Report on 11/19/20 STRS Board meeting from Mario Iacone

From Mario Iacone

November 20, 2020

WADE STEEN FIGHTS FOR RETIREES

MR STEEN ADVOCATES FOR RETIREE COLA

At the recent STRS Board Meeting, Board Member,Wade Steen, advocated to restore RETIREES COLA. Mr. Steen has been appointed to the STRS Board by the Governor.

On both days of the meeting, Mr. Steen made it clear for STRS to “get their act together” and generate monies to RESTORE the COLA.

He rebutted arguments against restoring the COLA and emphatically stated, “I cannot accept that we can never provide a COLA.”

MR STEEN INSISTS ON MORE TRANSPARENCY

Mr, Steen also made it clear that he wants more transparency with respect to STRS BENCHMARKS. Staff bonuses are paid according to those benchmarks.

Additionally, he told Callan Associates, the STRS financial advisers, that he wanted to meet with them for an explanation of their numbers so he could better understand them.

MR. STEEN”S CREDENTIALS ARE IMPRESSIVE

He is a CPA, former FRANKLIN COUNTY TREASURER, and former CUYAHOGA COUNTY TREASURER.

YOEL MAYERFIELSD, APPOINTED to the STRS BOARD by the TREASURER' S OFFICE, was supportive of Mr. Steen's efforts.

A Thank You to Board member, Robert McFee, who made a motion to record the STRS meetings so that members could listen to the meeting after work. The motion was quickly supported by Board members Wade Steen and Dale Price.

WHERE WERE OUR RETIREE REPRESENTATIVES DURING THIS DISCUSION, Bob Stein and Rita Walters? But they were there to push thru a 6-5 vote to grant staff bonuses for a mediocre year for return on investments.