Sunday, May 24, 2009

Will Tim Myers attend the June 9 meeting in Lima at Apollo Career Center?

From Dennis Leone, May 24, 2009
Folks……it is this simple: Tim Myers knows that certain people in attendance on the 9th (Leone and Stoll in particular) will hold his feet to the fire and ask him to explain his public actions and public statements – such as:
1. Why, Tim, did you tell the Elida teachers in writing that their pensions were secure?
2. Why, Tim, did you put in a NW-OEA newsletter that reducing bonuses aversely impacts the BASE SALARIES of investment staff?
3. Why, Tim, didn’t you want stop the FY 2009 bonuses in September after the backlash of paying $6 million in FY 2008 bonuses (which you voted for, Tim) and after STRS lost $12 billion in assets in the preceding 10 months?
4. Why, Tim, did you vote no on the original motions to: (A) Suspend the bonuses; and (B) Establish a $65 billion threshold for assets in order to trigger maximum bonus potential in the future?
5. Why, Tim, after you voted no in January to suspend the bonuses, did you say publicly (and were quoted in the Columbus Dispatch) that the STRS Board was “breaking a promise” by suspending the bonuses? Why did you say this, Tim, when all investment staff received a letters in July of 2008 that the said the bonus plan could be modified or terminated by the board at any time for any reason?
6. Why, Tim, did you allow Leone’s motion on May 15, 2009 (to NOT pay the 7/12ths bonuses for FY 2009) die without a second?
7. Why, Tim, did you recently write to a supt and say that the board might lose 10 times the cost of the 7/12ths bonuses in litigation if the bonuses were NOT paid? Wouldn’t possible litigation be a non-issue, Tim, had you and your fellow board members stopped the bonuses last fall, when you could have?
There is much more………..it’s really not hard to see why Tim Myers might avoid a meeting where he could be asked these questions.
Dennis Leone

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Wednesday, April 29, 2009

OEA and a half-truth

From John Curry, April 30, 2009
Below is a March 20, 2009 memo from OEA President Patricia Frost-Brooks to OEA District Leaders and OEA Presidents stating (see the yellow highlighted area) Ms. Frost-Brook's apparent disagreement "with bonus payments to investment officers in years when STRS loses money."
Now, please read the two attachments taken from the "approved" STRS Board meeting minutes of March 20, 2009. These two pertinent pages are attached and labeled "XIV" and "XV" and show how three of the OEA's active teacher Board members actually voted on the first round in the voting to accept the "Staff Benefits Committee's recommendation dated March 20, 2009" to temporarily suspend the bonuses. You will notice that the OEA-endorsed active teacher Board members Tim Myers, Mark Meuser and Conni Ramser all voted "no!" The only OEA-endorsed active teacher Board member who cast a "yes" vote to temporarily quash the investment bonuses was Columbus Education Association's Tai Hayden. She is to be congratulated for her courage and insight.
After another vote (see the attachments) and the statement from STRS's Executive Director Nehf that the State Teachers Retirement System staff could live with the suspension of the bonuses did two of the OEA naysayers (Myers and Meuser) finally come around to vote to temporarily freeze the bonuses. Still, on that final vote, OEA's Conni Ramser cast an "abstain" vote. Ms. Frost-Brooks didn't mention, in her letter above, the whole story, did she? What she related was a half truth. Of course, most active educators will not know that, will they? I'm also sure the OEA won't go out of their way to present this documentation to their membership.
John Curry
P.S. Concerning Ms. Frost-Brooks reference to Dr. Dennis Leone as a "dissident board member"....he is "fearful about the financial future of STRS." Well, so is STRS Board candidate Jim Stoll and so should every reader of this email be "fearful about the financial future of STRS." Dr. Leone has curbed more entitlements at STRS during the past four years as a board member than I have fingers and toes. Ms. Frost-Brooks didn't go into specifics on that one either, did she?
From Michael Mahoney, March 20, 2009
To: OEA Board of Directors
OEA District Leaders
OEA Local Presidents
From: OEA Communications and Governmental Services
Re: STRS Bonuses, Investment
Performance and Board Elections
Relaying a message from the OEA officers:
STRS Board candidate James Stoll recently distributed an e-mail to many Ohio educators that seeks to further his election campaign by alarming members of STRS about the fund’s market losses and “outrageous” bonuses for employees. STRS lost $33 billion in market value in its most recent fiscal year. The STRS system also paid bonuses to 83 employees for outperforming the market - losing less than comparable funds.
The Ohio Education Association is deeply concerned about STRS market losses. OEA does not agree with bonuses payments to investment officers in years when STRS loses money. As a result, OEA commends the recent vote by the STRS board to suspend 2009 bonuses, as well as formation of a board committee of the whole to address investment performance. However, OEA feels strongly that Mr. Stoll’s recent e-mail was a cynical exploitation of the emotions of educators, including a quote from dissident board member Dennis Leone, in an attempt to make them fearful about the financial future of STRS and cast a vote for Stoll.
During comments to promote his candidacy during the public participation period at the STRS board meeting this week, another odd practice, Stoll boasted he has a list of 145,000 educator e-mail addresses, presumably to further his campaign. Earlier, he had sued to obtain e-mail addresses from STRS, but the Ohio Supreme Court declined to hear his case, upholding a policy to protect the privacy of member e-mail.
OEA has recommended the election Stoll’s opponent, Carol Correthers of the Lorain Education Association, to the active STRS board seat. We believe she has the temperament, qualifications and judgment to serve on the board.
Stoll never sought OEA’s recommendation and did not go to an OEA screening. Moreover his recent e-mail confirms our position. OEA must address this situation, but we apologize for any inconvenience our e-mail to you may cause. If you do not want to receive further e-mails on this subject, please click here or send your request to communic@ohea.org.
Cc: All OEA Staff
Click images to enlarge.
.................................................................................
And OEA insists they legally do not and cannot tell STRS Board members what to do and how to vote: yet we know they do from STRS Board members -- though fearful of even saying it publicly.
~ Molly Janczyk

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Superintendents getting a heads-up re: Bonuses

