Thomas Hall: Why I am running for the STRS Board

Thomas E. Hall

Professor of Economics

Miami University, Oxford

Why I am running for the STRS Board

I am a candidate for the STRS Board because I believe I have important skills to offer the membership. I hold a doctorate in economics, and have been a professor at Miami University since 1982. I have published a book on business cycles, and have developed considerable expertise successfully managing my own portfolio of stock market assets. I am knowledgeable about how the economy operates, and the factors that impact values of stocks, bonds, and real estate– the assets that constitute the bulk of the STRS investment portfolio.

I was truly outraged a few years ago when I learned that the value of STRS’s investments had dropped $12 billion. Then came the news about rampant spending by the STRS Board on trips, meals, entertainment, and art. I found myself asking the same questions I’m sure most members did: How could these things have happened? Is my pension secure?

If elected, I will do the following:

1. Focus on holding down the costs of operating STRS. This means running STRS in a financially prudent manner, minimizing overhead, avoiding administrative bloat, and not allowing board members, or anyone else for that matter, to treat the investment portfolio as a pot they can dip into as they please.

2. Intelligently oversee the management of the investment portfolio. This includes ensuring that STRS investments are safe and properly diversified.

3. Strictly adhere to Ohio Revised Code Section 3307.15 which states that STRS Board members must act solely on the behalf of STRS members and their beneficiaries.

4. Work to find avenues which will permit the continuance of health care and prescription drug benefits at current or possibly reduced cost to STRS retirees.

5. Communicate with and be responsive to all members including retirees.

6. Support and lobby for state legislation that benefits STRS members.

(Submitted by Tom Curtis)