Friday, May 29, 2020

From Tom Bressi: Read what Ted Siedle, author of WHO STOLE MY PENSION? says about public pension boards

*”The people overseeing your pension are not knowledgeable about pensions or investments. They are incapable of making sound decisions and cannot be trusted to tell you the complete truth about how the pension is doing;"
*The Wall Street firms that have been hired by your pension to manage its assets are profiting at the expense of your pension (aka looting).” (p.255)
This ineptitude has created all the problems we are seeing with the fund. The Wall Streeters have targeted this ineptitude of public pension boards to loot your pension. In his 30+ years of doing forensic audits, rarely has Ted Siedle seen public pension boards actually represent the people they are supposed to...the stakeholders...retirees and actives.
Ted Siedle says the main cause of the pension crisis is “mismanagement of the investments” (p.99).
Correcting this is the “fix” to the crisis. Not once anywhere I have heard STRS or its board discuss this epicenter of the crisis.

Tuesday, May 26, 2020

Robin Rayfield: Remarks submitted to the STRS Board via the 05/21/2020 virtual Board meeting in lieu of public participation

Greetings STRS Board of Trustees and Staff. My Name is Robin Rayfield and I represent the Ohio Retired Teachers Association. I am a STRS beneficiary, having retired in 2011 after 30+ years of service.
I am sure that all STRS Trustees and STRS Staff are ready for the pandemic to come to an end and return to normal business. I appreciate that the current situation has placed a great deal of stress on everyone at STRS. Attempting to conduct business without meeting face to face with people investigating retirement is, no doubt, a daunting task. The recent market downturn is also making investments difficult for the investment staff. I thank you for your hard work in maintaining our pension system under such trying conditions.
The COVID 19 pandemic has presented many challenges. Challenges can also provide great opportunities. The introduction of 'virtual' meetings has been met by many organizations striving for transparency. I am happy to witness STRS' effort in providing a virtual opportunity to participate or observe the May STRS Board meeting.
As a leader of tens of thousands of STRS retirees, I would ask that STRS explore the possibility of recording STRS Board meetings and placing these meetings in a link that interested people could watch or listen to at a time and date convenient for each person. Many of our retirees have responsibilities that prevent them from attending in person or attending a virtual meeting in real time. With work or family obligations a significant number of STRS retirees are unable to attend STRS meetings. By recording and making available the meetings, all STRS members could become better aware of what is taking place with our pension system. If such an archive is made available, ORTA would do its best to provide this information to our members.
Local boards of education, village councils, and other organizations striving for transparency have made efforts such as creating podcasts of meetings. I urge STRS to do likewise. 
Larry KehresMount Union Collge
Division III
web page counter
Vermont Teddy Bear Company