The Olympian defends gainsharing

Taking on risk under false promises. That's what has happened, in essence, to the teachers under retirement Plan II who switched to Plan III, told by the state that the loss, a reduced guaranteed benefit, would be outweighed by the gains.

Look for yourself and compare. The "defined benefit" is halved, supplemented instead with employee contributions based on the whims of the market--with the potential, under gainsharing, to increase the payout in times of plenty. Now, with gainsharing gone, Plan II members can only hope that the stock market stays healthy.

Says The Olympian,

Teachers and public employees who had counted on those financial benefits in their retirement years are understandably upset.

I'll say.