Linda Meinelt to Damon: It is definitely sticker shock

From Linda Meinelt, September 4, 2006

Subject: Your letter to STRS members

Hello Damon,

I'd like to thank you for clarifying some of the expenses STRS is incurring.

You are correct in that $315,000 for recruiting is definitely sticker shock. I hope the commercial real estate market is a good one unlike the residential one which has hit a definite slump. Let's keep our fingers crossed that the individuals who are recruited are really good, and that they stay long enough for STRS to recoup the monies spent to "headhunt" them.

As for the attorney fees for the STRS employees, it is my understanding that employees have access to Bill Neville and John Patterson who would have been able to help them prepare for any testimony required in the prosecution of former Board members. Thinking to the future, would the Board be able to stipulate that employees consult with STRS legal consul before seeking outside help at the expense of STRS retirees, no matter how small the expense? As you well know, those small dollar expenditures add up quickly.

Additionally, I would ask that the Health Committee and the Board members meet in good faith with OPERS to attempt to join forces on prescription coverage, if not on all health coverage. It seems the larger the number of individuals to be covered under a plan, the better the prices could be negotiated. Perhaps conversations could also be held with the Police and Firefighter Funds to see if they would be interested in joining in the negotiations.

Thank you again for taking the time to keep us informed.

Sincerely,

Linda Meinelt