Jim Kimmel's letter of opposition to HB 151

June 2, 2007

Dear Representative:

I am writing to ask you to vote AGAINST HB 151. There are several reasons this bill is a terrible idea:

1 .It will not stop any terrorists because of the complexity of world economics. Terrorists won't even feel it as long as the United States continues to need oil from the Middle East.

2. It is misplaced patriotism: It will not provide additional body armor, additional men or a way to end the conflict; yet it will seriously damage the retirement systems on which retired firefighters, teachers, police, state patrol and other public employees depend. These are people who risked their lives and served the state all their working lives. And yes, even teachers have risked their lives and suffered injuries and death in the line of duty.

3. It grossly discriminates against the public retirement systems because the bill would prohibit these bad” investments only for STRS and the other public pension plans. Any other entity or individual could still invest in these companies…including mutual funds selling to teachers. How does THAT make any sense? I am sure it does to the brokers and the bankers! They would profit from the divestiture of stocks which would be required as well as selling the same stock back to new teachers if the bill passes requiring Boards of Education in Ohio to set up special investment funds for new educators. WHAT A DEAL! Bonanza for the brokers gained on the necks of elderly and ailing retirees whose salaries were never very great. Talk about scapegoating the weak!

4. The bill would affect many Ohio companies and the Ohio economy in a negative way, including loss of jobs for many Ohio families. The terrorists will be ecstatic as they watch us economically shoot ourselves in the foot.

5. STRS retirees as well as other public pensioners have lost the 13th paycheck, which was never a full paycheck but still helpful. They struggle with health care concerns and, like many seniors, prescription costs. If 151 passes they will suffer even more.

6. You are singling out senior citizens who have paid their dues IN FULL and ask nothing more than fair treatment by THEIR representatives and senators at the state level. HB 151 is not it! Is this how you would treat your grandparents?

7. If HB 151 is such a great patriotic gesture, why not prohibit ALL investment in these companies by ALL mutual funds, corporations, and individuals operating in the state? It wouldn't accomplish anything any more than applying it only to the retirement systems, but at least it would be evenhanded and consistent. But you and I both know that “ain’t gonna happen.”

8. There could be a second bonanza for all investors (except, of course, public retirees) if the retirement systems did divest these stocks because there would be a drop in price and those allowed could buy cheap and wait for these ”bad” stocks to go back up -- which they most certainly would.

9. Public retirement systems have one basic mandate: To protect, administer and foster the growth of the retirement funds -- not conduct economic diplomacy for the United States of America.

10. You should also remember that the General Assembly is responsible for the public retirement systems. HB 151 would create just the opposite of that mandate. It would probably end up in court due to this conflict.

Please vote NO on HB 151!

James O. Kimmel, M .Ed
STRS Retiree, Age 66
Mason, Ohio