• Registered: 06-26-2009
  • Posts: 3

Topic: Reevaluation of PACT

Reevaluation of PACT   

The study done by Retirement Systems of Alabama states that if tuition keeps growing at an average of 7.25 percent a year, it would take between $642 million and $1 billion to cover the plan's shortfall in revenue.   With the projected shortfall in tax revenues in the coming year, it would not be feasible to try to cover the total shortfall to fund PACT.  It will be more realistic to infuse $52 million in fiscal year 2011 and worry about funding PACT on a year-to-year basis in hopes that the economy will stabilize and tax revenues will get back to normal.  We cannot afford to raid the Oil Trust Fund for the full bailout of PACT, $52 miillion may be more feasible at this time.   Legislators may have to "borrow from Peter to pay Paul" as the old saying goes.  After the $3 billion in stimulus money is depleted, legislators will have to look at cutting budgets for other programs and services.  This is the reason I believe they will not commit to a total bailout of PACT at this time.  Concerning the mailout, I believe the PACT participants should be informed on a quarterly basis.  Everyone needs to realize we are still in a financial crisis and will be for several years.  As I have stated before, the State has a legal obligation to the participants of PACT and will fulfill it's committment.  This issue will be resolved in the next legislator session if not before.  This is a serious issue, but some people are playing on the uncertainty of the issue for their own political gain.  I have been working on this issue but I am not out there pointing fingers and playing the blame game.  This is a bipartisan issue that can be resolved, but not by creating division among the political parties.  I have full confidence that the legislators will make sure PACT is funded.

Terry Dunn
www.terrydunn2010.com

Last edited by terrydunn2010 (08-24-2009 5:36:43 pm)

  • Registered: 03-28-2009
  • Posts: 26

Re: Reevaluation of PACT

Hello Fellow PACT owners!  My name is Ruth Gray and I am the Tuscaloosa/West Alabama area lead.  We are planning a meeting at the end of Sept....probably the 28th at 7 pm if I can get Dr. Bentley and Artur Davis to confirm.  Does anyone have a place to meet (100 attendees)?  Please let me know asap.  You can contact me at ruthgray@savealabamapact.com

Please continue to distribute the flyers in our local churches, store windows, schools, wherever you can.  Spread the news by word of mouth and encourage anyone in our area who owns a PACT to contact me.  You can also spread the word by sending an email to everyone in your address book and asking them to forward it to everyone in their address books.  Invite them to check out our web page www.savealabamapact.com.  You can do the same thing on using your facebook friends--inviting them to join our SaveAlabamaPACT group on facebook. 

If you know any of our local politicians who would be willing to attend our mtg, please contact them.  If you need my assistance, please feel free to contact me.  I look forward to seeing each of you at our mtg.  We MUST have your support to save our PACT.