Donna and Dean Seaman to STRS Board: Thank you!

From: Donna Seaman, January 18, 2009
Subject: THANKS!

Dear STRS board members: A big thank you to the six of you who voted to suspend bonus incentives for investment staff. Thank you for having the courage and the wisdom to do the right thing! I have been writing to you, and have been attending most of the board meetings, and I understand how difficult it must have been to reach that decision. But it was the right decision for you to make, at the right time!

Ms. Hayden, thanks for seconding Dr. Leone's motion. Ms. Burch, even though you haven't been on the STRS for very long, thanks for taking a stand on this issue. Mr. Brooks, Mr. Puckett, and Mr. Chapman, thanks to all of you for supporting this motion. And Dr. Leone, thanks for persevering and not giving up on this effort, which was unpopular at first, but needed to be done by the STRS board.

Board members Mr. Myers, Ms. Cervantes, and Mr. Meuser, you continue to disappoint us. You reflect the old point of view espoused by Herb Dyer, this is STRS's money to spend as you see fit, not retirees' money! you are completely wrong not to support that motion. Ms. Ramser, your ambivalence is sad! Abstaining is simply not taking a stand on this important issue.

Board members, you must know that we are not going to go away with this issue resolved for now. There are still many issues for you to deal with:
...1. The 13th check should be reinstated for retirees!
...2. The performance based incentives/bonuses should be reinstated for investment staff only after the total fund has recovered to its early 2008 level.
...3. The STRS staff must be reduced to reflect the dramatic losses in the fund's value. The fund is down 30 to 40 per cent. The staff should be reduced by that amount.

Thank you once again for making this important change. You've given us so much more confidence in your decision-making!

Donna Seaman, 2002 retiree

Dean Seaman, 1986 retiree