STRS INVESTMENT ASSOCIATES RECEIVE OUTRAGEOUS BASE SALARY INCREASES IN 2009 DESPITE PENSION FUND LOSING OVER 30 BILLION DOLLARS.

From Jim Stoll, March 7, 2009

Please see the chart below which reflects BASE Salary increases for almost all STRS investment Staff associates from 2008 - 2009. In some cases the Base salary of associates was increased by as much as 14.6% or a total of $39,500. (Yes, that was the person's RAISE from one year to another.) In this particular case which occurred twice - two Asst. Dir. of Investments both received RAISES of $39,500 despite having made a salary of $270,000 in the previous year. They now make $309,500 PER YEAR and the investments which they are overseeing have lost over 30 Billion in Value.

Having shared this information with hundreds of teachers throughout the State I have yet to find one who isn't appalled by the arrogance and entitlement of the folks setting and approving these salary increases. ACTIVE TEACHERS need to know that 10% of each and every paycheck of their hard earned dollars go to pay these outrageous increases. Is there a School "Board" anywhere in Ohio that would approve an increase of 14.6% for their employees? I think not, But your STRS Board approved these increases upon the recommendation of the Executive Director.....one can only ask what is going on up there. Even more disturbing is that 82 Investment associates received RAISES. Yes, at the February meeting the BOARD implemented a salary freeze....... with a 14.6% salary increase already "in hand" for some - it appears to me to simply be a token gesture - In my opinion there should be CUTS and it should begin at the top!!

In this chart (which has been confirmed as accurate by STRS) you will find the following astounding figures.

33 Investment assoc. received RAISES between $39,500 - $10,000
27 Investment assoc. received RAISES between $9999 - $5000
31 Investment assoc. received RAISES between $4999 - $0

[For technical reasons, the chart which should be positioned here has been placed in a separate post immediately below this one. Click each part to enlarge. KBB]

Exec. Dir. Mike Nehf and apparently the Board (who approved these increases at Mr. Nehf's recommendation) want to pay these associates so their pay is in the 25th percentile of the private sector...(Even though we are a Public Entity) ...My response would be that If someone was paid a premium in the private sector and the end result of their performance was that the company lost 30 Billion dollars - "WOULD THEY STILL HAVE A JOB" ? I'd think not..... SOMETHING HAS TO CHANGE AT STRS.

James A. Stoll
Candidate for the STRS Board
Sycamore Community Schools
7400 Cornell Rd.
Cincinnati, Ohio 45242
stollj@sycamoreschools.org