Allen County RTA President George Doyle to STRS Board...."this is a bunch of hogwash!"

From George Doyle, November 21, 2008

As President of the Allen County Retired Teachers Association, it has come to my attention that huge bonuses were given to the investment personnel, even though there was a huge loss in the market. Common sense tells me to ask, Why? Are you crazy? Have you all lost your minds? Never in all of my working career in business and in education have I ever heard of giving a bonus for failing to do your job! I just can't imagine why you won't listen to Dr. Leone when he suggests the sane way of handling things down there at STRS!

It is my understanding that you are going to take into consideration all of the complaints from the retired teachers about the bonus situation. Is that correct? I also understand that you say you cannot retain the best possible investment counselors without paying such high salaries. That is a bunch of hogwash!!! In this day and age when so many brokers are out of work, I cannot believe that you could not get qualified people for less! We retirees are sick and tired of having to bear the burdens of the "old" way of thinking. We have stated time and time again that we want you to stick to your fiduciary duties and safeguard our money instead of foolishly giving it away and raising our premiums and endangering our retirement incomes. When will you listen to us and start doing the jobs you are elected to do?

As President of our Chapter, I must insist that you listen to Dr. Leone when he suggests answers to problems before they exist and quit creating more problems for yourselves and we retirees. Get on the ball and start paying attention to our needs for once instead of the needs of your employees and investment people!

Thank you for taking time to read this. I hope that your will consider and change the policy of bonuses!

George V. Doyle, President
Lima/Allen County Retired Teachers Association