STRS Fund Losses: Dennis Leone Did Not Need A Crystal Ball
From Mario Iacone, May 26, 2009
MARCH, 2007
Dennis Leone Urges STRS Board to Prepare for Significant Stock Market Downturn
The following excerpt is taken from.
Ohio Retired Teachers Association (ORTA)
QUARTERLY REPORT*
By Dennis Leone,
STRS Retiree Board Member
March, 2007
Dr. Leone did not have a crystal ball where he could see the Crash of 2008.
Dr. Leone was just acting prudently and with due diligence for STRS members.
Among a number of items Dennis reported and discussed in his quarterly report was,
………………..Finally, I have an obligation to share with retirees why I disagree with published projections by STRS that our current 47-year unfunded liability is projected to hit the desired 30 years by 2009. Note the charts below:……………………….
………………………….My point is simply this: Absent a continuation of the great investment returns, we will not offset the realities (if they continue) of the other three areas shown above. I am hopeful my fellow board members will be agreeable to approving a contingency plan to minimize the negative impact of a significant stock market downturn………………………
It is in the best interests of STRS members, active and retired, to become involved and campaign to have STRS set up a future investment plan that avoids, reduces, or at least minimizes serious losses.
Not doing so may result in some STRS member writing an article similar to this one in 2011.
Thank You.
Mario
posted by Kathie Bracy at 9:40 PM
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