By Doug Glass, Backgate Website
Bill King, a Houston businessman, wants to see Texas state workers lose their pension plans and replace it with a 401K type system. Wealthy businessmen don't just step in to state business without some sort of benefit in the deal do they ? Investors stand to make millions if a 401K plan is shoved down the throats of state of Texas employees such as Teachers, Prison employees, DPS, and all other state agencies. Immune to the change would be state judges and legislators.
King stated "I think the state needs to get the hell out of this (pension) business completely," Bill King has formed " Texans for Public Pension Reform" with others from the Greater Houston Partnership, an über-chamber of commerce with business members representing $1.5 trillion in assets.
King said the campaign is in its infancy, and its specific goals are still being developed. It's not clear how the campaign will get involved in next year's elections or the 2013 legislative session, but King said he is confident the campaign will soon make pensions an issue for lawmakers. King said he would support a constitutional amendment eliminating public pensions in the state and moving all government employees to retirement accounts akin to 401(k)s. Legislators would have to approve such an amendment on the ballot when they convene in 2013.
Call, email or write your local legislator immediately and tell them your not having it !
Correction: The Backgate posted that Mr. King possibly had ties to the Enron debacle some years back. We retract that statement as we have not seen the documentation proving such statement to be factual at this point. We have offered Mr. King to provide a statement in response to this story to be posted in this forum. We are awaiting his response.