California State Treasurer Phil Angelides and officials of five states are blasting Governor Schwarzenegger´s aim to privatize the state´s public pension systems.
They call it a major attack on the nation´s corporate reform movement by pension funds – and announced today a national campaign to fight the move. The attack on Schwarzenegger´s plan to make new public employees use 401-K-style private investment plans after 2007 comes hours before President Bush is to make Social Security privatization a key theme of his State of the Union Address.
Officials in North Carolina, New York, Maine, Oregon and Illinois are also joining the campaign. Many believe if Schwarzenegger privatizes California´s retirement systems, the move could gain ground nationally.