Bob Mercer hates it when Rep. Stace Nelson uses his work to make political arguments. But Bob's asking for it. Check out this land mine Mercer slipped into the middle of his article today on swimmingly safe solvency of the South Dakota Retirement System:
This year marks the tenth anniversary of the shake-up that then-Gov. Mike Rounds ordered in SDRS management shortly after he took office.
The past decade didn’t turn out so well, however. Many trustees and administrators didn’t initially grasp the costs of the Rounds-era trend of retire-rehire, where employees resigned their government jobs, began collecting their SDRS checks and then returned to work, often in the same job, while the retirement checks kept coming.
There also was a benefit increase that had to be rolled back a year later, after the markets tanked.
Daugaard’s remarks praising the conservative corrections by the trustees encouraged state investment officer Matt Clark [Bob Mercer, "Daugaard Likes Safer Direction Taken at SDRS," Black Hills Pioneer, 2013.09.07].
Hmmm... let me read that passage the way I'd read it if I were running for Senate against the Nine Million Dollar Man:
- As Governor, Marion Michael Rounds shook up our state pension system's management.
- The state pension system ran into all sorts of trouble in the following years.
- The system required "conservative corrections."
- Conclusion: Mike Rounds messed up the state's retirement system!
I'm not saying I agree with that syllogism. Expect Governor Daugaard, if pressed, to revise his remarks to avoid any appearance of impugning his predecessor's pension performance. But expect Stace Nelson to cite Mercer's article to add to his case against Mike Rounds's policy failures and faux conservatism.