From Jim Stoll, April 29, 2009
Subject: RE: STRS - State Teacher Retirement System - Outrageous Bonuses 2009
Jerry,
Thanks to you and other Superintendents for getting involved. You are absolutely correct in that taxpayers foot 14% of this bill and that 8 - 10 % of every School Districts budget goes to STRS and they are going to pay the (ATTACHED) 7/12 Bonuses despite losing 33 billion in the past 18 months. Additionally, they continue to send out email responses which you've already received trying to defend this nonsense, which they themselves, by suspending then changing the PBI plan have recognized as extremely flawed. You are the fifth Superintendent that has contacted me today so you are not alone. Many thanks for taking action. I would agree that we need to move our efforts to legislators to stop these bonuses as the Exec. Dir. and Board are not responsive to the members overwhelming desires to Eliminate these bonuses. I have met with my legislators here in Southwest Ohio and they are most interested in the issue of these bonuses. Will let you know of developments.
Jim Stoll
Director of Athletics
Sycamore Schools
7400 Cornell Rd.
Cincinnati, Ohio 45242
cell 513-615-4690
From Jerry Harmon, April 29, 2009
Subject: RE: STRS - State Teacher Retirement System - Outrageous Bonuses 2009
To All;
Below is the action I took with my staff – I sent it to all of them because I haven’t seen an announcement by STRS eliminating raises and bonuses for this year. My understanding is that it is within the power of the STRS Board to do this. This is my first action that did not just involve those directly involved with this baloney.
As I stated earlier, I am not going to sit by while we go down the toilet. If I don’t hear something by the 1st of May, I will send letters to major newspapers expressing my outrage and encourage them to investigate and report in depth. I didn’t believe it would go this far, but I am too old to abide stonewalling about anything like this. With aggressive action now, we all can avoid the dreaded questions in the aftermath that go something like this: Why didn’t someone speak up? How could you, as a Board, do this? What do you say to taxpayers who will foot the bill by way of larger employee and employer contributions? All of this as the reporters totally display the waste and abuse even in past years.
I am also sending this to my state Senator and State Representative.
I saw a good quip the other day & it fits somewhat in this situation:
“THE PROBLEM WITH SOCIALISM IS THAT EVENTUALLY YOU RUN OUT OF OTHER PEOPLE’S MONEY.
Respectfully,
Jerry W. Harmon, Superintendent
Jackson Center Local Schools
From: John Lazares, April 28, 2009
Subject: FW: STRS - State Teacher Retirement System - Outrageous Bonuses 2009
Superintendents:
Please forward to your staff.
Thank you.
John Lazares, Superintendent
Warren County ESC
From Jim Stoll:
Dear Superintendents:
It may have been brought to your attention, and I am sorry to report, there are some serious problems with STRS, our State Teachers Retirement System.
Did you know that STRS paid 11 Investment associates total compensation exceeding $400,000 last year? The highest topped out at $529,000.
Did you know that two investment associates got RAISES from 2008-2009 of $39,500. (yes, that was their RAISE. (See links below for all 83 investment associate raises.)
Did you know that this September, in spite of losing $33 Billion in the past 18 months and exploring “CUTTING” member benefits, they are paying “7/12 BONUSES” to 83 STRS Investment Associates, – one bonus for losing 33 Billion is in excess of $160,000 !
See Below for entire details….Many thanks to Superintendents John Scheu, Jerry Harmon and Rod Russell for getting on board and leading the fight to hold STRS accountable for this waste of member contributions and taxpayer dollars. In most school districts 8 – 10% of your entire BUDGET goes to STRS. IS THIS THE WAY YOU FEEL THOSE DOLLARS SHOULD BE SPENT – for outrageous salaries and bonuses?
Please email STRS Exec. Dir. Mike Nehf nehfm@strsoh.org and the Board board@strsoh.org and advocate for them to eliminate the 7/12 Bonuses for this year. Feel free to cc (copy) me at jastoll@yahoo.com.
Please feel free to call or email if I can be of further assistance. Upon request, I'd be happy to send the entire spreadsheet of salary, bonus and compensation totals separately, so you can share with your staff minus what may be construed as a political message below..
Respectfully,
Jim Stoll
Director of Athletics
Sycamore Schools
7400 Cornell Rd.
Cincinnati, Ohio 45242
Cell 513-615-4690
jastoll@yahoo.com

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Monday, April 27, 2009

Jim Stoll to Tim Myers: 400 e-mails and an invitation to a debate

From Jim Stoll, April 27, 2009
Subject: Re: [QUAR] RE: Bonuses

I'll be happy to bring over 400 physical email responses as evidence of my position and would welcome for you to bring your positive responses to compare the positions and true feelings of your membership.... I'd love for the other Board members to weigh in on what responses they've received overall as well. My guess is that our responses may have some deviation and prejudice built in, but theirs would be more close to the norm.
Let's meet anytime, anywhere at a place of your choosing to debate the issue of these "7/12" Bonuses in an open forum and have Ms. Ecklar and Mr. Nehf use your email database to invite the membership.
Better yet, let's allow the membership to vote on this issue as a referendum.... I'm sure sending ballots out would not cost anywhere near the 3.3 million of the Bonus payouts.
I wonder if your positive respondees have any idea of the contingencies the Board is planning to their benefits in light of these bonuses. ie. Friday's Board discussions of possible 4% increase in contribution rates, raising of minimum retirement age to 60, changing the Final Avg. Salary Calculation, reducing Cola's for retirees, using flat 2.2% formula for all years of service etc. - Be assured, with my email database, if you don't share this with them - I will.
Regardless, I will bring my copies of all email responses to the next board meeting and share them with everyone in my allotted 3 minutes. Would welcome for you to do the same and share your responses as well.
Looking forward to you accepting my invitation to debate the Bonus issue - just let me know where and when - I will definitely be there. If you want to debate in a closed forum with no audience and then put the debate on "You Tube" for the membership to access, I'd welcome that if you were fearful of audience applause or emotion, coming into play.
Jim Stoll Director of Athletics
Sycamore Schools
7400 Cornell Rd. Cincinnati, Ohio 45242
513-615-4690
From Tim Myers, April 26, 2009
Subject: Re: [QUAR] RE: Bonuses
Since I am mentioned in this email I will respond:
I have a completely different experience than the one cited below [See post immediately below: Ralph Graham to Mark Meuser: Now they have negative results and shouldn't be rewarded]. The members that have replied to my response are thankful that I have given them the information that they were missing when they sent the original email. One superintendent even told me to keep up the good work and that he was pleased that he voted for me last year! An Athletic Director apologized for sending out the earlier letter without checking the facts first. He then sent out my reply to the same list that he had previously used.
So, far from alienating members, it seems that the more members know, the less upset they are.
Tim

From Ralph Graham, April 14, 2009
Subject: Bonuses
Dear Mike Nehf and STRS Board:
I've just received an email from James Stoll and I must say as a member of STRS I am outraged at the lack of common sense. A bonus is something to be given when job performance exceeds expectations. That is not the case with our investment advisors. They are paid a very good salary to perform a job they were hired to do, unfortunately they didn't perform very well and DO NOT DESERVE a bonus. I am tired of hearing the same bogus response that started on Wall Street that these bonuses will help retain quality people. First, I'm not sure we want to retain people that underperform and second, I seriously doubt quality people will walk away from quarter million dollar salaries. I have no problem rewarding individuals that perform at an exceptional level, but that is not the case here. I can guarantee you that I will be voting for James Stoll to protect the investment I have in STRS. I strongly encourage you to ELIMINATE these bonuses that are currently on the table.
Sincerely,
Ralph Graham
Southeast Local Schools

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Thursday, April 23, 2009

Jim Stoll's speech to STRS -- and a challenge to OEA -- April 23, 2009

STRS Board -- Jim Stoll, Member of STRS who has paid into the system for 23 years now.

