Donna Seaman to STRS Board: Wake up!

From Donna Seaman, February 18, 2009
Subject: Pay increases

STRS Board: Now we learn that two of the investment directors have been given 14.6% pay increases! Wake up, STRS board! We are in a catastrophic national economic crisis! The STRS board investment portfolio has decreased at least 40% in value! Do you pay attention to what is going on? Will the sweetly worded STRS newsletter to members report those pay increases and gloss over the huge losses taken by STRS assets? Will you and your OEA "partners" report to working teachers that you continue to grant raises to STRS staff while teachers locally and nationally are willingly taking cuts? How did these people qualify for a 14.6% pay increase when retirees still have not had their 13th check reinstated? Will you be granting a 14.6% increase to retirees, too? As I have emphasized to and urged you before, this is the time you, the STRS board, must:

• Cut staff
• Cut operating expenses
• Freeze STRS employee salaries
• Remove performance based incentives/bonuses

When can we, your constituents, expect you to start making sane, thoughtful wise decisions? I was so hopeful after January's board meeting when six of you showed the wisdom and courage to remove the PBI program for investment staff. Now is this 14.6% pay increase for at least two of them (are there others as well that we haven't yet found out about?) a justification to keep the "best and brightest" as you always tell us? Where are the staff decreases and pay freezes that are overdue?

It is past time for you to admonish Mr. Nehf for his inappropriate action in granting "black Friday" off for STRS staff, against board policy and contract language.

When can retirees expect some of you to begin taking your board fiduciary duties seriously and thoughtfully? When I attend board meetings (and when I can't, I carefully read all minutes and reports), I observe only business as usual!

Thank you.
Donna Seaman, 2002 retiree