James Carr: Until we have a reform majority STRS Board, I am afraid the hole will remain a bottomless pit that makes our money disappear.

From James Carr

October 27, 2023

STRS now claims, with its "new" mission statement, that it wants to provide a foundation for the financial security of teachers, past and present. Well, speaking as a member of the past generation, I can tell STRS with a high degree of certainty: YOUR MISSION WAS NOT ACCOMPLISHED.

When you tell people who are planning their retirements that they will be unequivocally protected by an annual 3% COLA that has already been funded, and then have the audacity to renege on that promise after they retire, you have failed to provide for their financial security. In fact, the bogus promise made by STRS denied them the ability to make sound financial decisions prior to their retirements.

As for the financial security of future teachers, you have failed them miserably too. How can they build a foundation when STRS is forcing them to contribute 14% of their gross income to a retirement that will not protect them from inflation? They are being robbed of the money that they need to invest for the future.

I don't see a foundation. The only thing I see is a very deep hole. Until we have a reform majority STRS Board, I am afraid the hole will remain a bottomless pit that makes our money disappear.

Added October 28:

STRS can say whatever it wants, the proof is what it actually does or doesn't do. When you take 14%, require 34/35 years of service and give no annual COLA you aren't building a foundation, you are erecting a house of cards.