I'd like to share an analogy or example with you….. Sycamore Schools, where I'm the athletic director, has a Catholic high school within our district called Moeller. Several years ago, my football coaches came to me and said "Jim, Moeller's recruiting all of our good football players"; they complained and said I should turn them into the OHSAA for recruiting violations.

I asked our coaches one question: Name for me the best five eighth grade football players that we have at Sycamore Jr. High….. They couldn't -- coaches couldn't give me the names of our best five players…..they weren't doing their job. Moeller wasn't violating rules, they were OUTWORKING US.

My question/challenge to ANY board member, and to the Executive Director is the same which I had for my coaches….. Name me one "INDEPENDENT" professor (expert) that any one of you took the Bonus plan to and asked them for an evaluation??? Mike, did you go down the street and walk into the Business School at Ohio State to ask someone to evaluate it? Tim, did you go up to Bowling Green or Toledo and ask for an independent evaluation or critique of it????..... If any of you, INDEPENDENTLY, took it to someone outside the confines of these walls, please be SPECIFIC and give us the person you took it to…

I did; I consulted with a professor at the prestigious Farmer School of Business at Miami University…

He/We are all flabbergasted and amazed that you would, ON THE FLY, BY THE SEAT OF YOUR PANTS, make changes, revisions, motions, and votes and approve things in a plan that make no sense to experts in the field. MY ADVICE is ELIMINATE the PROGRAM, TAKE a year to get independent compensation experts from 13 universities throughout OHIO and build some consensus for the program. That is what a leader would do, and a prudent board, but this group seems to be neither, so I'd suspect you'll continue down the same ill-fated path.

I hope you realize that the field you're playing on has changed. Last week I sent an email to only 25,000 STRS members, one-fourth of our list. Based on the feedback you and I've received -- there is little or NO support for your continuation of this ridiculous Bonus plan or your defense of the Bonus plan. Superintendents and school boards are now getting on board.

As a successful coach, having won an OHIO STATE BASKETBALL TITLE in 1985, I understand a few things about MOTIVATION. There are two kinds of motivation. Intrinsic and extrinsic.

Intrinsic is the kind every teacher in OHIO is motivated by -- doing a good job, inspiring kids to achieve. It's the best kind of motivation; it encourages integrity and provides achievement that makes a person's heart and soul feel great about accomplishment! It lasts forever.

Extrinsic is the kind you are motivating through these bonuses. Extrinsic motivation is corrupt and greedy; it is fraught with problems and rarely lasts. Extrinsic motivation is giving material things for doing a person's JOB!

You want to MOTIVATE your investment associates -- fire a couple! Jack Welch, CEO who led GE to its greatest heights, states in his book, Jack -- Straight from the GUT, that to keep a business on the cutting edge at the top of its game and to attract the best and brightest talent that he would fire the bottom 5-10 percent of his management team every year! In your case, Human Resources would make a list of their 90 investment associates and rate them from 1-90. Whoever was listed 85-90 is non-renewed, let go, and you hire in five more of the best and brightest to compete and keep everyone motivated. School districts do it all the time by non-renewing the contracts of sub-par teachers. Want to intrinsically motivate your staff and not cost the members a penny…..adopt Jack Welch's strategy.

If the emails you've received haven't convinced you and the Executive Director that YOU are out of touch with your constituency, then you ought to rethink your roles and positions.

Lastly, as a basketball coach of an inner city school in the 1980s and at the college level, I've been spit on, had racial epithets thrown my way and other things occur to me, so in a political campaign, to receive criticism is somewhat amusing to me…..

I would like to say one thing to the OEA and those board members who were endorsed by that group. I'm the one running for a seat on the board -- my name is James A. Stoll.

Any criticisms should be directed at me, not a current sitting board member. For OEA to write a memo to their members and/or district leaders calling Dennis Leone a "Dissident STRS Board member" is APPALLING… I'd only heard the word "dissident" used referring to someone in China, Russia, North Korea or Cuba.

I've got news for Mr. Mahoney and Mr. Leibensperger at OEA -- if you want to take someone on, you better come after me because DR. LEONE is way out of your league! Dr. Leone has done more to protect the Active and Retired Teachers from abuses and mismanagement of STRS than everyone at OEA and STRS combined. He's not a part of this race, but I certainly thank them for putting me anywhere in his category -- based on my email response -- it has garnered me more votes than you know.

Thank you for your time.

Jim Stoll

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Wednesday, April 22, 2009

Donna Seaman to Mike Nehf and STRS Board re: Credibility, respect and trust

From Donna Seaman, April 22, 2009
Subject: Board mtg.
Board members and Mr. Nehf:
This month's board meeting continues to bring you challenges. Your recent STRS glowingly written newsletter reports that "89% of STRS retirees say you have earned their trust and confidence." In this "random sampling" of STRS recipients, my opinion has never been sought. But I do not trust or have confidence in you, my STRS board! Many of us have lost credibility, respect and trust because of your recent and past decisions! Your survey also showed an interesting statistic: much fewer of respondents believe you are managing operating expenses prudently (66%)!
You continue to ignore my concerns and frustrations, and those of many other writers. You do not respond, or direct Mr. Nehf to respond, to our suggestions. While Mr. Nehf claims he supports transparency and open communication with retirees, I see virtually no follow through on issues of highest importance to retirees.

You continue to allow OEA to be your puppeteers and to pull many of the strings for your decisions! You continue to permit OEA to criticize and put down board member Dr. Leone and candidate Jim Stoll, who strive to advocate for retirees.

