Saturday, July 27, 2013

ALEC, here's wishing you an UNhappy Birthday #40 on August 7-9!

From John Curry, July 27, 2013
Welcome to Chitown where you will be greeted with some folks who are going to blow out your birthday candles before you get a chance! Have fun! One of these days your bill mill will be stilled! Educators...following this article is a list (state by state) of ALL the ALEC sponsored "education bills" for 2013. IT WILL MAKE YOU SICK! Please share this with fellow educators!
John
P.S. ALEC invited the darling of public school privatization, Jeb Bush, to address them at their party. Are you surprised?
As ALEC Celebrates its 40th Birthday in Chicago, Protesters Prepare to Blow Out the Candles
July 26, 2013 
The American Legislative Exchange Council, or ALEC, the corporate "bill mill" which has advanced a potpourri of extreme anti-worker, anti-environment, and pro-gun legislation, is turning 40 years this year, and will hold its annual meeting in Chicago from August 7-9 in 2013. ALEC will be greeted in the Windy City by a broad coalition of good government groups, labor unions, as well as civil rights and religious groups, who will rally to say that 40 years of ALEC is nothing to celebrate.
ALEC’s 40th, like their previous meetings, will consist of closed-door meetings where corporate lobbyists and state legislators sit together on task forces and pass “model” bills, which the legislators then bring back and introduce in their home states with no disclosure. The state legislators in attendance will also be wined and dined at corporate-sponsored events and taken to fancy dinners with special interest lobbyists.
Protests and Educational Activities Planned to Counter ALEC’s Agenda
The special guests at ALEC’s 40th annual meeting include former Florida Governor Jeb Bush, sweetheart of the school privatization movement.
The Chicago Federation of Labor has put together a Facebook event, and explains why Chicagoans and others are raising their voices against ALEC: “ALEC is bringing state politicians to Chicago to push a dangerous agenda that rewards greedy CEOs at the expense of middle class families and our public schools and puts our safety at risk. Forty years of ALEC is nothing to celebrate,” the site says.
MOVIE SCREENING: On Wednesday, August 7, Common Cause, the Center for Media and Democracy, and others will host a screening of the Bill Moyers documentary the “United States of ALEC” followed by a panel discussion. The screening will be held at the University Center, 525 South State Street in Chicago at a time to be announced.
RALLY: At noon on Thursday, August 8, a coalition of groups, spearheaded by the Chicago Federation of Labor, is calling on people to gather outside the ALEC conference at the Palmer House Hotel, located at 17 East Monroe Street for a march and rally. You can tell them you are coming here. 
ALEC’s Influence Highlighted in CMD's Special Reports
In the weeks leading up to ALEC’s 40th Annual Meeting, the Center for Media and Democracy is releasing a series of reports identifying hundreds of ALEC bills that have been introduced around the country in 2013 that privatize public education, make it harder to hold corporations accountable for harm they cause, and block attempts to raise the minimum wage or give workers basic benefits like paid sick days.
Now...for ALL the 2013 ALEC sponsored education bills (please don't gag!),
John
ALEC Education Bills 2013
Read the Center for Media and Democracy's Special Report:
(Click here to view report and state-by-state chart)

Wachtmann vs. STRS - Article II (Why are we not surprised?)

From John Curry, July 27, 2013
Ohio lawmaker at odds with pension system
July 27, 2013
COLUMBUS
A lawmaker from northwestern Ohio and a state employee pension system are at odds over increased contribution rates that took effect earlier this month.
State Rep. Lynn Wachtmann of Napoleon, R-81st, who serves as chairman of the Ohio Retirement Study Council, says the State Teachers Retirement System of Ohio is breaking state law by upping employee contributions into alternative retirement plans, which are open to public college and university faculty.
He wants STRS to cease and desist post haste.
“This policy is merely robbing Ohio professors of money that they have rightfully earned,” Wachtmann said in a statement last week. “STRS’s failure or refusal to suspend this policy is unfair to the educators it affects and is disrespectful to the rule of law in our state.”
But STRS counters that the changes, adopted by its board earlier this year, are legal and proper.
“STRS Ohio disagrees with the recent allegations levied against the retirement system and maintains the recent increase in the ARP mitigating rate was made in accordance with Ohio law,” according to a statement released by Nick Treneff, the system’s spokesman.
STRS administers retirement benefits for primary- and secondary-school teachers and college and university professors. Most of those members are enrolled in a defined- benefit plan, or pension. Others opt to participate in defined contribution plans, comparable to 401(k) plans, or alternative retirement plans, which are open only to full-time college and university faculty.
As of June 2012, there were more than 168,000 participants in the STRS pension program. Another 7,954 opted for defined contribution plans, while 5,398 faculty members enrolled in alternative retirement plans. Earlier this year, STRS OK’d an increase in employee-contribution rates into the latter two programs, upping them to 11 percent from 10 percent.
Wachtmann said state law allows STRS to increase that mitigating rate for defined-contribution plan members but not for those enrolled in alternative retirement plans.
The Ohio Retirement Study Council, which he heads, instead has “exclusive authority” to adjust those rates, he said, citing an attorney general opinion on the issue.
Wachtmann wrote, “STRS is acting outside its legal authority and should immediately suspend such action. … It is very disturbing that STRS is ordering Ohio’s public colleges and universities to knowingly break the law. I share their concern in maintaining the ability to attract and hire the best and brightest educators in the country, something that may be hindered by STRS’s current and defiant act.”
Treneff said STRS officials met with Wachtmann this week and plan to meet again with him to discuss the matter further.

