Donna and Dean Seaman: Letter to STRS Board

From Donna and Dean Seaman, January 13, 2010
Subject: Board meeting

STRS Board and Mr. Nehf: We must assume you've read all the many articles in the eight big city Ohio newspapers about Ohio's public pension systems. The main point of all those articles was that the public pension systems are a taxpayer burden to Ohio's taxpayers, so much so that in the case of STRS, additional contributions will be asked for from school boards in the future, more taxpayer money, to enable STRS to remain solvent.
With all this notoriety, you, the STRS board, MUST be aware that you are being scrutinized by not only STRS retirees but Ohio's public as well. We are watching your every move!
We are also watching and waiting to see the operating reductions you have long promised! As I write this, President Obama is meeting with officials from four major banks to "scold" them for continuing to pay out enormous bonuses in the face of horrendous losses. Yet the STRS board and Mr. Nehf continue to defend and justify bonuses for the investment staff (though trying to make it more palatable by "deferring" payment). I must again remind you: The STRS investment staff are not Wall Street caliber and do not deserve bonuses!
These are the investment people who have lost the STRS portfolio over $42 billion dollars while excusing the losses as "market driven."
This STRS board must begin to turn things around!
Donna Seaman, 2002 retiree
Dean Seaman, 1986 retiree