Saturday, April 16, 2005

 

LA Times gets it all right on Bamboozlepalooza

Once again, why do Ohioans have to get accurate information from reporters outside Ohio?

From today's LAT:
About 10,000 of those eligible for personal accounts — less than 5% — have signed up for the accounts since they became available at the start of 2003, according to Laurie Fiori Hacking, OPERS' executive director.

Of those who have chosen the accounts, most have directed that their money be invested in the system's "moderate" or "aggressive" pre-mixed portfolios, according to spokesman Richard Baker.

OPERS records show that the "moderate" account lost money in two of the last four years and during the first three months of this year. It posted a five-year annualized return of 1.86%.

That compares to the 1.8% that Bush said Friday was the rate of return for Social Security.

The OPERS "aggressive" portfolio had a five-year return of 0.26%.

By contrast, the fund that pays for the system's traditional pensions, which is handled by professional money managers, had a five-year return of 3.52%.
By the way, the Plain Dealer still has it wrong.

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