Angelettis to Jeff Chapman: Unfunded liability out of hand

Mary Ellen Angeletti to Jeff Chapman, October 24, 2006

Subject: Food for Thought

We don't feel that you have our interests at heart. Either that or you don't have enough background on the past history of the STRS Board to make intelligent decisions. If you don't consider your voting at STRS on how it affects the past, present, and future of the STRS pension fund, then you are making a huge mistake.

We want to secure the pension fund for the future. The unfunded liability is way out of hand, and we have to fall within the thirty year requirement set by the legislature. Do you really expect the legislature to give STRS more money (2.5%) when we cannot handle the pension fund any better than we are now?

We allow our STRS staff to throw money around like a bunch of drunken sailors. The only check and balance we have is the STRS Board. It is up to you and the rest of the Board to stop this from happening. Let's work together and whip this pension fund into shape.
Mary Ellen and Chuck Angeletti,
STRS, CORE

P.S. We are very fortunate that we are in a bull market which has enabled us to reach a phenomenal figure of 65 billion dollars. We think we are due for a correction and that 65 billion can disappear very quickly. As Steve Mitchell said, "It is only paper." So let's keep a sharp eye on the fund so that we will have one in the future. That is the fiduciary responsibility of each STRS Board member.