CORE member Linda Meinelt to Nehf and STRS Board

From Linda Meinelt, June 17, 2010
Subject: BP Investments

While scanning my email, I saw one with the heading, "How to Save Your Heart."

We all know the obvious ones- watch your diet, exercise and avoid stress. I am doing my part by eating right and exercising; however, it is impossible to avoid stress and read any information about STRS and its investments. The latest debacle is totally unacceptable. Obviously the Investment Dept. was not being astute in only selling off a fraction of OUR holdings in BP when they saw the handwriting on the wall (or did they not see it since no safeguards are in place as suggested by Dr. Leone?) I say OUR holdings because the retirees and current teachers are the stakeholders and unfortunately, it is OUR health fund and general financial welfare that suffer.

The question begs to be answered-why does STRS still have 10 million shares in BP?

The Investment Dept. does not have the same vested interest in safeguarding the STRS Investments as they would if they were under STRS. Being under OPERS which is more financially sound, they can go home and know they still have a strong plan when they reach retirement.

At this point, Mr. Nehf and Bd. Members, you need to start listening to the concerns of the stakeholders and put some safeguards in place to avoid repeat performances of past bad decisions.

Linda Meinelt
Retiree