As you meet again this week, and in the coming months, these issues must be resolved:

  • Performance benefit incentives/bonuses must be totally eliminated. Not suspended with the likelihood of paying investment staff for 7/12 for FY 2009, but eliminated! PBI's should be reinstated only if and when the 13th check for retirees is reinstated. Your newsletter states "Total operating expenses are expected to be about $6 million lower than the budgeted amount of $98.8 million for this year," yet you are still discussing pbi payments of $3.3 million (or more) for this year. This is insane! Look at what is happening in neighboring states, such as Missouri, and the stand that governor has taken against public pension bonuses. He should have a phone conversation with Gov. Strickland about this! Benefits and fringes provided to STRS employees should never be better than those provided to your constituents, retirees.
  • Health care coverage for retirees should be comparable with the coverage you provide for STRS employees, no better, no less!
  • STRS staff must be cut to reflect the loss in portfolio assets value! Even one of your board members' school districts has had to lay off teachers and dramatically reduce staff because of decreasing revenue. Why is STRS staff exempt from reductions and cuts that are being made in virtually every segment of our economy? I applaud your decision to increase the work week to 40 hours and to place a wage freeze through 2010. That is a good start, but more cost-cutting measures must be taken.
These issues must be discussed and resolved now, not put on hold until Dr. Leone's board term ends, or until new, inexperienced board members are installed this fall.

You must begin to listen to us! Your credibility, trust and respect depends on it! I look forward to being there and hearing your discussions this week.

Donna Seaman, 2002 retiree
(These opinions are my own, and do not reflect those of any organization.)

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Tuesday, April 21, 2009

Jim N. Reed: A letter of appreciation

From Jim N. Reed, April 21, 2009
Subject: Fwd: Dr. Leone challenges the OEA to a debate! "OEA can pick the date, the time, and location. I will be there."
Dear Dr. Leone,
You've done it again! Each time in the past four years that I have become so frustrated and disenchanted with STRS and become selfishly complacent you have provided a pep talk or letter that has restarted the juices. Where did you coach? I've been in that business for 45 years and never been around anyone who does it better!
Your invitation to OEA, Leibensperger in particular, to public debate is a much-awaited event. I believe we could sell tickets. I would be proud to be in your corner.
My thought is that neither OEA or Leibensperger will accept the challenge. I think they know they can't survive the factual data, as supplied by their own union and our retirement system, combined with your expertise and logic. Even though they can afford the costs of making any kind of arrangements, publicity, propaganda, etc., they cannot afford to be publicly exposed for their unethical, even fraudulent, behavior past and present. Such a public conversation would only lend itself to additional STRS/OEA condemnation among uninformed educators, board members, and taxpayers.
However, the rules have changed in our favor. Due to your tenure on the Board, the membership of OEA and STRS will never again be totally subservient to the brainwashing tactics stakeholders have been exposed to during their careers.
There is a growing number of OEA/STRS-literate actives and retirees who will no longer sit on their hands and play the role of the union-indoctrinated passive, apathetic educator. There are still too many who have not actively sought out available information but that number is shrinking as this letter is being written. I know because concerned educators have contacted me. And I know they have contacted others who have refused to look the other way, charter advocates like John Lazares, Kathie Bracy, Tom Curtis, John Curry, Molly Janczyk, and members of CORE. Especially encouraging are the new faces that have entered the fray, men like Jim Stoll, Bob Stein, Ralph Roshong, and Rich DeColibus.
Never again will OEA and STRS have a free pass.
Dennis, you cannot be replaced on the Board. You are a true pioneer in what you have accomplished. That ground had never been traversed. But you have been an inspiration to others who will strive to advocate, to educate, to question, to debate, to watchdog and to reform on behalf of 450,000 educators and their beneficiaries. No one will ever have your unique style but you have provided a template and produced proteges who have learned from a master mentor.
From a 45-year educator, I can not express adequately my sincere gratitude for what you have accomplished as an advocate for the security of families of Ohio's active and retired educators.
Jim N. Reed

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Jim N. Reed: Some observations, revelations, musings, conclusions.....and guarded optimism

