Rich DeColibus challenges STRS Board to poll the membership re: the PBI program
From Rich DeColibus, September 21, 2009
Subject: A Challenge
Dear Board Members,
Well, you just had a highly controversial vote on the PBI program. I, and a lot of other activists, believe you have made a huge loss-of-confidence and financial error in continuing a program destined for the dustbin of history, for the simple reason it now fails any reasonable test of rationality (and, for STRS, probably always did). Y'all believe you're acting in the best behalf of us doddering old fools, despite our stubborn refusal to acknowledge your superior wisdom.
But, it's our money, not yours. You're only supposed to be the fund administrators, charged with preservation of capital; you are not supposed to be the Royal Court of France, totally unresponsive and totally uninterested in the hoi polloi. If we activists are a small, insignificant group of whiners, why don't you find out? It's as simple as it can be. You poll the membership (active and retired) to see what EVERYBODY thinks of your PBI program. Then, you'll know for sure if we're just a tiny group of malcontents, or whether y'all are so far out of touch with the majority of contributors you should resign in shame. And, make it a real referendum; opposing views presented equally for all to see.
Don't want to spend a million for a real vote? Excuse me. You just threw away three million on an investment incentive program whose major outcome is to encourage investment counselors to take excessive risks with our money to maximize their performance bonuses. One does not whimsically conduct referendums; they should be reserved for very important issues. But, if there is one supremely controversial program STRS runs, it is surely the PBI. If you do not know what the majority of your members think about it, and you don't care to know because you are so much wiser than the rest of us, then you don't have to do a thing. If you're serious about representing the STRS membership, then make an effort to find out what the people you are supposed to represent think about what you propose. If, GASP!, our current FINANCIAL CRISIS just COULDN'T allow STRS to SQUANDER funds for a referendum vote, tell you what, just wait until the next STRS election and include it in the ballot envelope. I'm willing to bet the furor the PBI program creates will be even more controversial by then.
Rich DeColibus
[Former president, Cleveland Teachers Union]
Subject: A Challenge
Dear Board Members,
Well, you just had a highly controversial vote on the PBI program. I, and a lot of other activists, believe you have made a huge loss-of-confidence and financial error in continuing a program destined for the dustbin of history, for the simple reason it now fails any reasonable test of rationality (and, for STRS, probably always did). Y'all believe you're acting in the best behalf of us doddering old fools, despite our stubborn refusal to acknowledge your superior wisdom.
But, it's our money, not yours. You're only supposed to be the fund administrators, charged with preservation of capital; you are not supposed to be the Royal Court of France, totally unresponsive and totally uninterested in the hoi polloi. If we activists are a small, insignificant group of whiners, why don't you find out? It's as simple as it can be. You poll the membership (active and retired) to see what EVERYBODY thinks of your PBI program. Then, you'll know for sure if we're just a tiny group of malcontents, or whether y'all are so far out of touch with the majority of contributors you should resign in shame. And, make it a real referendum; opposing views presented equally for all to see.
Don't want to spend a million for a real vote? Excuse me. You just threw away three million on an investment incentive program whose major outcome is to encourage investment counselors to take excessive risks with our money to maximize their performance bonuses. One does not whimsically conduct referendums; they should be reserved for very important issues. But, if there is one supremely controversial program STRS runs, it is surely the PBI. If you do not know what the majority of your members think about it, and you don't care to know because you are so much wiser than the rest of us, then you don't have to do a thing. If you're serious about representing the STRS membership, then make an effort to find out what the people you are supposed to represent think about what you propose. If, GASP!, our current FINANCIAL CRISIS just COULDN'T allow STRS to SQUANDER funds for a referendum vote, tell you what, just wait until the next STRS election and include it in the ballot envelope. I'm willing to bet the furor the PBI program creates will be even more controversial by then.
Rich DeColibus
[Former president, Cleveland Teachers Union]
posted by Kathie Bracy at 11:24 AM
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