Tom Curtis to ORSC: Changes needed at STRS

From Tom Curtis, October 16, 2009
Subject: 101509 STRS Change In Management & Reduction In Force

Dear ORSC Member,

Members of the ORSC need to be reminded that the STRS management, largely responsible for the losses suffered by the system, has made few if any, real reductions in expenditures and staff.

Many stakeholders of the STRS have presented various scenarios that would have reduced both the risk and unfunded liability for the system, only to be ignored.

The STRS has lost in excess of $42 billion dollars this decade. This is greater then all of the other four pension systems combined. The STRS has a larger staff then any of the other four. The STRS board has paid bonuses to investment staff totaling far more then all of the other four. This is ridiculous and must be stopped!

It is my hope as a stakeholder of the STRS, that the ORSC will also find reason to mandate changes in management and staffing within the STRS. If this were not done, how would you expect any change to be forthcoming?

The shortfalls being considered should not all come from the backs of the stakeholders!

Performance is paramount at this point, both yours and theirs.

Sincerely, Thomas Curtis
North Canton, OH

P.S. I have been actively involved in the attempted reform of the STRS since 2003. I would be more then willing to talk with each and/or everyone of you concerning the many issues that have caused this collapse in value of the retirement system to which I belong.