In The News: Treasurer hopefuls share visions (Times Tribune 10/9)

Thursday, October 9, 2008
The Times Tribune
David Singleton

Democrat Rob McCord is an independent business leader who has managed more than $1 billion in investments and helped fund startup companies that have created more than 2,000 jobs in Pennsylvania.

Republican Tom Ellis is a public finance attorney who, as a Montgomery County commissioner, oversaw a government with 3,500 employees and a $500 million annual budget.

In January, one is almost certain to become Pennsylvania’s next state treasurer. The two will meet in the Nov. 4 general election in a race that also includes Libertarian candidate Berlie Etzel.

The victor will succeed incumbent Robin L. Wiessmann, who agreed not to seek a full four-year term when Gov. Ed Rendell, in 2007, appointed her to finish the term of Bob Casey Jr., who was elected to the U.S. Senate in 2006.

In separate interviews Wednesday with The Times-Tribune editorial board, Mr. McCord and Mr. Ellis laid out similar visions for the treasurer’s office that include greater transparency in state pension investments and increased opportunities for parents to invest in college savings plans for their children.

Both men acknowledged the new treasurer will take office at a time when Pennsylvania’s major pension plans — the State Employees’ Retirement System and the Public School Employees’ Retirement System — are likely to be reeling from the turmoil on Wall Street.

“If there is not enough money in there for the pensions, the taxpayers are going to have to pay,” said Mr. Ellis, 49, of Cheltenham. “That is going to be a major thing the treasurer has to look at — what’s there, what’s the deficit there, and where do we go from here.”

Mr. McCord, also 49, of Lower Merion, said with the commonwealth already looking at a major deficit next year, how the treasurer’s office responds to a potential pension shortfall in the state employee pensions will reverberate far beyond Harrisburg.

“This is incredibly important work,” Mr. McCord said. “People don’t wake up in the morning thinking about it, but it touches a lot of their lives.”

Mr. McCord, who describes himself as “something of a policy nerd,” said he believes the treasurer can help guide economic development and job creation, particularly for “green-collar jobs,” using evidence-oriented innovation that has worked in other states.

But his top priority, he said, would be retirement security for Pennsylvanians.

“I want to be evaluated on: Did he help with pension security and retirement security, including helping middle-aged people get on a better track?” he said.

Mr. Ellis said he would offer the services of the treasurer’s office to help municipalities shore up their struggling pension systems. He would also promote campaign finance reform to limit political contributions by individuals who deal with the treasurer’s office.

“Given the state we’re in today, where people have so little faith in Harrisburg and Washington, which is not good for democracy, we have to install confidence that decisions are being made for the right reasons,” he said.

Contact the writer: dsingleton@timesshamrock.com

Source: http://www.scrantontimes.com/articles/2008/10/09/news/sc_times_trib.2008...