Debbie Roush: Now what do we do about this mess?

From Debbie Roush, October 23, 2008
Subject: The STRS Mess

John, Molly, and Kathie, Ok, now what are we going to do about this mess. What is it going to take for the STRS Board to understand what we want from our retirement system?

You know what really bothers me is that the STRS newsletters have not mentioned anything about the losses: 13 billion in '07 or the 25 billion in '08. The Board did indicate how they plan to remain sound through the use of long-term investments. The newsletter is another waste; I don't think I've ever read anything worthwhile in those issues. It is just the same old mundane news; I think they have them preprinted for the whole year, and just send them out each month.

The last issue of the ORTA Quarterly that was sent to all retired teachers in Ohio never indicated a $25 billion loss, but did mention a -5.44% decline and projections of -1.2% for fiscal year 2009.

I wrote to Governor Strickland after he was elected and ask if there was any agency that could oversee the spending practices of the STRS Board. I never received a reply to my questions. I thought there was an agency that served as a "watchdog" for retirement systems.

Another question for the Legislators, Governor, STRS Board and retirees: If STRS is a retirement system, why is it not controlled by retirees? The majority of the STRS Board doesn't have a clue about the life of the retired teacher. We really have only one seat looking out for us.

The composition of the STRS Board...maybe it needs to change. What act of God would this take to change a "sacred cow"? It is embarrassing that the Board doesn't heed the warnings and accept Dennis Leone's invaluable experience. Does anyone know how to change the structure of a state agency? Is it a Referendum? Any history teachers out there with the procedure?

Does anyone besides Dennis care about what has happened and continues to happen? What is $68,965?

Debbie Roush