Letters to the editor

+ Pension investment
assumptions the problem
Dear Editor:
Our town’s three pension boards assume an annual 8% investment return, after expenses. Failure to meet the 8% assumption is the single most important reason for our failed plans.

When I served on the police board, Morgan Stanley representatives invariably advised 8%. Foster and Foster, the actuary, was no help: “We actuaries are not investment advisers, but we can tell you this: If you assume a lower percentage, the town’s pension contribution must be higher.” Boards followed the experts’ advice, and the path of least resistance.

Several times I asked Morgan Stanley for a solid rationale for 8%. They never could produce one. At statewide meetings of pension board trustees, I found the underlying reason: There is a tacit understanding among investment advisers; they all claim to be able to produce 8%. Advisers are in competition with each other. What pension board would hire an adviser who claimed an inferior return?

Eight percent annually seems to be the maximum remotely plausible over an extended period.

But in the past decade returns have averaged much less. And the matter is too important to be left to unelected, frequently non-resident, pension board members. It’s the voter-taxpayers who have to pay.
Elected officials — the Town Commission itself — should make the investment return decision independent of the pension boards’ advice.
Tom Jones
Longboat Key

+ Kudos to members of condo social committee
Dear Editor:
Mary Mitchell, who is on the social committee of L’Ambiance, has organized the Mother’s Day dinner for the last seven years. Each year, Mary personally picks out the restaurant, chooses the menu, designs each invitation and goes to the farmers market to buy the flowers to arrange each centerpiece for each table.
When all that is done, her husband will accompany her to the restaurant to set up and arrange the tables and centerpieces before the guests arrive.

Social committees are an asset to their community. They bring their community together. Truly, the work and commitment from all three ladies, Mary Mitchell, Sylvia Pastor and Rosalyn Fleischer, are blessings for the residents of L’Ambiance.
Elizabeth Sullivan
East Manatee

+ Thank your for ‘Keep the Promise for Israel’
Dear Editor:
“Keep the Promise for Israel” is a comprehensive article and one that should be repeated often. Also today in the “Jewish News of Sarasota-Manatee is another article that should be in your newspaper disclosing the workings of the BDS monument. Thank you for the “Keep the Promise for Israel.”
Eleanor Darrow
Sarasota

+ Observer opinion piece should be applauded
Dear Editor:
The Observer is to be commended and complimented for your excellent article, “Keep the Promise for Israel,” on May 26.
Your superb biblical research and knowledgeable reporting is to be enjoyed and applauded by everyone who has read it.
Joseph Miller
Corresponding secretary for Temple Beth Israel