Sue Brannan's speech to STRS Board February 16, 2023

Ms. Correthers, Board Members, Actives, Retirees, & STRS Employees:

I'm Sue Brannan, a former public school classroom teacher, retired in 1995 with 30 years of service.

My retirement is 62% of my highest 3 years. The COLA, paid out through 2017 did help with inflation.

On the STRS Website, the STRS Mission & Vision statement is “To partner with our members in helping to build retirement security.” However, the listed “Guiding Principles”work against building retirement security.

The time is now to RESTRUCTURE STRS by CUTTING EXPENSES.

The Cafeteria, Child Care, & Physical Fitness businesses operated by STRS are NOT “cost neutral”.

All 3 lose money & add huge expenses which are subsidized by Active Educators, who pay in 14%, & by Retirees who receive no regular inflation fighting COLA. Is it laughable that Actives & Retirees (the Members), are subsidizing employees, excuse me, Associates, who receive regular pay raises & in about 100 cases, bonuses?

A friend of mine frequently says: “Advice freely given, can be freely ignored!” That seems to be the case, I'll bang my head against a brick wall again.

Get out your smart phones.

- Google: Food/Restaurants Near Me – Or “brown bag it”.

- Google: Child Care Near Me – Only 40 – 75 children in attendance?

-Google: Fitness Facilities Near Me – Or go outside & walk around this 7 acre area.

-If the long range plan is to keep this multi storied building, SELL the spaces & equipment in this building to already established Food, Child Care, & Fitness Businesses. Make some money!

Other concerns include:

-Ohio has no funding plan for public education. Local levies are virtually impossible to pass.

-The Ohio Legislature continues to expand Charter & Voucher programs. How many pay into STRS?

-It's not the 1980's when the coupon on a 30 year U.S. Treasury Bond was 12.75% or higher.

-Bear Markets are real. No one here has mentioned that ¼ of the S & L's were lost in 1987.

-“Alternatives have yet to “pay the piper” as an investment class.

Finally, We, the STRS Organization, need to CUT Expenses & “Stick to Our Knitting” These meetings have to be actually informative about where EXPENSES can be cut.

The time is NOW to Restructure STRS, by cutting Expenses to build ACTUAL Retirement Security for Members.

STRS Board Meeting

February 16, 2023