Will Tim Myers attend the June 9 meeting in Lima at Apollo Career Center?

From Dennis Leone, May 24, 2009

Folks……it is this simple: Tim Myers knows that certain people in attendance on the 9th (Leone and Stoll in particular) will hold his feet to the fire and ask him to explain his public actions and public statements – such as:

1. Why, Tim, did you tell the Elida teachers in writing that their pensions were secure?

2. Why, Tim, did you put in a NW-OEA newsletter that reducing bonuses aversely impacts the BASE SALARIES of investment staff?

3. Why, Tim, didn’t you want stop the FY 2009 bonuses in September after the backlash of paying $6 million in FY 2008 bonuses (which you voted for, Tim) and after STRS lost $12 billion in assets in the preceding 10 months?

4. Why, Tim, did you vote no on the original motions to: (A) Suspend the bonuses; and (B) Establish a $65 billion threshold for assets in order to trigger maximum bonus potential in the future?

5. Why, Tim, after you voted no in January to suspend the bonuses, did you say publicly (and were quoted in the Columbus Dispatch) that the STRS Board was “breaking a promise” by suspending the bonuses? Why did you say this, Tim, when all investment staff received a letters in July of 2008 that the said the bonus plan could be modified or terminated by the board at any time for any reason?

6. Why, Tim, did you allow Leone’s motion on May 15, 2009 (to NOT pay the 7/12ths bonuses for FY 2009) die without a second?

7. Why, Tim, did you recently write to a supt and say that the board might lose 10 times the cost of the 7/12ths bonuses in litigation if the bonuses were NOT paid? Wouldn’t possible litigation be a non-issue, Tim, had you and your fellow board members stopped the bonuses last fall, when you could have?

There is much more………..it’s really not hard to see why Tim Myers might avoid a meeting where he could be asked these questions.

Dennis Leone