From Jim N. Reed, April 21, 2009
Subject: Blockhead Solidarity, Malcontents, Closed Elections, and the Renaissance
Kathie, I noticed in a recent posting of an excellent on-point letter from Rich DeColibus to Mark Meuser that the STRS Board member's mail box refused the e-mail.
Maybe that explains why Mr. Meuser and some other Board members claim they receive very few negative letters from membership regarding their embarrassing behavior as regards past and recent Board decisions. Maybe Mr. Meuser, Mr. Myers, Ms.Ramser, and Ms.Cervantes really believe there are few stakeholders who found their votes to reject PBI suspension disgustingly absurd even though their out-of-touch decisions flew in the face of official OEA mantra.
(The only OEA-endorsed member who had the knowledge, sensitivity and courage to stare down the PBI proponents was Ms. Tai Hayden. Her sensitivity and fortitude has not gone unnoticed.)
One way to avoid being critiqued is to shut off the critic. All good reviews. A gorgeous, glowing report from the STRS Bulletin on membership satisfaction (does anyone know anyone who's been surveyed?) keeps non-informed members in the dark.
This current e-mail refusal by a Board member's service re-touches a nerve from Dyer's Dirty Regime. Upon retirement and having some serious questions regarding the way mine was processed I had occasion to make several attempts to contact STRS Board members after Dyer provided nothing but condescension, patronizing, and blatant disregard.
As a constituent I expected the courtesy of being channeled to one of my representatives of my retirement system that I had paid into for 33 years.
Wrong. Letters and phone calls to Board members at STRS were never returned by those elected/appointed officials. There was recognition of having received my contact but with each call and letter a response came from the Chief himself, Herb Dyer. Dyer would then proceed to give me the STRS punch line as to why my case, along with 5,000 others, was mishandled the way it was.
Talk about solidarity! Blockhead solidarity! One way to keep the troops in line is to have one official mouth- piece.
I was able, finally, to reach one Board member at his home. I will always be grateful to him for being willing to speak with me privately. My sense of that phone call was that he was uneasy but felt it was the right thing to do.
We must never allow any excuses offered as to why any stakeholder does not have total access to anyone we seek a response from at STRS. With the amount of contributions made to our retirement system from educators, boards of education, and local taxpayers and with 450,000 stakeholders' and beneficiaries' security dependent on Board decisions, if anyone is "entitled" to anything in the system it's truthful and fair answers for the membership.
One way of diverting attention from the mismanagement of pension funds within our once proud retirement has been for STRS-OEA ( a hyphen is all that separates them) to go on the offensive and attack the messengers of the challengers.
The written legacy of the disloyal opposition includes allegations that those who have challenged STRS-OEA are "liars," "alarmists," "dissidents," "deceivers," "panderers" (to fear and emotion), "cynics," and "malcontents" (my favorite moniker as we were branded when Dr. Leone exposed the foxes in the hen house in 2003).
Those that have insisted on muckraking reform have been accused of being destructive, deceptive, misrepresentative, just to name a few of the allegations.
What is quite ironic is that some of these same accusers were (and may still be) the disciples of the "Malfeasant Seven," the infamously indicted Board members and Executive Director who were ethically challenged, convicted, and removed from their official duties by the court (or, in Dyer's case, golden- parachuted, with a half million dollars of our funds, by the rascals on the Board before corporate slum-lording was such a well-accepted national pastime).
Membership must insist on open elections in their districts. Once again in this April's Board election attempts were made to disparage, discredit and close-out non-union candidates for the active and retired seats. All's fair in politics, right? Sure, if all contestants are competing on a level playing field.
Why should any candidate not have equal access to the electorate? And the most embarrassing shame of this type of closed election? Can anyone think of a more disgraceful venue for this type of undemocratic process to take place than in the halls of an institution of learning? How can a teacher-candidate look into the faces of their students knowing that because their opponents would not walk nor talk the union label their message was stifled. Are open, free elections only for classroom promotion and democratic idealism.
Some four years ago Dr. Dennis Leone and Mr. John Lazares inspired me to believe that there was a badly needed Renaissance at STRS. Mr. Lazares paid his dues in several ways advocating for actives and retirees as a Board member. He gave of himself until it hurt. None of us who attended his Board meetings will soon forget what he accomplished, personally and professionally.
Dr. Leone has not succumbed to the insults, allegations and confrontations from less than informed colleagues on the Board. He has more than held his own due to his expertise in financial, legislative, and administrative matters. To his much deserved credit, Dr, Leone has provided more oversight, watch-dogging, practical reform, and educator advocacy than any member in the annals of the STRS Board.
Unfortunately for the active and retired educators in Ohio, Dr. Leone's tenure has about concluded. He can rest assured that he has garnered the admiration and respect of all of those educators whom he has taught the meaning of being STRS-literate.
What of the continuing Renaissance minus a Dr. Dennis Leone? First of all, though he may not be on the Board, my best estimate is that he will be in the Board room whenever he believes the decision makers at STRS are not respecting ORC 3307.15. Much to the chagrin of some Board members, administrators, and staff I doubt that Dr. Leone will ride quietly into the education sunset.
There is new reform blood on the horizon. Men like Jim Stoll, Bob Stein, Rich DeColibus, and Ralph Roshong will continue to challenge STRS to provide integrity, transparency, sensitivity and trust for its membership.
The days of unrestrained, out-of-touch mismanagement, and disregard for ORC 3305.17 leading to stakeholder insecurity are going to be closely monitored by a new generation of watchdogs, whistle blowers and reformers inside and outside STRS Ohio.
Jim N. Reed

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Monday, April 20, 2009

WKRC comments re:STRS/Jim Stoll video on WKRC Cincinnati

From John Curry, April 20, 2009
The comments below were emailed to WKRC (Channel 12) Cincinnati after they ran the story of the STRS bonus fiasco and an interview with active teacher candidate for the STRS Board - Jim Stoll, If you click on the link below you will be taken to that video footage.
John
missopinion - 4/17/2009
More dumb decisions...surprise!!!
Lo Beam - 4/17/2009
This should be illegal. Workers get no pay raise or laid off this year but upper management gets bonuses? It's wrong in so many ways. This has to stop!
marcusT - 4/17/2009
This only stands to reason, be a failure as a banker and take home millions in taxpayer dollars, be a failure in the education system, same rewards. Is anyone really surprised?
sniderfamily - 4/16/2009
It's time for the STRS board to be held accountable for their decisions and actions. Their priorities should be about the retirees rather than the employees of STRS who don't even pay into STRS, but into PERS. STRS retirees have been lucky to have John Lazarus and Dennis Leone on the STRS board; however John Lazarus' is no longer a board member, and Dennis Leone's term is up as of August. Jim Stoll is a person who is not afraid to expose the ridiculous bonus checks of STRS employees. Thanks to channel 12 News for letting people know what type of board members are on the STRS board. Thanks to Jim Stoll to have the courage to let the public know about the bonuses and who approved them (STRS board). Dennis Leone did NOT agree for giving bonuses while STRS is losing money. STRS board members should be concerned 100% about STRS retirees,educators who are paying into retirement, and future retirees who have just started in the field of education. Those of you active teachers who can vote for an active STRS board member should give serious consideration to Jim Stoll. He's not afraid to speak up to do the right thing for educators and the public.
Bugscuffles - 4/16/2009
I want to thank Jeff Hirsh and Jim Stoll for calling attention to the outrageous performance based incentive bonuses being paid by the State Teachers Retirement System at a time when the value of the investment portfolio has lost 40% of its assets to the tune of $33 billion in the past 16 months! Sixty-six employees have base salaries of $140,000 to $529,000, higher than the governor's. Thirty-three associates received base salary raises from $10,000 to $39,000. The latter figure represents more than many retirees' annual pension. It is projected that the health care stabilization fund will be depleted by 2018 leaving retirees to find and fund 100% of their health care. Also, at the March 2009 STRS Board meeting it was reported by the STRS staff that "unless changes are made, the system would eventually be unable to pay members' earned benefits." I would encourage those interested in more information to go to www.warrencrta.org,

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Saturday, April 18, 2009

A list of 'dangerous half-truths,' please

Kathie Bracy to Bill Leibensperger, April 18, 2009
Subject: Half-truths
Dear Bill,
Something you mentioned in a recent letter to an educator has me very concerned:
"Mr. Stoll's recent appearance on WKRC-TV is just another example of the spreading of dangerous half-truths that jeopardize the integrity of the system."
This is a pretty serious charge; would you please send me a list of the "dangerous half-truths" you are referring to in connection with Jim Stoll's TV appearance (or any other connected with Mr. Stoll) so I can investigate them?
Thank you.
Kathie Bracy

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John Curry to Bill Leibensperger: You have let down your OEA membership re: their retirement security

From John Curry, April 18, 2009
Subject: Your letter to a concerned active educator
Bill...from a recent letter your wrote to an active educator (listed below). I have included my comments in red italics.

