John Curry: An open letter to House Speaker Jon Husted

From John Curry, August 17, 2007

Subject: Open letter to the Honorable Jon Husted

Honorable Speaker of the House
Mr. Husted,
Upon reading this morning's Columbus Dispatch I find interesting a statement issued by your spokesperson, Karen Tabor. Here is that statement as it relates to divestment by Ohio pension systems:

"The fact of the matter is, honorable people keep their word [re: divestment]," she said. "We expect the pension systems to keep their word. Rep. Mandel is keeping his word to the American people by going back to Iraq for a second time."

For a minute....let's revisit the Ohio Revised Code which relates that all state pension board members have a fiduciary duty to act in a manner which is prudent and responsible to those that these people represent. Our financial investments chief at STRS, Stephen Mitchell, estimates that divestment will cost our STRS retirees in the neighborhood of 70 to 100 million dollars. Let's be conservative and use the 70 million dollar figure.... that's enough money to pay for the medical expenses for all 100,000 plus Ohio STRS retirees for about two months! Interpreted another way... that 70 million would equal 3,500,000 co-pays for prescriptions!!

Rep. Josh Mandel is a true patriotic American and should be praised for his duty to his country and his state. He has good intentions by pressing for divesture of investments in companies who do business with countries who are terrorist in nature BUT...he (and you) neglect to tell the voters of Ohio that this "divesture" only applies to state pension funds and not to private individuals, banks, and investment companies. Even as it applies to state pension funds it only applies to the defined benefits portion of Ohio's pension funds.

Mr. Husted, I too am a patriotic American. Besides being a retired educator I have also spent thousands of hours as a part-time law enforcement officer as a Special Deputy Sheriff for my county of residence and as a full time (in summers) ODNR Park Officer at a nearby state park. I retired with a combined retirement from OPERS and STRS with a defined benefits retirement. Mr. Mandel's bill and your related pressure on all of the Ohio retirement systems is good at flag waving but is sorely wanting in one respect. Remember that phrase in the last sentence of our Pledge of Allegiance..."with Liberty and Justice for all?" I'm concentrating on the word "Justice" as in equal justice....two very American words, don't you think? Where is the equal justice in a bill designed to ONLY zero in on state pension monies of defined benefits stakeholders? I certainly don't blame the STRS Board for sending a strong message that they won't jeopardize retirees' monies when the rest of the good citizens of this state don't have their future (or their funds) touched by this well-intended but unfair piece of legislation sponsored by a young State Representative of northeastern Ohio.

Mr. Husted, should the Legislature succeed in passing a divestments bill and waive the fiduciary responsibility of the boards so as to hold individual board members immune from litigation because their respective funds lose millions of dollars on divestment....please remember this: There are retirees who are skipping meals or medications in this fair state... ALL BECAUSE THEY CAN'T AFFORD BOTH. Many of these retirees are paying over $700 a month STRS healthcare premiums for themselves and their spouses. I don't want this additional burden to them embedded in my conscience... how about you?

Sincerely,

John Curry
A public schools retiree and recipient of an STRS defined benefits pension
A patriotic American who believes in equal justice