Salt Lake Telegram | 1939-02-16 | Page 13 | Basis for Retirement System Explained by Coast Actuary

Basis for Retirement System Explained by Coast Actuary ) - J Placing of Burden on Next Generation Held Unfair It Is unfair to place ths burden ef retirement fund on future generations, genera-tions, Ralph R. Nelson of San Francisco, Fran-cisco, actuary of the retirement board of California, told members of the senate and house appropriations committees at the state capltol an Thursdsy. "It is no more legal to set up a bond issue for teachers' retirement costs than to borrow monsy to pay salaries," ha said In explaining a fundamental basis for a retirement systsm. The costs should be born by current revenues." Committeemen explained Governor Gover-nor Henry H. Blood made no provisions pro-visions for the teachers' retirement fund In his biennial budget massage, mas-sage, although $800,000 was aaksd 'To reduce contributions to st. s retirement funds is not reducing the cost, but merely putting it ever to future generations," Mr. Nelson said. At the mretinc were Gordon ' We?ge!aM ID. Silt L:e. chairman chair-man of the senate commitlee: William Wil-liam D Wood (D, Webcrl. chairmen chair-men of the house committee, and T. J. Midgley, state budget officer. i RALPH R. NELSON Speaks ta cemmltteee ' a'