Thursday, July 25, 2013

Is it STRS or is it Lynn Wachtmann? Somebody is telling a fib!

From John Curry, July 25, 2013
Teachers’ pension fund acting illegally, lawmaker alleges
By  Darrel Rowland
The Columbus Dispatch
July 25, 2013
Leaders of the State Teachers Retirement System denied yesterday that the pension fund is engaging in illegal activity, as accused by the lawmaker who heads the state body overseeing Ohio’s public retirement systems.
Rep. Lynn Wachtmann, chairman of the Ohio Retirement Study Council, said the pension fund broke Ohio law by unilaterally hitting up nearly 15,000 professors and other public higher-education employees for 1 percent of their salary to cover STRS financial obligations.
A June research memo from the Legislative Service Commission backed up Wachtmann’s stance.
The Republican from Napoleon said last week: “Despite being informed numerous times that STRS in fact does not have this authority, including through an opinion released by Attorney General Mike DeWine, STRS has instead chosen to ignore all guidance and counsel and move forward with its plan. Therefore, STRS is acting outside its legal authority and should immediately suspend such action."
But spokesman Nick Treneff said yesterday, “STRS Ohio respectfully disagrees with the recent allegations levied against the retirement system by Rep. Lynn Wachtmann and hopes to work with Rep. Wachtmann to resolve differences in the interpretation of the sections of the Ohio Revised Code."
Treneff said the teachers pension fund “is acting within the law and appropriately as fiduciaries in the interest of all STRS-Ohio participants.”
The move, approved by the fund’s board in February, took effect this month. Those who have chosen to opt out of the fund’s traditional defined-benefit plan will now contribute 11 percent of their salary — an increase of 1 percentage point — into their defined-contribution retirement accounts (similar to a 401(k)). That compares with a 9.5 percent contribution for their public employer, a drop of 1 percentage point.
About 168,000 in the system’s defined-benefit plan, which essentially provides a guaranteed retirement check, would not be affected.

Wanna know the worst companies to work for in the US? Wait till you see who made Number 2!

I am posting only the link since it contains a video and a slide show along with the article. But I will print the answer to the above question in the white space below the link. You can see it if you highlight it.
EXPRESS SCRIPTS -- you know them!!!

STRS asset value as of May 31, 2013

From Mario Iacone, July 25, 2013
CURRENT ASSET VALUE as of MAY 31, 2013
69.2  Billion
UP 5.4  Billion
Current Fiscal Year
ASSET VALUE as of MARCH 31, 2013
68  Billion
ASSET VALUE as of FEBRUARY 29,2 013
67.3 BILLION
START of CURRENT FISCAL YEAR
approx 63.8 Billion
HIGH ASSET VALUE....2007
approx 80 Billion
LOW
ASSET VALUE...early 2009
approx 47 Billion
approx 11 Billion BELOW 2007 HIGH and
approx 22  Billion ABOVE 2009 LOW

Here's the raw data -- YOU figure it out!

