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To: Spekulatius who wrote (29960)	2/3/2008 3:58:43 PM
From: Paul Senior	Respond to of 78753

Erie & school districts: Perhaps this is what happens when you have administrators responsible for defined-benefit plans who assume taxpayers will pick up any eventual shortfalls caused by the incompetence or kick-back-receiving administrators who bought these vehicles. If teachers were placed on defined-contribution plans (where they then would make their own investment choices from a menu) like most taxpayers, this derivative problem might not be a serious community problem. (I assume the problem is primarily with funds in retirement system. If it's something else, say bonds for school buildings and/or maintenance that are being swapped/traded, those funds ought to be either spent or held conservatively, not twiddled to get the most yield. Imo.)