PA-Gov: McCord Hits Wolf On Pensions In New Ad (Watch)

Rob McCord’s latest ad in the gubernatorial primary attacks Tom Wolf for his company’s pension plan that resembles the proposal Governor Tom Corbett has for state pensions.

“On pensions, the press is comparing Tom Wolf to Tom Corbett. Here’s why: Wolf admits his company terminated its pension plan. Corbett’s proposed doing the same thing to the state pension fund,” the male narrator says. “There’s more. A state pension investment fund lost $19 million on Wolf’s company. The biggest loser? Our state retirement fund. Rob McCord has protected pensions, helping the state fund make $35 million.”

The Wolf campaign issued their own fact check after this ad first ran. According to their release, Wolf has said that he supports a competitive compensation plan and the protection of defined benefit plans for state employees.

mccord sers adHis company went under new leadership in 2006 when he left to join the Rendell administration. In 2008, the new management of Wolf added a defined contribution plan for employees. The Wolf Organization contributes 3% regardless of whether the employees contribute and also matches employee contributions up to 3% on top of the automatic 3%.

As to the second charge made in the ad, the Wolf campaign dissents again.

SERS invested $50 million in Weston Presidio V. Weston Presidio made an approximately $40 million investment in Wolf Organization as part of Weston Presidio V, a $1 billion fund. The Wolf campaign asserts that the math simply does not allow for $19 million of SERS money to have been lost in the Wolf Organization.

This is McCord’s fourth negative ad against Wolf. His first attacked Wolf’s 5% impact fee proposal; the second critiqued his company’s use of a cabinet manufacturer in Indiana; the third was the particularly controversial spot that linked Wolf to York Mayor Roberston.

May 7th, 2014 | Posted in Front Page Stories, Governor, Top Stories | 16 Comments

16 thoughts on “PA-Gov: McCord Hits Wolf On Pensions In New Ad (Watch)”

  1. McCord_is_a_Narcissist says:

    Breaking News…
    FactCheck declares this ad “FALSE”

    http://www.philly.com/philly/news/politics/Factcheck_Pennsylvanias_pension_piffle.html

  2. McCord_is_a_Narcissist says:

    Now you have a conspiracy theory. Interesting… You sound almost as delusional and desperate as McCord.

  3. JB says:

    Reality is McCord publicly fought Rendell about running up the debt on his way out the door.

    David L. Cohen runs Comcast. Comcast owns MSNBC. Mathews in turn gushes over Rendell.

    I will give Rendell credit. He has a lot of juice. Probably more than ever.

    When you look at Wolf and the reality of his record it is quite amazing what he has been able to manufacture with that.

    I could continue to explain things to you all day but I have a few things I need to get done.

  4. JB says:

    Bud you may be too young and not know enough to understand why, but I’ve been laughing at you guys the whole time. If it’s about winning it’s one thing. If it’s about doing something for PA that’s another entirely. You’ve been had if you’re a believer. I’ve not seen one of you post anything of substance either.

    The Wolf crew has posted with arrogance and entitlement the whole time here.

  5. McCord_is_a_Narcissist says:

    lol. JB. Thanks for the laugh.

    Pennsylvanian’s aren’t stupid, we see McCord for the desperate, arrogant narcissist he is.

    McCord has shown his true colors and self-destructed.

    http://www.phillymag.com/news/2014/05/08/josh-shapiro-endorses-tom-wolf/

  6. JB says:

    This is quickly becoming a race between a rich guy with the machine behind him, and the people.

    It is also a huge referendum on labor. I hope they are paying attention.

    The question people need to ask is ok winning is great but what are we getting if we win?

    Most of the pro Wolf posts go towards his being the favorite to be the nominee. He is going to win and the rest of you suckers are losers and whiners.

    What has the party given up by jumping on the money train?

    His business career is not a dem story.

  7. McCord_is_a_Narcissist says:

    Josh Shapiro, Chairman of the Montgomery County Board of Commissioners, endorsed Tom Wolf for Governor today.

    http://wolfforpa.com/sections/blog/josh-shapiro-endorses-tom-wolf

  8. jjcnpa says:

    Having worked my whole career in state related institutions of higher learning, I had the choice of the state pension plan or a 403 b. I am very happy I chose the 403 b which has allowed me to invest my money better than the state could have and will allow me to retire earlier. Current pensions are unsustainable and in many cases, a poorer option for employees. For lower paid employees a pension system does offer some benefits over a 403b plan.

  9. ABCDEF says:

    I always thought McCord was better at math than to make this absurd pension fund loss claim. Come on Rob, you’re better than this. And better at math.

  10. RJD says:

    Mr. McCord’s actions as State Treasurer has demonstrated that he is a good steward of the taxpayers’ money in PA. He has risen above party lines in making financial decision that are in the best interest of Pennsylvanians, even going against his own party and Governor Rendell. Rob McCord’s track record while in office clearly makes him the best choice to ensure financial growth in the state.

  11. There's always one says:

    Says Rob McCord the man who has lost millions of pension funds while pocketing tens of millions in fees at his venture capital fund. People in glass houses shouldn’t throw stones.

  12. factcheckguy says:

    Negative campaigning may be part of politics…but its one of the worst parts. McCord’s previous race attack ad was a Hail Mary attempt by a 3rd place candidate to garner some needed attention. Injecting race into this campaign is an ugly (and in McCord’s case) transparent way to ingratiate himself with African American voters. McCord must not realize that the African American constituency is both savvy and smart about who they choose for a candidate and they are way too astute to be seduced by such obvious pandering. Rather than attack Wolf’s character, he might be better served explaining why he misled voters about his supposedly “poor single-mom upbringing” when in fact he was mostly raised by his college professor mom AND college professor stepfather in the affluent Lower Merion suburb in the Main Line. McCord suffers from a serious case of “anything to win” syndrome and has abandoned the probably decent person he once was in pursuit of his personal political ambition. At this point….McCord should just confine his rhetoric to the relevant policy issues that will impact the lives of Pennsylvanians TODAY.

  13. Observer says:

    Oh, No, Rob! We mustn’t make Tommy Wolf cry! And surely we mustn’t point out that he sold out his employees to a Bain Capital style vulture capital group while feathering his own nest. They looted the pension plan and replaced it with a 401k (You’re on Your Own) Republican Retirement Plan. And Tommy is still fine with that. Exactly what IS the difference between Wolf and every republican ever? Other than rhetoric – nothing. Any one of the other three candidates – actual Democrats – wouldd be better for the People of PA>

  14. Frank says:

    McCord should not be talking. He invested in a charter school group, who won a bid in Delaware county and then immediately sold out to their competitive bidder. McCord’s investment made him a nice profit but left the school district in shambles. How McCord can say he is FOR Public Education and then invest in Charter schools is the height of hippocracy. And what about McCord’s step brother speaking out to correct McCord’s misrepresentation of his childhood, growing up in poverty. How can McCord sleep at night after taking such a low road. A win at all costs is dirty business

  15. Justin says:

    I hope mccord finishes 4th after all this nonsense. Its gotten to the point now if he is on the fall ballot ill just write in Josh Hanger. Mccord stop this!!! Its making you look like an ass. Especially in Mercer County

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