Linda Meinelt's interpretion of STRS Board rationale: 'We value our employees more than our stakeholders'

From Linda Meinelt, September 20, 2009
Subject: Decision to pay bonuses

Thank you Mr. Brooks and Mr. McGreevy for exhibiting common sense in voting "no" on the motion to pay bonuses to the Investment staff. Mr. Nehf and those Board members who voted in favor of the motion obviously do not believe in carrying out their fiduciary responsibility to the STRS stakeholders. Considering the state of the economy, the groundswell of the nation is against the payment of bonuses. By voting for them, you chose to place the value of the Investment staff over the security of the STRS pension fund. You are giving our money (yes, it is our money, not yours) away with total disregard for the retirees and future retirees who face COLA cuts, high health premiums and increased contributions.

What is your rationale for paying the bonuses? Surely you aren't still playing the fiddle that the staff will leave for greener pastures. STRS is the GREENEST PASTURE -- they aren't going anywhere! It is plainly stated in Board policy that you can suspend or terminate the bonuses at any time. The Investment Staff understood that when they were hired; so, they have no leg to stand on for a lawsuit. So, I ask again, what is your rationale? From where I stand, it is a statement of "we value our employees more than our stakeholders."

Linda Meinelt
Retiree