Jim Conard to STRS Board: Do you have it planned out that you will retire under the 35 years and 88% deal?

From Jim Conard, January 6, 2010
Subject: Common Sense??

STRS Board Members,

Some of the decisions that you made recently and have turned into the ORSC concerning the solvency of the STRS retirement fund were lacking in common sense. You have said if the staff took no money at all, it couldn't solve the requirement that there would be enough funds to cover pension obligations for 30 years. Any idiot would know that!

What you fail to address, however, is the amount of money that could help the situation. That would be, if there were changes made in the ranks of the employment staff, also, in the area of benefits, salaries and bonuses. One example is.....eighty-one investors average $150,000 annually, plus they average $70,000 in bonuses. Figuring the amount for just the investors alone totals $17,800,000. I wonder how many retired teacher pensions that would pay? Why has there been no discussion given to changes in the employment staff and STRS director to aid in the solvency issue?

Another example.....why are there thousands of dollars spent each year on service awards? Ask teachers about any monetary service award gifts that they have received throughout their careers. I'm afraid they would be laughing at that one. Common sense? Where is it? Why do you think thousands of people around the state are giving accolades and gifts to Dr. Leone for his contribution to the retired teachers? Do you think you will receive a gift when you are voted out of office for a job well done?

When those of you that are active board members retire, will you retire under STRS? Do you have it planned out that you will retire under the 35 years and 88% deal? Is that why the date to end that plan is in 2015, so it gives you enough time for your planned retirement?

That plan should be ended now! As we have heard time and time again that it was not a good plan in the beginning and was only put in place to help a certain group of people. It is not too late for the portion of the retirement fund that is poured into the employees salaries, benefits, bonuses, etc. to be reduced to help the huge deficit in our retirement fund.

Jim Conard,
Shelby County Retired Teacher