Mario Iacone to STRS Board: Vote no on bonuses

From Mario Iacone, September 15, 2009

Dear Board Member:

I would ask you to vote NO regarding the Bonus Issue.

I am certain you have heard many hot button comments regarding PBI. I would ask that you overlook and set aside all the rhetoric and agitation and respond with FAIRNESS and GOOD JUDGEMENT.

FAIRNESS

All STRS members, active and retired, are going to suffer significant to substantial reductions in benefits.

Regardless of who or what is at fault, those reductions are due mainly to INVESTMENT LOSSES.

Please be fair and do not pay bonuses for Investment Performance, not only because Investment Losses have caused the major part of this situation, but also because it would be UNFAIR for staff to get bonuses when the entire membership is going to suffer cutbacks in pension benefits.

GOOD JUDGEMENT

Granting Bonuses will alienate and outrage the entire STRS membership, retired and active. Creating such a hostile environment cannot be beneficial to the future of STRS.

Furthermore, such outrage will spill over into the Legislative Arena and make it that much harder for the legislators to draft effective legislation to resolve this Investment Caused Crisis.

Thank You for your consideration

Mario Iacone

Retiree