Brian Rampolla wrote ("Bailout for Teachers?" Jan. 15 letters) that poor investments by the Public School Employees' Retirement System is causing the huge jump in taxpayer contributions in the future. In reality, because of good investments made by the management team for retired teachers, the state and school districts discontinued matching the percentage the teachers paid to the fund.
When I started teaching in 1969 (I'm now retired), the teachers, the school district and the state each contributed 5.25 percent of the teacher's salary. As the investment income improved, the state and school districts cut back on their contributions. It was as low as 1.2 percent combined. Teacher contributions went to 6.25 percent and are now 7.25 percent. This year the combined contribution from the state and the school district is less than the 7.25 percent the teachers pay. If the state and school districts had continued to match the teacher contributions or even stay at the 5.25 percent, there wouldn't be a crisis in the near future.
Mr. Rampolla states that because of losses to the fund the financial managers should be replaced. Is there a fund anywhere in the United States today that has not shown losses because of the present economic conditions?