Hurry Up and Die - We Need the Money

Not exactly sure why, but this just doesn't seem kosher. Snippet:

Retired Teachers Get an Education in Life Insurance - By Scott Gold, Times Staff Writer HOUSTON — Outraging the education community, Texas is considering allowing a large financial firm to take out life insurance on retired teachers, cafeteria workers and bus drivers. A state retirement plan would be the beneficiary of the policies, the financial firm would make millions on the transaction, and families of the retirees would get nothing. Former U.S. Sen. Phil Gramm, now an executive at UBS Investment Bank of New York, is promoting the proposal. State officials stressed that they are only considering the idea. But they pointed out that the plan could raise millions of dollars for the financially strapped Texas Teacher Retirement System, one of the largest public pensions in the nation, while the state would assume little risk.

Now, a person can take out insurance on pretty much anything and anyone; I mean, I can take out insurance on my pet turtle, as long as I could find an insurer that would be willing to cover it. So technically the proposal by TTRS is legit. What in in question here is the morality of this issue. If a majority of the public thinks it's outright wrong, then TTRS should drop this like a hot potato.