Wants to see Fairfield run like a company

To the Editor:

Fairfield’s employee pension plans have been employee contribution plans for quite some time. Whether the all too typical unproductive and entitled town employee sits around all day in the library reading the newspapers from the reading room while sitting at the reference desk or the town employee hangs out in a patrol car cajoling with his buddies for hours behind Bed, Bath and Beyond or other similar goof-off location, the employees all have money deducted from the weekly paycheck to fund the pension.

And until the town of Fairfield, the only town in the country, lost money in the Madoff debacle, the pension plan was fully funded and fully sustainable as set up. Sadly, there has been a great deal of spin on the pension plan since the Madoff loss and when there has been no spin there has just been ignorant silence.

The pension plan, as established, allows for a change in the target investment rate. After the market crash in 2008, I think it became pretty clear that the target investment rate of 8% had to be changed. Unfortunately, that target rate change didn’t happen as it should have. And along with that target rate change would have come an increase in employee weekly contributions, too, but that has not happened either.

On the Madoff loss itself, the Board of Finance has decided to aggressively make up the loss by banging the taxpayer for millions every year since that loss while at the same time denying, via various political spin, that the contribution is all about Madoff. And never once has anybody publicly discussed asking the employees to share in that loss with the taxpayers. And never once has anybody publicly acknowledged that there will be a decent recovery on the Madoff loss, of $6 to $7 million, if the lawyers the pension board have engaged do not screw it up.

I would like to see the town employees continue to participate in a pension plan. I would like to see them do a little more work for their pay, too. The productivity level of the typical town employee barely breaks the 50% mark on a good day. I see no reason that a hard working town employee, and there are a few, should see his or her compensation reduced just because the people running this town cannot get the basic causes of the outrageous spending, borrowing and taxation under control. I see no reason to cut front line compensation just because the people running this town will not demand productivity, quality and accountability from the town employees to make that happen.

I guess you might say I would like to see Fairfield town government organization run like that of a premier American company as it can and should be. And I say all of that knowing full well there was never really the tooth fairy who left a coin under my pillow every time I lost a tooth. Think about it, folks.

 

Jim Brown

Fairfield

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