Susan Brannan to STRS board: The Fiduciary responsibility of the 11 on this Board is to manage the STRS pile of CATNIP worth $95 Billion for Actives & Retirees.

Susan Brannan's speech to STRS board

June 12, 2025

Hello,

My name is Susan Brannan. I retired in 1995 with 30 years experience as a public school classroom teacher.

Speakers during the Public Participation portion of Board Meetings have “beaten the following issues to death”: 14% Active contributions, COLA, years of service for retirement, types of investments, use of STRS facilities, & operational expenses. We Actives & Retirees truly appreciate the efforts of ALL Board members, both elected & appointed, whose expertise & experience work to solve problems in order to keep STRS solvent.

That having been said . . . All Board Members seem to be operating between a rock & a hard place. Elected Educators who have “skin in the game” are criticized for not providing change fast enough. The Appointed, who are licensed, experienced professionals must obey the laws, be mindful of their fiduciary role, & stay within certain political lanes. Harsh? I say this because an appointee can be removed during a 4 year term, encouraged to quit, or charged & taken to court.

I taught American History which included economic, social, & of course, political history . . . all history is political! As a teacher, I'm saying that when one of two major political parties controls all 3 branches of government . . .well, you fill it in. It makes no difference whether it is the Republican or Democratic Party.

After many years, it appeared that no changes to contribution rates, years of service for full retirement, reinstating a COLA, & reining in expenses, etc. were in the foreseeable future. The Membership decided to take constructive action. Candidates for elected board positions were vetted for financial experience, education, & willingness to learn.

Here at STRS, elected, so called “Reformers” now number 7 out of 11. This has alarmed some at ORSC. Too many elected? Perhaps more should be appointed.? Never mind that some appointees have sided with “Reformers”. Also, if board composition is so key to control, why has the seat which is appointed jointly by the Speaker of the House & President of the Senate been vacant for 6 months, only to be filled about 20 days ago?

Speaking TRUTH TO POWER! Who has & where is the POWER over the $95 Billion STRS Pension Fund? May I suggest that it is NOT in this room.

Especially since the passage of Citizens United in 2010, Pension Funds across the nation, have become CATNIP to investors, politicians, & others.

The Fiduciary responsibility of the 11 on this Board is to manage the STRS pile of CATNIP worth $95 Billion for Actives & Retirees.