Salary editorial was a real eye-opener
Your June 5 editorial about the outrageous salaries being paid to some Virginia state workers was a real eye-opener to this taxpayer and many others [“Some state employees are raking in big bucks”]. We all need to remember this as we pay our state taxes each year. What a waste of our resources.
How can Virginia Retirement System chief investment officer Ronald Schmitz’ compensation package of $852,941 be justified when the VRS’ one-year rate of return on assets was only 4.7 percent? The average everyday investor could do much better than this in the markets of the last year by just investing in a low cost S&P 500 index fund.
To think that Schmitz and several others making $500,000+ can’t come close to cutting the mustard on investing the retirement funds of our state workers makes me question the need for these overpaid workers. We could save a lot of money by ridding the system of these employees and replacing them with just as qualified workers who don’t expect compensation packages that are over the moon.
When it comes to the bloated salaries of many college administrators, I doubt seriously if they feel guilty accepting their soaring paychecks, even though students and their parents are faced with annual increases in college tuition and fees that force them to take on debt that will take years to pay back.
I question the need for so-called administrators who take advantage of the students without giving thought to the negative impact their compensation is having on the public.
I suggest that the governor appoint a commission to investigate the over-the-top compensation of the upper echelon workers in the Virginia state worker’s system. Some changes are definitely warranted—and soon!
Michael Blake Goodin