Linda Meinelt to Governor Strickland: Stop the bonuses!

From Linda Meinelt, April 7, 2009

Governor Strickland As an STRS retiree, I write to you expressing my concern about the continuing practice of awarding bonuses to the Investment Staff at STRS. The fund has lost over 30 billion dollars on its investments and yet huge bonuses were awarded to the Investment staff. For the first 9 months of the current fiscal year, returns are -29.7%. This merits a bonus? I THINK NOT! I urge you to intervene to stop the payment of these bonuses, not just suspend them. STRS Bd. Policy and statutes give the Board the ability to TERMINATE the programs at any time. Pressure from you on Mr. Nehf and the Bd. can make this happen. If the STRS investment staff had their pensions through STRS rather than OPERS, I feel confident they would be far more cautious in their investments and concern for the security of the STRS fund. Several other states have mandated the elimination of bonuses from their pension fund, and I urge you to do the same.

Thank you,
Linda Meinelt
STRS Retiree - Worthington