From Bill Leibensperger (no date)
Dear (Name omitted)
Carol Correthers does support strong operational controls and understands that members expect STRS to run their operations in a prudent way. I think you can rest assured that Carol will always make good decisions based on intelligent deliberation and a strong commitment to all members of the system. Certainly she will not try to alarm members with "the sky is falling" kinds of messages, as she understands the gravity of the position for which she is running. (Bill, Jim Stoll has recently enlightened active educators as to the financial condition of OUR retirement system. This not-so-good-news was only recently related to all STRS stakeholders by official communication in the form of a mail-out by STRS just this past month [only after Mr. Stoll had alerted active educators.] The "snail mail" release from STRS was issued because of increased pressure by Jim Stoll and others to inform STRS stakeholders of the miserable shape that STRS, as well as other public pension systems in this country, are really in and have been in. Neither STRS nor the OEA has taken an active roll in educating the educators of this serious predicament we are all in and have been in.. Your OEA membership depends upon you to keep them abreast of their retirement security and your organization has let them down in this respect.) You will find her very accessible. (I have yet to see her contact information issued so that she can be contacted in reference to her views re. STRS. If this contact information was issued then I'm sure you will be glad to furnish this information forthwith as Mr. Stoll has related this same information to all who were interested in contacting him.)
I am guessing that you are responding to the deceptive communications from her opponent (who, by the way, did not choose to participate in OEA's rigorous screening process). I am certain that you are among the majority of members who are "frosted" over the whole bonus thing. (Apparently some of your very own OEA endorsed "active" teacher STRS board members weren't just "too frosted" over the "whole bonus thing" as they, at the March 2009 board meeting, continued to vote "no" to an amendment which would have temporarily frozen the investment bonuses. Those OEA endorsed "active" teacher board members who didn't vote in the affirmative to freeze the bonuses were Tim Myers, Mark Meuser and Conni Ramser. Only one of the OEA endorsed active board members, Tai Hayden, had the wisdom to vote with the majority [to freeze the bonuses] on that day.) Unfortunately, there are those (including a current Board member who is supporting Mr. Stoll) who would pander to our emotions and fears in order to make themselves look good, rather than work collaboratively with others to protect the integrity of a very strong system that will take care of all of us for the rest of our lives.(Bill, that "very strong system" who is taking care of this 30 year retiree also currently wants $967 per month to "take care" of this retiree and my spouse with an 80/20 PPO healthcare plan that the same 30 year dump truck driver retiree under OPERS pays only $80 per month for the same coverage for spouse and self...what happened to OEA leadership on this issue? Does OEA's leadership and concern for educators discontinue when an educator retires and quits paying OEA dues?) Mr. Stoll's recent appearance on WKRC-TV is just another example of the spreading of dangerous half-truths that jeopardize the integrity of the system. (In my mind, a prime example of a "half-truth" is when your President, Ms. Frost-Brooks, takes the position that STRS investor "bonuses" are distasteful when, in fact, the move to quash bonuses was, during the March bonus vote at STRS, given a nose-thumbing by the majority of your OEA endorsed active teacher board members.) Why he believes that our hard-earned pension money belongs to the taxpayers is beyond my understanding. (The issue of whether or not taxpayer monies cease to be taxpayer monies once the school district receives the tax monies from county treasurers continue to be one of disputed legal interpretations and I won't attempt to judge whether, in fact, it is still taxpayer monies once it arrives at the local school district or not. But, what I will relate is that of those "taxpayer monies" that do go to the local school currently are 14% of every "teacher pay" dollar a contributing school system pays to STRS for retirement for their teachers. The teachers contribute 10% additionally, so....the taxpayer, in my mind, has every right to be concerned where and how tax monies are spent.) Who does he think he would represent?
Mr. Stoll's email has selected "facts." One of the important ones missing is that the Board did approve a new bonus policy without a dissenting vote (Bill, you forgot to mention the bonus issue 5-5 tie votes that took place just before the final "new bonus policy" vote was cast after the majority of your OEA backed active educators just couldn't seem to be able to vote for a temporary suspension of bonuses. After Ex. Director Nehf stated that he could live with a bonus suspension the majority of your endorsed "active" board members changed their previous votes so as to align with the majority. This, Bill, is a real example of a "half-truth" to your membership.) after much deliberation and preliminary voting. Another fact that is difficult for us as teachers to understand is that bonuses are actually the way investment staff are paid throughout the industry. STRS investment staff have outperformed the industry, but the Board in their wisdom and in respect to the members they serve have passed a policy that curtails bonuses when there are losses (even when the losses are significantly less than the overall market).
It is important that we protect our retirement by electing intelligent, reflective, and hardworking representatives who will do their homework and never put any personal interests ahead of the well being of current and future retirees. I hope we can count on you to support OEA-endorsed candidate Carol Correthers. She has my vote.
Please let me know if I can be of any further assistance.
Sincerely,
Bill Leibensperger
Vice President
Ohio Education Association
P.S. Bill, please spend your and the OEA's energy and money to find that "dedicated stream of (healthcare) revenue" that you and the OEA have touted for the better part of the last decade rather than your current and past practice of only giving it "lip service." To many retirees.... the sky has already fallen!
John Curry
A retired educator and STRS stakeholder

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Friday, April 17, 2009

Active teacher Bill Stewart to Mark Meuser: Your responsibility goes well beyond the dollars and cents of contributors' personal life savings

From Bill Stewart, April 17, 2009
Subject: Re: No Bonuses

Mr. Meuser,

Thank you for taking the time to personally respond to my concerns and give me your version of what you believe to be the facts.

Since you have identified yourself as a math teacher of 37 years, you will understand this as I reduce it to my LOWEST COMMON DENOMINATOR:

When you are responsible for the personal life savings of others, that responsibility is not restricted only to the dollars and cents, but entails ensuring people like me that they understand and appreciate the sacrifices made by the contributors. For me personally as someone who has been in public service my entire professional life, I have never received a BONUS for anything that I have done regardless of the results. I ask you, why should someone else EXPECT or even ACCEPT a bonus when everyone but them is watching their future earnings going down the drain?

Please know that I have complete faith in Jim Stoll and hope that he is elected to your Board, with full knowledge that he completely understands my LOWEST COMMON DENOMINATOR. I wholeheartedly encourage you to join me in my support of Jim and work with him to protect our life savings so that we may enjoy a peace of mind our retirement after our years of public service have ended.

Bill Stewart
Business Dept. Chair
Fairfield Sr. High School

From Mark Meuser, April 16, 2009
Subject: RE: No Bonuses


Dear Mr. Stewart,

Thank you for your recent e-mail. I have received a number of e-mails expressing concern over STRS investment bonuses, and I want to take this opportunity to clarify a few points for those who took the time to write.

I am a math teacher with 37 years experience in the classroom. Like you, I have never received a bonus nor do I make the kind of regular salary that many of our investors do. Even so, I have been a proponent of Performance-Based Incentives. This program has, over the years, been instrumental in adding value to the system.

