Donna Seaman to Nehf and Board: Decisions!
From Donna Seaman, December 7, 2008
Subject: Decisions!
Dear Board members and Mr. Nehf:
You have many vital discussions and decisions on your plate again this week. On Monday a sub-committee will discuss the performance benefit incentives program for investment staff. The STRS board initiated and implemented this program years ago, and you, the board, have the authority and power to abolish it. If you've paid attention to the public outcry of taxpayers and the frustrations of Ohio's teachers, you know this policy has no respect or credibility. Even the Big 3 CEOs have agreed to relinquish their incentives and work for $1 a year, largely because of public opinion!
Your policy of defending and justifying the performance benefit incentives based on the rationale of "standard industry practice! no longer works. The Wall Street "standard industry practices" are what got us into the financial crisis we face today!
Also, it is time for the STRS board to bite the bullet and direct Mr. Nehf to begin overdue cost-cutting measures, such as reducing staff and slashing operating expenses, to reflect the huge 40 plus per cent loss in portfolio value.
On Friday you will discuss health care issues for retirees. I remind you again: This is our money you are overseeing. This is not your money, as believed by previous board members and your executive director. Health care benefits for STRS retirees should compare to health care benefits for STRS employees, nothing better, nothing less!
Board members, it is way past time to take steps, maybe small baby steps, to earn members' trust and respect. The STRS board has many years of mistakes and misspending to make amends for.
I look forward to hearing your discussions. Thank you.
Donna Seaman, 2002 retiree
(These are my opinions alone and do not reflect those of any organization.)
Subject: Decisions!
Dear Board members and Mr. Nehf:
You have many vital discussions and decisions on your plate again this week. On Monday a sub-committee will discuss the performance benefit incentives program for investment staff. The STRS board initiated and implemented this program years ago, and you, the board, have the authority and power to abolish it. If you've paid attention to the public outcry of taxpayers and the frustrations of Ohio's teachers, you know this policy has no respect or credibility. Even the Big 3 CEOs have agreed to relinquish their incentives and work for $1 a year, largely because of public opinion!
Your policy of defending and justifying the performance benefit incentives based on the rationale of "standard industry practice! no longer works. The Wall Street "standard industry practices" are what got us into the financial crisis we face today!
Also, it is time for the STRS board to bite the bullet and direct Mr. Nehf to begin overdue cost-cutting measures, such as reducing staff and slashing operating expenses, to reflect the huge 40 plus per cent loss in portfolio value.
On Friday you will discuss health care issues for retirees. I remind you again: This is our money you are overseeing. This is not your money, as believed by previous board members and your executive director. Health care benefits for STRS retirees should compare to health care benefits for STRS employees, nothing better, nothing less!
Board members, it is way past time to take steps, maybe small baby steps, to earn members' trust and respect. The STRS board has many years of mistakes and misspending to make amends for.
I look forward to hearing your discussions. Thank you.
Donna Seaman, 2002 retiree
(These are my opinions alone and do not reflect those of any organization.)
posted by Kathie Bracy at 8:50 PM
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