Retirees to Mike Nehf and STRS Board: NO to $6 million in bonuses!

From John Curry, October 19, 2008
Subject: Fw: STRS board e mail

Note from John....as of Oct. 16, 2008 the STRS has paid out $6,027,249 year to date for incentive compensations to the STRS investments staff. This was related at the Oct. 16, 2008 Board meeting. John

From Donna Seaman, October 19, 2008
Subject: STRS board e mail

Dear Mr. Nehf and Board:

The two of us are retired teachers and have been attending many of the STRS board meetings. We are APPALLED that you are planning to pay $6 million in bonuses and incentives to the investment staff in the face of $25 BILLION losses. Please reconsider! The investment staff has NOT done anything to be rewarded for! Their salaries are already higher than any of us who have spent years paying into this retirement fund. They deserve NO bonuses. The mismanagement of funds and excessive staff perks continue. Mr. Nehf, you and the board must address these issues. We await your response! Thank you.

Donna Seaman (2002 retiree) and Dean Seaman (1986 retiree)