Jim N. Reed to Mark Meuser: Some words of appreciation and more

From Jim N. Reed, October 29, 2006

Subject: Conscientious Beginning

Mr. Meuser, allow me to express my appreciation for the rapid response you provided to a CORE colleague regarding your view of your responsibilities as a STRS Board member in regard to contracting services. It seems you have accepted the challenge of being as informed as possible about the inner workings of the Board, both past and present. Doing extensive homework on the protocol and machinations surrounding corporate contracts certainly indicates a conscientiousness and an independent thought process that we need desperately on the Board.

I suspect some of the conclusions you arrived at regarding Board member delegation of negotiation and decision-making authority will be challenged by many retirees who have suffered from over-delegation of some of the "fiduciary principles" that have adversely affected their retirements.

It has become painfully obvious that active and retired educators need oversight to protect their career contributions. We need each of the Board members to apply their expertise and independent thinking when any expenditure of our funds is considered.

For example, I believe it's indefensible to suggest that past and current fiscal misbehavior of Board members and administrators has had no effect on the plight of less fortunate retirees suffering from the obscene spiraling of healthcare costs. Any amount of unwarranted expenditure is unacceptable. There is no "trivial" amount.

I would also suggest studying corporate "fiduciary principles" be done with a grain of salt. I'm not so sure the corporate boardroom is the best place to learn how to represent a trusting constituent. How many recent examples of corporate (including ours) vanity, greed, and corruption are needed to corroborate this admonition?

And finally, Mr. Meuser, I wonder how many of your colleagues in your school district have been made aware of Dr. Leone's 2003 award-winning expose of their STRS? I know few of the teachers in my district or my county had any idea what was and had been happening to their 10%.

Do you actually believe that a majority of recently polled active and retired educators would commend their retirement system with a "satisfied" or "very satisfied" bubble for the kind of undeniable mismanagement and ethical breaches as detailed by Dr. Leone and several major newspapers?

Mr. Meuser, at this juncture I still believe you are an independent thinker with a conscientiousness that could join the "Renaissance for Retirees" spearheaded by Dr. Dennis Leone and Mr. John Lazares and supported by a determined group of Concerned Ohio Retired Educators.

Please give this your serious consideration.

Jim N. Reed