Donna Seaman's speech originally intended to be delivered before the STRS board, June 10, 2010

Hello, my name is Donna Seaman. I retired in 2002 after 30 years as an administrator and teacher. My views are my own and do not reflect that of any organization.

I have spoken to you many times before but it is difficult for me to do so when I receive virtually no collective or individual response or feedback from any STRS board members. Nevertheless I am here again to urge you, once more, to consider STRS retirees as your first line of concern and your first priority.

The STRS newsletter reports that operating expenses have been somewhat decreased. I applaud that effort and ask you to continue additional reductions in staff and operating costs. This building is still far to expensive to operate and does not need to be that impressive and elaborate.

Health benefits for retirees continue to be modified, changed, revised each year, and yet STRS employees' health insurance plans are far better and cheaper than ours. You have added co-pays for us, different coverages, increases in premiums for next year, and we still have what I consider a "Ford" coverage, while STRS staff enjoys "Cadillac" benefits. Again I urge you to consider that health coverage should be comparable for STRS staff and for STRS retirees.

You have nearly removed discussions about performance-based incentives, bonuses, by postponing payment until the value of the STRS portfolio reaches a certain amount. But the bonuses have not gone away! The entire compensation package for investment personnel must be reviewed and studied, and revised to reflect today's economy. Yet the board does nothing about that. Investment staff continues to accept credit for their outstanding investment skills when times are good, and tell us that it is a downturn In the market when times are bad.

(Incidentally I want to quote here what Mr. Cordray said to us in our CORE meeting today about bonuses--he was actually talking about Wall Street bonuses at the time. "They do well when they do well. They do well when they don't do well. Ultimately they do well." EXACTLY how I feel about STRS investment staff bonuses!)

While you continue to pay bonuses to investment staff, discussion of reinstating the 13th check is never mentioned! Retirees wonder: how can you pay those enormous bonuses and not even have a discussion about reinstating the badly needed 13th check for retirees? It is way past time to have that discussion and begin to offer hope to retirees.

The cost of living reduction proposed last September to the Ohio Retirement Study Council should have grandfathered in retirees of a certain age and income level. You may be assured that if and when the legislature finally tackles those issues, legislators will be inundated with input from STRS retirees about the COLA.

In closing, I urge you once again to become aware of retirees' concerns, and responsive to them. Please take the initiative to make changes and improvement for retirees and not allow "business as usual" to continue at STRS.