Guess what's on the agenda for the February Retreat? Pay 'adjustments' - bet a lot of those bonus recipients will get nice raises

From: Molly Janczyk
Sent: Saturday, January 28, 2006
Subject: Pay Adjustments for non investments and investment on agenda for Feb Retreat

Discussion of pay adjustments for Non Investment Staff and Investment Staff is on the agenda for the Feb. Retreat following the Aon Report. I sent points from it out to you. Discussion of the Performance Incentive Based for Investment Staff is also on the agenda per STRS site. This in spite of Lazares asking all: How can we think of increases when retirees lost everything and our unfunded liability will go to infinity if we don't meet 8% returns? Lazares asked Mitchell how long he had been at STRS . Mitchell responded 37 yrs. Lazares then asked how bad could things be? He shut down discussion on Thurs. 1/19/06 with NO, when asked if discussion was to continue and the other board members remained silent. Leone voiced NO also.