Mario Iacone to Mike Nehf: Delayed bonuses will not appease STRS members, legislators or taxpayers

From Mario Iacone, September 17, 2009

Mr. Nehf,

Would you please clarify the rationale for the delayed bonuses?

Two figures are used! 60 Billion. 65 Billion.

I could understand paying the bonuses at those figures if those numbers represented benchmarks at which pension benefits would be restored to retired and active STRS members.

WILL ANY PENSION BENEFITS BE RESTORED AT 60 BILLION?

WILL ANY PENSION BENEFITS BE RESTORED AT 65 BILLION?

If not, please explain what is the difference if they are paid later as opposed to now?

Delayed bonus payments WILL NOT APPEASE STRS members, legislators that will have to confront the issue, and Ohio taxpayers, part of whose money is being used to pay those bonuses via contribution to employee retirements.

Respectfully,

Mario Iacone

Retiree