span style='font-size:10.0pt'> </span><span
style='font-family:"inherit","serif"'> <o:p></o:p></span></p>
<p class=MsoPlainText><span style='font-size:10.0pt;font-family:"Arial","sans-serif"'> </span><span
style='font-family:"inherit","serif"'> <o:p></o:p></span></p>
<p class=MsoPlainText><span style='font-size:10.0pt;font-family:"Arial","sans-serif"'>-----Original
Message-----<br>
From: vision2020-bounces@moscow.com [mailto:vision2020-bounces@moscow.com]
On Behalf Of Tom Trail<br>
Sent: Friday, December 11, 2009 6:51 AM<br>
To: vision2020@trumpet.fsr.net<br>
Subject: [Vision2020] Good Economic News</span><span style='font-family:
"inherit","serif"'> <o:p></o:p></span></p>
<p class=MsoPlainText><span style='font-size:10.0pt;font-family:"Arial","sans-serif"'> </span><span
style='font-family:"inherit","serif"'> <o:p></o:p></span></p>
<p class=MsoPlainText><span style='font-size:10.0pt;font-family:"Arial","sans-serif"'>Visionaries:</span><span
style='font-family:"inherit","serif"'> <o:p></o:p></span></p>
<p class=MsoPlainText><span style='font-size:10.0pt;font-family:"Arial","sans-serif"'> </span><span
style='font-family:"inherit","serif"'> <o:p></o:p></span></p>
<p class=MsoPlainText><span style='font-size:10.0pt;font-family:"Arial","sans-serif"'>One
has to look hard for good economic news in Idaho these days. I just</span><span
style='font-family:"inherit","serif"'> <o:p></o:p></span></p>
<p class=MsoPlainText><span style='font-size:10.0pt;font-family:"Arial","sans-serif"'>talked
to Don Drum, the Executive Director of PERSI--Idaho Public Employees</span><span
style='font-family:"inherit","serif"'> <o:p></o:p></span></p>
<p class=MsoPlainText><span style='font-size:10.0pt;font-family:"Arial","sans-serif"'>Retirement
Fund. The information he shared with me is current as of today.</span><span
style='font-family:"inherit","serif"'> <o:p></o:p></span></p>
<p class=MsoPlainText><span style='font-size:10.0pt;font-family:"Arial","sans-serif"'> </span><span
style='font-family:"inherit","serif"'> <o:p></o:p></span></p>
<p class=MsoPlainText><span style='font-size:10.0pt;font-family:"Arial","sans-serif"'>The
PERSI Fund stands at $10.5 billion which is ahead of the total when</span><span
style='font-family:"inherit","serif"'> <o:p></o:p></span></p>
<p class=MsoPlainText><span style='font-size:10.0pt;font-family:"Arial","sans-serif"'>the
market dropped. From July 1, 2009 the Fund has a return of $15.8%</span><span
style='font-family:"inherit","serif"'> <o:p></o:p></span></p>
<p class=MsoPlainText><span style='font-size:10.0pt;font-family:"Arial","sans-serif"'>which
is the best return in PERSI history.</span><span style='font-family:"inherit","serif"'>
<o:p></o:p></span></p>
<p class=MsoPlainText><span style='font-size:10.0pt;font-family:"Arial","sans-serif"'> </span><span
style='font-family:"inherit","serif"'> <o:p></o:p></span></p>
<p class=MsoPlainText><span style='font-size:10.0pt;font-family:"Arial","sans-serif"'>PERSI
retirees will receive a 1% COLA which will be effective March 1st.</span><span
style='font-family:"inherit","serif"'> <o:p></o:p></span></p>
<p class=MsoPlainText><span style='font-size:10.0pt;font-family:"Arial","sans-serif"'>Employers
have been expecting a contribution rate increase for the</span><span
style='font-family:"inherit","serif"'> <o:p></o:p></span></p>
<p class=MsoPlainText><span style='font-size:10.0pt;font-family:"Arial","sans-serif"'>coming
year, but Don told me that the Fund is performing so well that</span><span
style='font-family:"inherit","serif"'> <o:p></o:p></span></p>
<p class=MsoPlainText><span style='font-size:10.0pt;font-family:"Arial","sans-serif"'>there
will probably be no increase at all.</span><span style='font-family:"inherit","serif"'>
<o:p></o:p></span></p>
<p class=MsoPlainText><span style='font-size:10.0pt;font-family:"Arial","sans-serif"'> </span><span
style='font-family:"inherit","serif"'> <o:p></o:p></span></p>
<p class=MsoPlainText><span style='font-size:10.0pt;font-family:"Arial","sans-serif"'>That's
my one good glimmer of good news.</span><span style='font-family:"inherit","serif"'>
<o:p></o:p></span></p>
<p class=MsoPlainText><span style='font-size:10.0pt;font-family:"Arial","sans-serif"'> </span><span
style='font-family:"inherit","serif"'> <o:p></o:p></span></p>
<p class=MsoPlainText style='margin-bottom:12.0pt'><span style='font-size:
10.0pt;font-family:"Arial","sans-serif"'>Rep. Tom Trail</span><span
style='font-family:"inherit","serif"'><br>
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<p class=MsoNormal><span style='font-family:"inherit","serif"'>=======================================================<br>
List services made available by First Step Internet, <br>
serving the communities of the Palouse since 1994. <br>
<a
href="http://www.fsr.net/" target="_blank"><u><span style='color:blue'>http://www.fsr.net/</span></u></a>
<br>
mailto:<a
href="http://us.mc447.mail.yahoo.com/mc/compose?to=Vision2020@moscow.com"
target="_blank"><u><span style='color:blue'>Vision2020@moscow.com</span></u></a><br>
=======================================================<o:p></o:p></span></p>
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