Thank you, Jim Stoll, for turning over some MORE rocks at our beloved pension system!

"In my opinion, to give any employee a “RAISE” of approximately 15% which calculates to an salary increase of $39,500 for at least two of these associates, when our NET ASSETS have declined by almost 30 BILLION in the last 18 months is in no way a prudent expenditure of our funds."

From Jim Stoll, February 17, 2009
Subject: 2009 STRS INVESTMENT ASSOCIATE Salary Increases
Dear Kathie,

As an “Active” Teacher who is certified to be on the STRS Retirement Board Election Ballot in April, I wanted to share some more information with you and all STRS members. While the STRS Board voted to suspend the outrageous PBI bonus plan, something even more disturbing may have occurred. It seems to me if one looks at the 2009 Salary Increases of the 83 “Investment Associates” that the Executive Director and I assume the Board if they have already approved the 2009 Salary increases may be trying to make up for the bonuses by giving them huge increases in salary.

In my opinion, to give any employee a “RAISE” of approximately 15% which calculates to an salary increase of $39,500 for at least two of these associates, when our NET ASSETS have declined by almost 30 BILLION in the last 18 months is in no way a prudent expenditure of our funds.

For your reference please note these two examples: (Both of which were confirmed by the STRS Office)

Did You know that the Two STRS Asst. Dir. Investments both received a SALARY INCREASE of $39,500 this year.
[Click image to enlarge]

Unfortunately for STRS members paying into the system there are 81 other investment associate examples, similar to the above, which have yet to be listed here. I’m working on a spreadsheet to share all the information with you.

I really don’t know how STRS can justify these salaries and increases at a in economic times like these.

Respectfully Submitted,
James A. Stoll

Jim Stoll is a teacher and coach in the Sycamore school district in Cincinnati. He is currently a candidate for the soon-to-be-vacant active seat position on the STRS Board.