Nick Treneff to Jim Stoll, July 12, 2013
Subject: RE: Meeting with STRS Leadership on Tues. Apr. 16 at 1 pm
Mr. Stoll,
As I noted below, the attached transaction sheets, along with the information we provided you on July 1, give you the data you need to calculate the gains and losses on these two securities.  STRS Ohio is not required to compile data in response to a public records request.
-Nick Treneff
Jim Stoll to Nick Treneff, July 12, 2013
Subject: Re: Meeting with STRS Leadership on Tues. Apr. 16 at 1 pm
Nick,
I'm told that Ms. Hoover can calculate the entire number of shares we hold in VXX and SDS in a matter of seconds along with cost basis and our current unrealized losses in both positions. For both accuracy and transparency sake as I plan to address the Board on this issue at the August/September meetings I would request that you send me this info directly so I don't make a mistake in calculating these ill fated trades which by my estimate have cost us 100 million dollars so far. That's more than then entire STRS Ohio yearly budget. Good grief. I look forward to your response to this records request.
Sincerely,
Jim Stoll
Nick Treneff to Jim Stoll, July 12, 2013
Subject: RE: Meeting with STRS Leadership on Tues. Apr. 16 at 1
pm
Mr. Stoll,
Attached are the previous purchases and sales of VXX and SDS that STRS Ohio provided you in March.  This, along with the data we sent you on July 1, gives you all of STRS Ohio's transactions in these two securities from which you can calculate the gains/losses to date.
-Nick Treneff
Jim Stoll to Nick Treneff, July 9, 2013
Subject: Fwd: Meeting with STRS Leadership on Tues. Apr. 16 at 1 pm
Nick
I wanted to be sure that you received this records request? Please advise.
Thank You.
Jim Stoll
Jim Stoll to Nick Treneff, July 1, 2013
Subject: RE: Meeting with STRS Leadership on Tues. Apr. 16 at 1 pm
Nick,
Perhaps I wasn't clear enough on my records request.  I would like to get ALL Transactions in VXX and SDS from the time we started to invest in them and would like to know our unrealized loss in both these postions as of today's date.  
By my calculation we have probably lost in excess of $80,000,000 million dollars on this ill fated "hedge"  and I'd like to be accurate in my figures when sharing this with others.
Thanks.  Please don't hesitate to call if you need further clarification as to my request for this information.
Jim Stoll
Nick Treneff to Jim Stoll, July 1, 2013
Subject: RE: Meeting with STRS Leadership on Tues. Apr. 16 at 1 pm
Mr. Stoll:
Attached is the reply to your questions about investment transactions in VXX and SDS. Regarding your question about PBI awards, the board does not vote on them in June, as the fiscal year does not conclude until June 30.  After the fiscal year closes, the fund’s performance figures are compiled and verified by Vincent Performance Services. Individual performance is then measured and PBI awards drafted for board review/approval.  That typically takes place in September.
Thanks,
Nick  
Jim Stoll to Nick Treneff, June 28, 2013
Subject: RE: Meeting with STRS Leadership on Tues. Apr. 16 at 1 pm
  
Thanks Nick,
Appreciate your help.  Has the Board approved the PBI bonus for this year yet?  They usually do that in June?  If so, Could you please send me that information in the same format as you have done in years past with  Title, Salary, Bonus and Total Compensation.
Thanks. Nick.
Jim
Nick Treneff to Jim Stoll, June 28, 2013
Subject: RE: Meeting with STRS Leadership on Tues. Apr. 16 at 1 pm
Mr. Stoll,
I just wanted to confirm that I am working on your request and should have the information to you on Monday.
Thank you,
Nick Treneff 
James Stoll to Nick Treneff, June 24, 2013
Subject: Re: Meeting with STRS Leadership on Tues. Apr. 16 at 1 pm
 
Nick,
Could you please send me in the same format as the ones you sent previously (see attached) all positions, trades, transactions, up to today's date, which STRS has in SDS and VXX.  Please consider this a public records request.  I'd like to see what has been done since we discussed this ill fated trading approach back in April. 
Thank you.
Jim Stoll
Nick Treneff to Jim Stoll, April 12, 2013
Mr. Stoll,
The attached document contains responses to the additional questions you had regarding two securities that STRS Ohio holds.  I've also attached the transaction sheets for these two securities again. Since the attached response refers to these sheets, I thought it would be easier if you had them together in the same email. 
At this point, Craig Brooks, Bill Neville and John Morrow (co-Chief Investment Officer) are scheduled to join us for the meeting on April 23.   
Thanks,
Nick  
Jim Stoll to Nick Treneff, April 10, 2013
Subject: RE: Meeting with STRS Leadership on Tues. Apr. 16 at 1 pm
  
Thank You, I will be there.   If you could let me know who will be involved when you have a chance that would be great.  I would like to prepare paperwork on my end for everyone who is in attendance so I will be sure to have enough copies of my information.
Thanks Nick.
Jim Stoll
Nick Treneff to Jim Stoll, April 10, 2013
Subject: RE: Meeting with STRS Leadership on Tues. Apr. 16 at 1 pm
It's confirmed we'll plan to see you on the 23rd.
Thanks,
Nick  
Jim Stoll to Nick Treneff, April 10, 2013
Subject: RE: Meeting with STRS Leadership on Tues. Apr. 16 at 1 pm
  
Yes, April 23 rd at 1 Pm would work for me as well.  Please confirm at your earliest convenience.
Jim Stoll
Nick Treneff to Jim Stoll, April 10, 2013
Subject: RE: Meeting with STRS Leadership on Tues. Apr. 16 at 1 pm
Mr. Stoll,
I'm afraid our proposed April 16 meeting date is no longer workable.  If you are available, I would like to schedule our meeting for Tuesday, April 23 at 1 p.m.  Please let me know at your convenience if this new date fits your schedule.   
I also wanted you to know that I should be able to send a reply to your follow up questions about the exchange traded funds before the end of this week.  
Thank you,
Nick Treneff  
Jim Stoll to Nick Treneff, April 10, 2013
Subject: Meeting with STRS Leadership on Tues. Apr. 16 at 1 pm
  
Nick,
Per our discussion on the phone I am trying to confirm the meeting with your STRS team for next Tuesday April 16 at 1 pm in Columbus.
Can you please confirm that date/time or if that doesn't work, let me know what date your team members are available to meet. 
Thanks.
Jim Stoll
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