Mario Iacone to STRS Board: Vote NO on bonuses

From Mario Iacone, September 17, 2009

Dear Board Member

Please VOTE NO tomorrow for any form of a BONUS payment.

Bear in mind that over the last ten years the Investment Staff has received generous bonuses.

Also, note that the bonuses were received for INVESTMENT GAINS WHICH HAVE NOT BEEN SUSTAINED. Whatever was gained was lost again.

Further note that according to ORSC review, the AVERAGE RETURN for the last 10 years has been 3.5%.

DELAYED BONUSES are merely a way of setting up a future Savings Account for Investment Staff for performance that does not deserve such.

STRS members will not receive such a future Savings Account.

Thank You for your consideration.

Mario Iacone

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