Why Hutras didn't want to respond: now we know WHY -- thanks to Sen. Dann's office!

From John Curry, September 28, 2006

Subject: From Sen. Marc Dann's Office -- the ORSC commissioned study delayed by additional ORSC requested info!

No wonder ORSC didn't answer my requests to them (3 times) for an update concerning the delayed ORSC commissioned study re. the State Teachers Retirement System of Ohio and the Ohio Police and Fire Retirement System - they (ORSC) were the ones who contributed to the delay! Now we will have conclusions based upon some data that is two years old. Will we not get conclusions based upon outdated information? Thanks to a representative from Senator Marc Dann's office, we now have the truth as to the cause of the delay.

John

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From Kevin Stolecki, September 28, 2006

Subject: ORSC Study Update

Mr Curry

Today I spoke with Aristotle Hutras, Director of the Ohio Retirement Study Council about your concern on the status of the studies of the Ohio Police and Fire Retirement System and the State Teachers Retirement System of Ohio, which was commissioned by the Independent Fiduciary Services of Washington D.C.

As of today, September 28, the ORSC is still waiting on the reports to be finished. One of the main reasons is that during the process of the study, the ORSC went to the IFS and asked to have another provision added to the study, particularly whether or not the current system of dealing with custodial assets is the best way to do so. Currently the state Treasury has the power to pick which banks hold the assets. The ORSC wanted included in the study the possibility of the ORSC having some kind of say where the assets are held. This addition to the study is one of the reasons the report has yet to be finished.

Mr Hutras had no way of knowing when the report would be finished but informed me that when it is presented they are planning to have all members present.

I hope this clears up any questions to the status of the report.

If our office can be of any further assistance in the future please do not hesitate to contact us.

Thank you,

Kevin Stolecki

Office of Senator Marc Dann

The Ohio State Senate

(614) 466-7182

(614) 466-5559 (fax)

kstolecki@maild.sen.state.oh.us