Letter from nine retirees: The outrage continues

October 22, 2008

To the STRS Board Members, Mr. Nehf and Ms. Ecklar:

As retirees who are suffering from the downturns in the economy, we are appalled by the continuing practice of giving bonuses to the investment advisors.

We find it hard to believe they are less well-compensated than their counterparts in the private sector. With today's economy, we feel confident in saying the advisors are fortunate to be employed by STRS. In the private sector, they would be holding their breath waiting and wondering if/when their jobs would disappear. Certainly, they would not be receiving humongous bonuses.

We support Dennis Leone's contention that bonuses should not be given while we face tremendous financial losses. It doesn't matter if the bonuses amount to less than allocated, as stated by Laura Ecklar. The bottom line is that STRS has suffered major losses. Bravo, Dennis for standing up for the retirees!!

The time has long passed for changes to be made at STRS, not only regarding the bonuses but also the benefits package.

The STRS employees should be covered by the same health insurance policy as the retirees. This would help ensure that the best possible package is negotiated for both medical and prescription since they would have a stake in its quality and cost.

The STRS employees work for the retirees and need to remember this. It is our money which is funding their paychecks and all the other perks they receive.

Sincerely,

Linda Meinelt
Birgitta Ker
Leslie Snyder
Larry Snyder
Cyndee Schoenhoff
Evelyn Wampler
Keith Wampler
Robert Shoemaker
Jane Shoemaker