STRS --- THE TABLE

From Mario Iacone, June 10, 2009

PART ONE

STRS has often stated in recent weeks that EVERYTHING IS ON THE TABLE!

NOT EVERYTHING!

WHAT IS MISSING?

Cost Reductions of STRS Operating Expenses

Substantial Cost Reductions in STRS Operating Expenses and more efficient utilization of STRS resources should be implemented before any changes are made to the current Retiree Benefit Plan. There are many areas which can be addressed to do so.

What has occurred in the Private Sector for the last seven or eight months?

• Staff Cuts
• Salary Cuts
• Benefits Cuts
• Bonus Cuts

What has occurred at STRS in the last seven or eight months?

• Salary Freeze

STRS often refers to WALL STREET “BENCHMARKS.” It is certain they are aware that One Significant Private Sector “Benchmark” of recent months has included: staff cuts, salary cuts, benefits cuts, elimination of bonuses, and more efficient utilization of resources.

Please ask your legislators to put significant reductions in STRS OPERATING EXPENSES ON THE TABLE along with the proposed benefit cuts to STRS members.

Future posts will suggest specific areas that can be addressed within STRS. It will take some time to research those areas to make valid suggestions.