RH Jones: A response to Tim Myers' letter

From RH Jones, April 12, 2010
Subj: Fw: Dennis puts it in no uncertain terms!

To all:

Tim Myers will retire someday. All the while the some underperforming STRS investment staff employees are reaping unearned bonuses during down market conditions, will he want to have his pension COLA cut? However, over the years employee expenses that shock the sensibilities of the average person do add up negatively for our STRS seed funding assets. In the first place, this is contrary to the reason the STRS was formed. The STRS was formed to reward educators with a secure retirement. Pecuniary employees are hired to achieve this noble and responsible goal; and, whenever they are in a bear market condition, and the goals are extraordinarily surpassed; in my opinion, they deserve a proper bonus; and, as their Investment decisions exceed other public retirement systems' performance nationwide -- morally then -- they should be awarded a bonus.

I know teachers did not receive bonuses; but, when warranted, in speculative investment employment, our STRS board has the responsibility to provide competitive salaries/bonuses -- that the average American public retirements systems are paying. That is the cost we must pay to keep competent investment staff employed at our STRS. Not being unionized, I see nothing wrong with terminating the employment of individuals who are not producing, and who are not performing at their competitively set goals. Unlike teaching, investing employment can be straightforwardly measured without difficulty.

As a retired OH STRS member, that is my opinion,

RHJones