Larry Morrison to State Representative: Please support HB 177

From Larry I. Morrison, May 13, 2009
Subject: HB 177

Dear State Representative,

I am a retired educator from Sylvania and I am writing to ask you to actively support HB 177.

As a retired teacher and administrator I am appalled by the recent actions of the Board of Directors of STRS. We all know times have been very tough over the last several months and a downturn in the financial gains from investments has affected us all. However, I cannot even comprehend how a Board of Directors who is supposed to be watching out for the welfare of the people they serve could possibly give out huge bonuses to their investment counselors at a time like this.

If some action is not taken to stop such proceedings, the STRS Board is ready to give bonuses of roughly 3.4 million dollars to their investment counselors on or before September of 2009. This is highly unacceptable to every retiree that I have talked to.

We need your help to regain and maintain a sensible approach to the operation of STRS. I spent 31 years as a teacher and administrator in the public schools in Northwest Ohio and feel that those years of service should provide me with a retirement income that is commensurate with that type of service. If the STRS continues in it's current mode that possibility is seriously in danger.

If you would like to contact me please feel free to do so. Thank you, in advance, for your attention to this request.

Larry l. Morrison