Barbara Armitage to Mike Nehf and STRS Board: Time for the PBIs to go

From Barbara Armitage, September 15, 2009
Subject: PBI's

To Mr. Nehf and all Board members:

It is time for you to eliminate performance-based incentives for STRS investment personnel. Your fiduciary responsibility is to us, the retirees. We are the stakeholders, and we are the ones who have lost money due to the performance of your investments. STRS ranks last or near last in performance for the last three years. That is not something to reward.

Retirees cannot afford to pay bonuses. We can barely pay our bills. We cannot afford to lose our COLA, or even part of it. Perhaps you and the investment staff should try living on the salary of a retired Ohio educator, and then make decisions based on that experience.

It is sad that we cannot trust those who have the legal responsibility and control over our retirement funds. Please show us that you are working for us by eliminating bonuses, retaining our COLA, and finding the best and most affordable health care options for us. We are able to budget responsibly, and we ask you to do the same.

Sincerely,
Barbara Armitage
Worthington teacher, retired since 2007