I would like to comment on some common misunderstandings that I have seen expressed in e-mails.

Misunderstanding # 1: The STRS staff lost our members billions of dollars. The investment staff cannot realistically affect the performance of the fund by any more than about one half of one percent of our assets. Though this is a tiny fraction of the assets, it can amount to tens of millions of dollars. Active trading by our investors did not cause the system to lose the billions that it did. Those losses were the result of the extreme bear market and the subsequent economic downturn, which affected all segments of the economy. That downturn was not controlled by any investor.

Misunderstanding # 2: STRS Investors are being rewarded for poor performance. In fiscal 2008, our investors beat the total fund benchmark (the performance of an index fund) by $215 million. What this means is that if we had put our money in an index fund instead having our own employees invest it, we would have been $215 million poorer. In pursuit of that $215 million, we paid about $6 million in incentives. The whole concept of incentives is a no-lose deal for the board. If our investors beat the benchmark by a predetermined amount, they earn an incentive. If they don’t beat the benchmark, they don’t get the incentive. Thus, the excess earnings above benchmark pay for the incentives.

Misunderstanding # 3: The retirement board has recently increased the investors’ salaries. This is not true. It is true that one year ago the board voted to bring total investment salaries (base salaries plus maximum potential incentive) up to the bottom 25th percentile of private investment firms. That was an effort to make investment salaries more competitive and was part of the overall operating budget for fiscal year 2009. In the wake of the economic downturn, however, the board did a number of things. It suspended investor incentive payments from January through June of 2009, and it put restrictions on future incentives. It also froze salaries for all STRS employees for the remainder of this fiscal year and for fiscal 2010. These measures are more than any other Ohio retirement system has done thus far. If we reduce our investors’ total salaries (including incentives) by too much, we run the long-term risk of losing the best talent (both current and prospective) to systems or brokerage firms that have not instituted such cuts.

We have three choices in managing our assets. We can manage them internally, which is what we do now for 80% of our assets.. We could put the majority of our assets into index funds, or we could hire external managers. For the last six years, our investors have substantially outperformed index funds, and external managers would charge much more for their services than what we pay our own investors with no guarantee of any better performance. Consequently, I believe that we should continue to invest using our own staff. This will remain a viable option, though, only if our staff continues to outperform the benchmark. My view is that the real bottom line is not how much money we spend on incentives. The real bottom line is the monetary value that our investors add to the system. No one relishes paying high salaries, but outperforming the benchmark by directly investing in the stock market requires specialized expertise. That expertise can be expensive. The market will eventually recover. When it does, and even in these difficult times before that happens, I do not want to trust our assets to below-average investors. How many of us would go to a hospital for an operation and insist on using the cheapest, least experienced doctor? I realize that my views may not be popular with some STRS members. However, it is my fiduciary duty to the system and its members to act and vote in such a way as to most positively impact the system’s assets. That is why I am not in favor of further cuts to the salaries or incentives of the STRS investment staff. Thank you again for your e-mail. I appreciate your input. I want to assure you that I am acutely aware of the economic crisis and of the board’s responsibility to do what is in the best interests of all of our members.

Sincerely,
Mark H. Meuser
STRS Board Member

From: Bill Stewart, March 19, 2009
Subject: No Bonuses


Mr. Nehf,

I am contacting you today as a result of the following comments:

“STRS staff believes it’s important for the Board to implement financial contingencies immediately, given the current state of the economy in terms of POTENTIAL REPERCUSSIONS OF FUNDING FUTURE BENEFITS.”
~ Mr. Bob Slater, Exec. Dep. Dir/Finance STRS (Feb.19,2009)

“WOW, what you've said is HISTORIC, STRS assets are INSUFFICIENT TO MEET our Pension obligations in the Future”
~ Dr. Dennis Leone – STRS BOARD MEMBER (Feb. 19,2009)

As a member of the STRS for nearly 31 years, I find it extremely troubling that the STRS is willing to pay out huge bonuses and willingly mortgage my savings, with reckless abandon and ill-advised consideration, that I have entrusted to the board. The Ohio State Teacher's Retirement System is not AIG or General Motors. STRS will not receive "bailout funds" from the our Democratic controlled Congress, nor be directed by our Democrat President to do so, despite the PAC money that has been invested by the STRS to back these candidates.

As a result, I urge you in the strongest of terms to oppose these bonuses and to more vigilantly protect my savings and those of my fellow contributing members of the Ohio State Teachers Retirement System.

Sincerely,
William J. Stewart
Business Dept. Chair
Fairfield City Schools
Fairfield, OH 45014

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Thursday, April 16, 2009

Dennis Leone re: Jim Stoll TV interview 4/16/09

From Dennis Leone, April 16, 2009
Subject: RE: TV Coverage of PBI and STRS Compensation LOCAL 12 in Cincinnati
This was an EXCELLENT, EXCELLENT news report………..and 100% accurate. It saddens me to keep seeing how STRS is convinced that our investment staff is at the bottom 25% of those in the private sector. Never mind that only the California State Teachers Retirement System pays bonuses as high as Ohio, and that to only 13 people……not 87. Has anyone noticed as I have that of the 4 states that have recently stopped bonuses (Pennsylvania, Texas, Massachusetts, and soon-to-be Missouri), their bonuses pale in comparison to the bonuses awarded at STRS.

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STRS Ohio 2009 PBI Preliminary Analysis
Click images to enlarge




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PBIs (bonuses, Performance-Based Incentives) for STRS investment staff

Base salary increases for STRS investment staff 2008-2009

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WKRC-TV in Cincinnati: April 16 interview with Jim Stoll re: STRS bonuses; link to video


