Jim Kimmel re: Defined contribution option and divestment

From Nancy Hamant, August 28, 2007
Subject: Fwd: Defined contribution option and divestment

Jim,

In the Defined Contribution plan, teachers select what they invest in from a list of funds that has been approved by STRS staff responsible for support to those teachers who select the Defined Contribution Plan. It is my understanding that HB 151 does not apply to those who are in the Defined Contribution Plan. You need to check whether that is true or not.

Nancy Hamant

Jim...surely they wouldn't do that....would they? John [Curry]

From Jim Kimmel, August 27, 2007 6:43 PM
Subject: Defined contribution option and divestment

If a teacher chooses the self directed defined contribution option instead of the "regular" STRS plan can he self direct his plan to purchase the "nasty list" of "terror friendly" stocks like Coca Cola, Toyota, and Rolls Royce? The self directed option would be run by some stock broker. Would that broker be required to steer clear of any of the forbidden stocks? If not- why not? If the self directed plan is exempt that would sure prove, to me at least, that this whole charade has nothing to do with patriotism but profit for the financiers, brokers, and bankers and the deliberate deconstruction of the public retirement systems so that in the future all public employees will be on their own, in the kind and loving hands of the brokerage/investment/snake oil peddlers coming soon to a WalMart near you.

Jim Kimmel