Speakers at October 18, 2018 STRS Board meeting; Bob Stein chooses to chastise one speaker publicly for speaking a few seconds too long. Pick your battles, Mr. Stein!

October 18, 2018
STRS Board meeting

Bob Buerkle, Dean Dennis, and Robin Rayfield all spoke Thursday, plus 9 others.  Besides the "Toys R Us" person, there were 11 other speakers who mostly talked about the importance of getting our COLA back ASAP.  

Bob Buerkle's speech was about the last 51 year experience history of the STRS showing the Actuarial Assets, Unfunded Liability, the Funding Period and the Funded Ratio for all 51 years.  He pointed out that from 1980-82 when the STRS Funded Ratio was below 56% and the funding period was between 50-59 years.  However, during the four years from 2009-2012, when STRS claimed our funding period was at infinity, our more important "Funded Ratio" never went below 56%.

Then Bob explained that he and Dean Dennis had been in a meeting with the STRS in house Attorney William Neville, Legislative Liason Marla Bump and State Representative Bill Seitz in which Mr. Neville said that once the "Funded Ratio" reached about the 85% level it becomes easier on the retirement system to pay COLA's without negatively affecting the system's strength.  So Bob pointed out to the Board that during the 42 year history of COLA payments the STRS "Funded Ratio" was only above 85% funded in 4 years, yet a COLA was paid in all 42 years.

Bob also pointed out that soon after the 1979 COLA boost to 3%, Legislative action was taken to properly fund the increase to by raising the Employer Contribution Rate to 14%, the last time the Employer Contribution Rate was ever changed.

BECAUSE BOB'S SPEECH RAN A FEW SECONDS OVER THE 3 MINUTE LIMIT, CHAIRMAN OF THE BOARD, BOB STEIN, PUBLICLY CHASTISED BOB FOR RUNNING OVER THE 3 MINUTE LIMIT.