Bonuses Paid While Fund Loses Millions
WKRC-TV, Cincinnati
April 16, 2009
See video: Bonuses Paid While Fund
Loses Millions
[Click images to enlarge]
It's a retirement plan
you help pay for, even if you've never heard of it. The State Teachers Retirement System in Ohio is partially funded by taxpayers and partially by teachers themselves. Like just about everyone these days, the plan has been hit hard by the troubled economy.
But as Local 12 Reporter Jeff Hirsh shows ... compensation for pension fund staff has been going north ... while their investments have been going south.
The State Teachers Retirement System of Ohio ...STRS... is no stranger to controversy. Several years ago, Local 12 revealed the agency spent thousands of dollars on artwork and out of town trips, and millions of dollars on bonuses, while benefit costs skyrocketed. Now, a critic says, they're at it again.
"Absolutely, it's the Wall Street establishment mentality at a public pension system."
Jim Stoll is the athletic director at Sycamore High School, and a candidate for the STRS board. Stoll says STRS has lost 33 billion dollars the last 18 months .... 42 per cent of the fund's assets ... and yet, the agency plans bonuses for 87 investment employees. One bonus is as high as 162-thousand dollars. The total is more than 3-million and that's on top of recent salary increases.
Jim Stoll, STRS Board Candidate: "This guy was making 270-thousand dollars. In one year, he got a 39,500 dollar raise. Then there's a bonus on top of that? A bonus on top of that."
STRS says having both fixed pay and bonuses is "a commonly accepted practice" in the investment field. It says STRS is in the bottom 25 percent of total compensation in the industry ... and it says STRS is run in an "extremely cost-effective" manner. Plus, STRS plans to temporarily suspend the bonuses, paying only 7/12ths of the planned amount to eligible workers.
But Jim Stoll says any bonus is outrageous when retired teachers may face benefit cuts due to STRS losses. If elected, Stoll says, he'll push to get those bonuses cut to zero.
"Teachers should, taxpayers should be up in arms."
The STRS says it paid health and pension benefits to 126-thousand retired teachers and their families last year ... totaling nearly five-billion dollars. The agency's board will vote on the bonuses this fall.
[Note: In October 2007, STRS assets were valued at $80 billion. In March 2009, the value was estimated to be $48 billion.]

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Urgent message to active teachers from Jim Stoll

April 13-14, 2009
TEACHERS - If You Were Planning To Retire After 30 or 35 Years With Full Benefits and Medical Coverage - You MUST READ This Before Voting In The STRS Election.
Dear Fellow Teachers:
Those of you who are active teachers and contribute to STRS already have received or will be receiving ballots to elect a new member to the STRS Retirement Board. CORE as well as former STRS Board Member and one of the original educators who revealed STRS spending malpractice in 2003, John Lazares, has endorsed me, James A. Stoll, for this position.
Like many of you, I have contributed to the STRS fund for more than 20 years. During the past several months, I have been actively encouraging the STRS Board to limit their frivolous spending, which needed to start with eliminating the "Bonus" Plan (PBI) for STRS Investment Associates. I exposed the enormous STRS salaries and bonuses by disclosing the attached schedules to teachers and retirees throughout the State. Thereafter, the STRS Board responded to pressure from members. The Board, however, voted only to "suspend" (as opposed to eliminate) these outrageous bonuses, which topped out at $259,200 for one of our Investment Associates. It has come to my attention that many Strs members are under the misconception that the bonuses have been eliminated – this is not true. In fact, the Board is planning to pay "7/12" of the 2009 Bonuses in September 2009 (some as high as $165,000) ........... for losing more than thirty billion dollars ($30,000,000,000) of our pension assets. For those who are interested, I have attached a spreadsheet [click here to view] of the 2009 Preliminary Bonus figures for these "7/12" Bonuses. The STRS Board has not and probably will not, publish this information -- I had to make a public records request to get it! You have the right to know how your retirement funds are being spent.
We have all heard the phrase, “No Good Deed Goes Unpunished.” It appears that my persistence has ruffled the feathers of some at the STRS and the OEA. My disclosure of the enormous losses and inexplicable expenditures has been characterized by the OEA as a "cynical exploitation of the Emotions of Educators." Let me assure you that there is nothing cynical about me or my desire to fix this problem that is jeopardizing our futures. Let me also assure you that I do not care how many bureaucrats get upset in the process. As for “the Emotions of Educators” – I submit that the Educators in Ohio certainly should be emotional about this travesty.
Here is my response to those at the STRS and OEA who chose to criticize me. Educators do have a "Right To Know" how 10% of every one of their paychecks is being spent. Taxpayers do have a right to know where 14% of their School Board's dollars are going. Teachers, Principals, Superintendents, School Board Members, Retirees and Taxpayers have a "Right to Know" that 83 STRS investment associates are going to receive their 7/12 Bonuses in September unless a CHANGE is made. Some of these bonuses will be as much as $165,000, despite a loss of over $30,000,0000,000 in the past 18 months.
In its March ENews to teachers and retirees, the STRS sent the following message and I quote: "This means that, unless changes are made, the system would eventually be unable to PAY members earned benefits. As a result the (STRS) Retirement Board needs to look at options, other than higher investment returns, to strengthen the solvency of the pension fund. These options could include, changes to contributions, the minimum retirement age, early retirement factors, cost to purchase service credit, the retirement formula, cost of living (COLA) or how final average salary is calculated."
IN OTHER WORDS: The Board is exploring changing and/or cutting your retirement benefits while at the same time planning to pay huge "Bonuses" to their staff. Interestingly, in the vote to suspend the bonuses (a 6-3-1 vote), former OEA-endorsed Board Members Tim Myers and Mark Meuser voted AGAINST suspending the bonuses and Connie Ramser abstained.
I would love your vote, but only if you agree with me and believe that paying these outrageous salaries and bonuses, while planning to cut our benefits, cannot be tolerated.. If you want what I want -- to reign in spending, keep benefits as they are, and hold investment staff accountable for losing 40% of our pension assets -- then I would encourage you to vote for me, because that is what I intend to fight for.
I am providing the following links for those interested to read for some unbiased media reports of STRS so you can form your own opinion and not take my word or the word of others.
Just this week, there were reports of Governor of Missouri speaking out about similar atrocities occurring in that State’s public pension system. Governor Jay Nixon called the bonuses “unconscionable” after the Post-Dispatch brought them to his attention. He stated, “It defies common sense that these folks would preside over the loss of almost $2 billion and receive bonuses,” he said Friday.” Nixon said it was “especially galling” that the investment staff received five- and six-figure bonuses in a year when the rest of the state work force is getting no raises. “This bonus system is clearly broken, and we’re going to fix it,” Nixon said.
http://www.kathiebracy.blogspot.com/ is also a great resource for STRS Ohio issues.
Fellow Educators, our system is broken and I intend to do everything in my power to help fix it. I appreciate you taking the time to read this message. If you want to take direct action I'd encourage you to Email STRS Exec. Dir. Mike Nehf nehfm@strsoh.org and the STRS Board board@strsoh.org and tell them to "Eliminate the Bonuses." Feel free to copy (cc) me on the email if you wish. jastoll@yahoo.com
Respectfully,
James A. Stoll
Director of Athletics
Sycamore High School
STRS Board Candidate
7400 Cornell Rd.
Cincinnati, Ohio 45242
jastoll@yahoo.com

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