Allen County RTA President writes State Treasurer for Leone appointment

From George Doyle, July 20, 2009
The Honorable Kevin Boyce
Treasurer, State of Ohio

Dear Treasurer Boyce:

As President of the Allen County Retired Teachers Association, it has come to my attention that your appointment to the State Teachers Retirement Board is still vacant and has been for some time now. I would like to urge you to make that appointment as soon as possible. Dr. Dennis Leone is currently a Board member and his term will be up next month. He has faithfully served the interests at great personal sacrifice during his term of office. He has constantly reminded the Board of their fiduciary responsibility under the ORC, but to no avail. It would be a tremendous help to the retirees if you would appoint Dr. Leone to fill the vacancy on the Board. He will continue to be vigilant in his duties and you will not be embarrassed or disappointed by allowing him to serve as your appointee. He is very familiar with budgeting, finances, and has done a great deal of research in the field of investing.

Some of the current members of the Board have no investment knowledge at all. As a result, the Board is relying on the advice of outside investors and we have lost 33.2 billion dollars and they are paying outrageous bonuses to these analysts, even though they have six figure salaries to begin with. We retirees cannot bear any more cuts. The Board is considering taking away our 3% COLA, without which many of our members will not be able to survive. Thank you for taking this matter into consideration. I look forward to hearing about your appointment in the near future.

George Doyle, President
Allen County Retired Teachers Association