James Carr on short and long term goals at STRS and their impact on the oldest retirees who don't have much time to wait

From James Carr

October 6, 2024

"Some of our members need help immediately; for them the future is now or never."

When you're dealing with a disaster (STRS fits that description) there are two equally important strategic goals, short term relief and long term change.

We all know that long term change takes time. The design and incorporation of new investment strategies is not going to happen overnight. Even if STRS is successful in transitioning into a more profitable investment strategy, it will likely be years before we see the real impact.

In the short term, there are things that can happen quickly. Providing some kind of financial relief for our oldest and most vulnerable members is essential.  The fact that we have retirees in their 80's and 90's, including some Centenarians, who are living in poverty because their pension has abandoned its commitment to provide a COLA is unacceptable.  Long term change isn't going to help these people.  They need help now. Lynn and her crew of status quo Administrators have written these people off. 

The reform Board members are in a tough position. They are trying to rework a system using the same team of administrators who designed the system they are trying to change. They are trying to build a better future when there are thousands of elderly retirees who are already running out of time. Some of our members need help immediately, for them the future is now or never.