Donna and Dean Seaman: Who on this board is going to stand up for retirees?

From Donna and Dean Seaman, December 9, 2009
Subject: board meeting

STRS Board members and Mr. Nehf:

Recently Mr. Nehf sent out a statement to STRS retirees about the potential "sustainability" of the STRS pension system. In this statement Mr. Nehf states, and I quote, "The STRS Ohio Defined Benefit Plan is sustainable with reasonable, measured changes for the future."

Mr. Nehf's statement continued to explain how STRS and the STRS board has proposed several changes to the Ohio Retirement Study Council, now to be sent on to the state legislature for approval and or modification.

Mr. Nehf's statement does NOT include any indication of making internal STRS operational changes, many of which I and other retirees have been suggesting to you for a very long time. Internal changes are just as important for STRS to maintain its sustainability as are all the numerous changes you have handed out to retirees in recent months and years (elimination of the 13th check, changes and drastic cuts in health insurance, increased costs of premiums and co pays, particularly for non-STRS spouses, proposed reduction of COLA, to name a few).

Retirees are still waiting to see reduction in the STRS building staff, reduction in their health insurance benefits which would reflect and match the changes in our coverage, the possibility of reducing the size of used office space and renting out space to other businesses in this palatial office building.

I remind you once more that you are legally and ethically bound by Ohio Revised Code to be responsible overseers of STRS funds. Your smartest and brightest investment staff, who will be rewarded with $3 million plus in totally undeserved bonuses, even though the performance based incentives are deferred, have let retirees and the fund down by an unbelievable loss of $42 billion dollars in fund value earlier this fiscal year.

You know that while the best and brightest may not have done anything illegal, they have lost ground in the court of public opinion and have lost credibility and respect from many of us retirees. In my judgment, they are no better than Bernie Madoff, move over Bernie, there is room for others from STRS to join you!
Mr. Nehf and board members, it is absolutely essential that you implement internal cost reductions in addition to the many you have inflicted upon STRS retirees to main sustainability of this public pension fund.

Who on this board is going to stand up for retirees?

Donna Seaman, 2002 retiree
Dean Seaman, 1986 retiree
(These are our own views and do not represent those of any organization.)