Monday, January 14, 2013

Jim N. Reed to the Columbus Dispatch: It's time to re-elect Dennis Leone to the STRS Board

From Jim N. Reed, January 14, 2013
STRS Members' Resolution
As a retired Ohio educator, it's time to resolve to make a positive change at the State Teachers Retirement System. Dennis Leone has decided to re-enter the STRS arena as a board candidate for a retiree seat. He has demonstrated his knowledge of the system and effected much needed reform to a system that has frequently failed retirees.
Recent pension system "reform" has raised questions about board empowerment to institute major changes without General Assembly involvement. Prior experience has proven this entitlement frequently has endangered retiree benefits. Current retiree representation has too often been unwilling to defend retiree benefits. The reduction in COLA for retirees, especially for the very oldest, and the absence of "phase-in" periods for benefit reductions shout to prove the point. Retirees have already lost the 13th check, spousal healthcare subsidy, healthcare coverage and gained healthcare premium increases. These were partially the results of poor decision-making by "empowered" board members.
Flawed revenue assumptions, including projections for annual interest on assets and projected growth of active teacher contributions, are proven. Leone's 2008 stock market emergency contingency suggestions need implemented. For more info:
Jim N. Reed
Baltimore, Ohio
Larry KehresMount Union Collge
Division III
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