Wednesday, December 10, 2008

Donna Seaman to STRS Board: What are you thinking?

From Donna Seaman, December 10, 2008
Subject: "tweaking"
Board members: What are you people thinking of? Do you pay any attention at all to the e mails and contacts from retired teachers (Personally I have had virtually no responses from you!) Do you ever hear us or listen to our suggestions or concerns? Are you taking any of your fiduciary responsibilities seriously? Will it always be a continuation of the status quo?
According to Tuesday's Columbus Dispatch (Dec. 9): "One board member of the retirement system, retired Chillicothe schools Superintendent Dennis Leone, wants to scrap the bonuses in years when the fund loses money. But others defend the bonuses as the best way to encourage good performance. . . . Leone suggested suspending the payments beginning Jan. 1, but the idea found no support among fellow board members."
I observe your behavior at your monthly board meetings, but still I cannot believe it! You continue to ignore Dr. Leone's suggestions and leadership; instead you disregard his solutions and occasionally even ridicule him! And he is the only STRS board member genuinely concerned about retirees!
Dr. Leone's suggestions at your Monday sub-committee meeting which met to "tweak" the performance benefit incentive program received virtually no support from other board or committee members in attendance. That is shameful!
Why are you listening to suggestions from the investment department? Well, hello, why would they suggest eliminating or reducing their own bonuses?
As I have written before, you, the board, initiated the pbi policy. You, the board, can abolish it. Consider it!
Donna Seaman, 2002 retiree
(These opinions are my own and do not reflect those of any organization.)
Larry KehresMount Union Collge
Division III
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