Suzanne Laird to STRS Board: End those bonuses now

Suzanne Laird's speech to the STRS Board

May 16, 2019 

Good Morning, Members of MY Board: 

My name is Suzanne Laird. 

I retired in June, 2013, with 30 years' experience. 

I am but one of the many retirees who felt they must retire rather abruptly, based on the actions of this Board and the advice given me by employees of STRS. As I approached my 28th and 29th year of service, I began to hear rumors. Rumors that my Board was reducing the Cost of Living Adjustment mandated for educators in the state of Ohio. 

I made an appointment and was assigned a counselor, Jennifer Sharpe, who sent me a nice little booklet, “Retiring With Confidence.” At my first meeting with Jennifer, her personalized retirement estimate for me was predicated on a 3% COLA. But soon after, Jennifer broke the news to me: the rumors were now true: by the time I could retire with 30 years' experience, my Board had decided I was only worth of a 2% COLA. And it got worse: the first year of retirement, I would receive NO COLA. She also admitted that the Board was considering removing the COLA altogether, but that I could “save” my COLA by retiring before that dire decision was enacted. 

In disbelief, I asked her to run the numbers for me: what would happen if I worked just one more year? Oh, she said, over the course of your retirement you would lose first hundreds, then thousands of dollars. Almost $15,000.00 in the first 12 years. I met two more times with my counselor, your employee, and went over the numbers she provided, again. 

I brought with me today the statistics provided to me — the data upon which I made my decision. The data I took to my financial advisor, who, after studying it, told me I must retire or lose thousands, but at least I’d have my 2% COLA!I I retired with confidence. Confidence in my Board, that they were doing all they could to preserve my pension system, my financial future. 

Page 16 from my little booklet : “Sleep in, read the paper at your leisure.” 

I read in the paper that the stock market is enjoying the longest bull run in history. Is my pension system, with more than 80 advisors, meeting and exceeding the averages many folks are seeing, or are they constantly revising their own projections downward? 

I read that many in this lovely building receive astounding yearly bonuses, while we, who toiled for years, receive no cost of living adjustment! Oh, but I’m told, we couldn’t possibly retain the best and brightest advisors without those bonuses. The best and brightest?! Give me an average return over your best and brightest any year. 

This morning, we heard about solutions in case of a catastrophic event. The obvious solution? NO MORE BONUSES. Immediately! 

This is not my first time speaking to this Board. I cannot attend as often as I like since I must substitute teach in order to offset the lack of a COLA and the spiraling Healthcare premiums, copays and deductibles. 

I know I will never recoup the thousands I have already lost, but please, find your conscience. Find your …… guts. You have the power. 

End those bonuses now. Put that money, our money back into our pension system and restore the COLA.