Molly Janczyk's response to Mario Iacone

From Molly Janczyk, October 30, 2009
Subject: Re: Dennis leone's opinion

Dennis and John Lazares have feared ability to pay benefits and poor investments for a long time. For ex., they warned of Fannie Mae and Freddie Mac downturns and were dismissed by the 'experts.' Now, ability to pay benefits is at infinity and yet both wanted these issues (along with many of us) addressed years back. STRS stays stuck on its customary plan within their comfort zone. They are like the legislators who only act with in crisis mode vs. planning ahead. Now, STRS has made 'slight' changes in a commanding challenging time. Strong recommendations suggest removing the 88% SOONER, upping age for retirement SOONER and making the changes for new retirees SOONER vs. 2015 to get a start on reducing the liability and increasing ability to pay closer to 30 yrs.

Once again RETIREES are reduced in 2011 not 2015! Retirees had NO WARNING AND HAD TO BEAR CATASTROPHIC changes virtually overnight. One can hope the ORSC demands quicker implementation as who knows what kind of market the next years will bring.

But, remember who we have on the board: OEA board members, Puckett who votes with them and others among them who are influenced by OEA and STRS attorneys and staff who have not changed their tactics or verbiage saying the same stuff to bring board members under their line of thinking.

The 'dissenters' are gone and the majority of Board members follow STRS, OEA protocol. Even if one stands up, no hope of going against the once again majority in place. Of course, that would matter not to Leone or Lazares who always voted for retirees no matter what always asking : "How does this impact retirees?"