Savings plans too risky for workers to count on

To the editor:

In response to Sherman Frederick's Sunday column, "Public employee pensions: We can't afford them":

Mr. Frederick baselessly claims that individual retirement plans are "a better, more responsible way to provide retirement benefits for public workers." Individual accounts such as 401(k) plans are savings plans, not retirement plans, despite what their boosters may claim. They have put retirement security for millions of Americans at risk, and the Review-Journal does a disservice to its readers when it promotes them.

While Mr. Frederick may be eager to do the bidding of the Wall Street firms that profit at the expense of workers, the truth is that pensions are a better deal. A recent study by the National Institute on Retirement Security found that professionally managed pensions can deliver the same level of benefits at half the cost of a 401(k)-style plan.

The median balance of all 401(k) accounts is less than $13,000, barely a fraction of what is needed for a secure retirement. Market changes can put those who rely on individual retirement accounts at high risk, because 401(k) accounts are rarely professionally managed. As a result of the financial crash that led to the worst economic crisis since the Great Depression, the retirement savings of most baby boomers with 401(k) plans were reduced to levels that may create impoverishment as boomers retire and enter their 70s.

Indeed, there is a gap of $6.6 trillion between what Americans have saved and what they will need in retirement, according to the Center for Retirement Research at Boston College. Instead of eliminating pensions for public employees, we should be doing more to protect the retirement security of all employees. The sooner Mr. Frederick and other pundits stop believing the mythology about 401(k) plans, the better off we'll all be.

Lee A. Saunders

Washington, D.C.

The writer is secretary-treasurer of the American Federation of State, County and Municipal Employees.

Phony Republicans

To the editor:

If you're still wondering how any prominent Republicans could have supported Sen. Harry Reid, here's the answer.

Some are sore losers who resented Sharron Angle's victory over the more glamorous and pedigreed primary opponents they supported, and were looking to salve their fragile egos. They share a snobbish embarrassment and jealousy of her popularity with the tea party hicks.

Then there are the political professionals whose livelihood was threatened by one of the hoi polloi who got nominated for national office without their participation. A subset of this group are the corporate officers who get special treatment from Sen. Reid. Their party loyalty is a matter of fiduciary convenience.

Now the "Republicans for Reid" have come back home to the values of honesty and smaller government because that's how they get campaign contributions and consulting fees.

But they're ready to back the next powerful Democrat who crooks his finger, however corrupt.

Lynn Muzzy

Minden

Burning Man

To the editor:

In response to the Sunday article, "Festival's effects worry some":

I have been to Burning Man. The festival is the largest freedom of expression event in America, and it is a life-changing experience. The environment is unique and harsh, but the participants honor the environment, and taking care of the playa is the No. 1 priority for all burners. We realize that we have to take care of the land or else we will not be allowed to use it.

Matter Out of Place, also known as litter, is a serious issue that most burners actively seek out, collect and dispose of properly. Many people do not know that there are no Dumpsters at Burning Man and no large trash cans on every corner; just people taking personal responsibility with their own trash bags. And thanks to that personal responsibility and radical self-reliance, the Burning Man Festival is the cleanest festival I have ever seen.

In terms of litter on the ground, it is much cleaner than you would find the average Las Vegas neighborhood.

Burning Man is meant to be offensive to some, but for many others it provides a feeling of connectedness and freedom. Humanity and environmentalism are at the core of the Burning Man experience, and I hope the Bureau of Land Management will let us continue to use the space.

As an environmental advocate, I believe that the Black Rock Desert is a unique environment. It would require more scientific study to understand the ecological cycles at work and to support this special environment. If Burning Man is hurting the environment, prove it and changes will be made.

Amanda Morgan

Las Vegas

Pay freeze

To the editor:

I want to applaud the Obama administration for stepping up and proposing a freeze on federal civilian employee salaries for the next two years ("Obama proposes pay freeze: President calls for sacrifices to rein in deficit," Review-Journal, Tuesday).

Although it won't balance the federal budget, the proposal will send a message to Congress that no program is sacred.

Paul Markowski

Las Vegas