Lois Razzano to Mike Nehf and STRS Board: Remember who you are supposed to be working for

From Lois Razzano, May 2, 2009
Subject: bo•nus

bo·nus
Pronunciation: \'bo-n?s\
Function: noun
Etymology: Latin, literally, good — more at bounty
Date: 1773 : something in addition to what is expected or strictly due

What are you thinking…that’s it…you are only thinking about lining your own pockets…NOT about doing the job that all the STRS contributors voted you in to do. Years ago I had total confidence in STRS and the people working to keep our retirement system in good standing. Unfortunately, STRS has taken a total U-turn. I’m really tired of the cover-ups or omissions to the membership concerning some of the illegal actions taken by people we put our confidence in.

How in the world can you justify obscene pay raises and bonuses when STRS assets lost $33 billion dollars? What about $39,500 raises being given to two investment associates in 2009…most teachers don’t earn that much for years. If the vote was to suspend the bonus plan in February, why would those same bonuses be paid in September…should I include the definition of suspend? I think eliminate would be a much more intelligent term. How many “financial advisers” have been let go? With the loss of so many assets, a reduction in staff would be totally justified…not rewarding them for failure to secure our assets.

It is time to get back on track and get back to work for the people who have entrusted their money to STRS. One step in the right direction would be to eliminate the 7/12 bonuses. Another would be to give modest bonuses for a job well done, not huge bonuses for poor performance. Remember who you are supposed to be working for…all those who have dedicated their lives to educating the children of Ohio, many being underpaid for the time and resources they put back into their job…and the closest thing we get to a bonus is a personal day 1-3 times a year.

Lois Razzano