John Curry and John Bos re: Who gets hit (hint: it's not the investment department)

From John Curry, March 14, 2009
Subject: Re: Investment Balance Feb.28th

John...I hear you. It seems as though every time the HCSF gets into trouble the retirees (AND THE RETIREES ONLY) take the hit. The STRS associates should equally take the "hit" this time and so should the active educators. They and the associates are more able to take the "hit" than are the retirees. I don't want to drive a wedge between retirees and actives but.....that is what STRS is doing by just cutting retirees.

John

From John Bos, March 14, 2009
Subject: Re: Investment Balance Feb.28th

Thank you for the information Dennis. We all are also at fault for EVER expecting an 8% return. Warren Buffett talked about these unrealistic numbers this past week. Houston, we have a BIG PROBLEM. It starts with some of the board members that remain in "cruise control". We then have a problem with senior STRS staff members that are not realistic regarding the entire "retiree" situation. They are also not realistic regarding the STRS staff. Let me give you an example. They want to be compared to Wall Street when we talk about pay, but want to be compared to teachers when it comes to their medical coverage. Teachers have better medical than Wall Street.

I am most concerned about my future medical coverage. Who will hire me at 73 and what type of job am I able to perform? Greeting at Wal-Mart.

John Bos