Mario Iacone to STRS board: Fairness Part Two

From Mario Iacone, August 26, 2009

Dear Board Member,

FAIRNESS – PART TWO

Please consider fairness to all retirees in the proposals to be submitted to ORSC.

Fairness to older retirees

Fairness to recent retirees

Fairness to future retirees

INVESTMENT LOSSES OF 2002 HAVE RESULTED IN

OLDER and RECENT RETIREES having their pensions significantly eroded by increased Health Care costs and removal of the spousal subsidy.

Please do not allow INVESTMENT LOSSES of 2008 to further reduce pensions by reducing COLA.

Please observe that the Funding Period problem is not a result of STRS benefits, but the result of an Investment Philosophy that puts at risk the pensions of all retirees, current and future.

Click image to enlarge.

Thank You,

Mario Iacone

Retiree