Tuesday, September 08, 2009

Jim Stoll to Aristotle Hutras: STRS Recommendations to ORSC and Compensation/Bonuses of their Investment Staff (Part 1)

[Note: Due to the length and complexity of this post for blogging, it will be posted as 10 separate posts instead of one, with Jim Stoll's letter as Part 1. Click images to enlarge. KBB]
From Jim Stoll, September 8, 2009
Subject: STRS Recommendations to ORSC and Compensation/Bonuses of their Investment Staff
Ann, Please forward to all ORSC Members.
Thanks - Jim Stoll
To: Aristotle Hutras - Director - Ohio Retirement Study Council ORSC Voting Members
From: James A. Stoll - Director of Athletics Sycamore High School and STRS Member for Twenty four years.
Re: Outrageous STRS Compensation of Investment Associates - Base Salary and Incentives
Dear ORSC Members:
On September 9, 2009 you will be discussing the "life altering" changes which affect tens of thousands of teachers in Ohio who have invested their life savings into the STRS retirement plan.
While you discuss, debate, and I assume ultimately vote upon these changes, please keep in mind that on September 15 and 16 the STRS Board will be voting to approve the attached "Outrageous" Bonuses for an investment staff that was responsible for overseeing the LOSS of 24 Billion dollars in the past year which caused the changes which you are now forced to review.
I would hope that the ORSC would make some statement denouncing these bonuses.
As you can see by the attachments, it seems to me, that these bonuses are a clear "Breach of Fiduciary Duty" on the part of the STRS Board, if they do indeed, approve these bonuses. I, along with thousands of other STRS members will certainly be watching your actions and contemplating our next steps to hold the STRS Board accountable for their actions.
Best wishes in your deliberations of a "mess" which has been dumped in your lap by a group (STRS) who continuously disregards the well being of their constituents. For their employees to profit, at a time when the very people whose pensions they are entrusted to protect, has seen astronomical losses and changes to their pension benefits, is beyond comprehension and in my opinion, criminal.
James A. Stoll
7400 Cornell Rd.
Cincinnati, Ohio 45242
2009 STRS Salaries and Bonuses are Attached - Please see Attachment [see posts below].
For 2008 STRS Base Salaries and Bonuses - see below.
Larry KehresMount Union Collge
Division III
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