It's about those Senate hearings yesterday....some people were put on the hot seat!

From John Curry, March 25, 2011

From what I hear yesterday in the Ohio Senate hearings re. Ohio's retirement systems......

1. OPERS and STRS got hammered for painting a too rosy picture for investment earnings and payroll growth.

2. Senator Faber said, "The only actuaries we're hearing from are their actuaries."

3. Senators were unhappy about the long phase-in times of STRS's proposals to meet the 30-year liability.

4. A private investment firm president president submitted a written statement to the committee which said that STRS was too optimistic about the projected 8% investment returns over the long term.