Toledo on the move re: STRS....we, at CORE, and Dr. Leone said this months ago but....few listened! Now, maybe they'll believe it!!!

From John Curry, March 31, 2009

The media just didn't pick up on this matter in a timely manner, did they?

John

Ohio teacher retirement fund losing billions

Toledo On the Move.com
By Tim Livingston
Tuesday, March 31, 2009

COLUMBUS, OH -- The recession is hitting Ohio's current and former teachers hard. NBC 24 has learned that the State Teachers Retirement Systems of Ohio is losing billions in its investments and in its health care fund.

As of Feb. 28, 2009, STRS Ohio's investment assets stood at $46.4 billion. That's a drop of more than $24 billion - and 32.1 percent - from where it was on June 30, 2008, when assets totaled $70.4 billion. According to the most recent STRS Ohio newsletter, this leaves "a shortfall in the funding of benefits."

The teacher health care fund is also being depleted. As of Jan. 1, 2009, it stood at $2.69 billion, a $1.34 billion drop from the previous year. Additionally, STRS says the projected life of its Ohio Health Care Program has been shortened from 13 years to nine years. It is now projected to last until 2018.

According to the STRS Ohio newsletter, the Retirement Board has already begun "long term contingency planning" to deal with the problem.