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Privatizing Pensions Scorned In Many States

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.