DeLaney calls for withdrawal of pension proposal

A new report by state fiscal analysts on the cost of a pension bill shows that the bill would lose nearly $7 billion over 10 years from state retirement funds. As the bill continues moving its way through the House of Representatives, state Rep. Ed DeLaney (D-Indianapolis) released the following statement calling for the bill's withdrawal from consideration:

“Under both Democratic and Republican leadership the General Assembly has worked for years to fully fund all our pensions. This has required us to be open to a broad range of investments based on their likely return and safety. The present Republican super-majority wants to replace this successful and open strategy with an effort to favor a few industries they like, such as coal. Our fiscal staff has advised that this move would cost our pension funds some $6.7 billion over the next ten years while increasing the size of the bureaucracy. Our taxpayers and retirees will have to absorb this cost. We owe them better. The super-majority should withdraw this bill and let our pensioners and taxpayers rest easy.”