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January 27, 2012:

September 2009:  This is a copy of the letter that was recently sent to the STRS Board by the Executive Board of DCRTA:

Sondra Rhoades

9J 85 State Route 185 Bradford, Ohio 45308

Dear Mr. Neff and Members of the STRS Board,

   The Executive Board of the Darke County! Retired Teachers Association representing the members of DCRTA want to express some of our concerns. Several of our members attended the Town Hall Meeting held in Sidney; the perception was that the STRS and the investment advisors have forgotten that the money being invested belongs to the retired teachers.

        In the world we live in, when we lose money we must search for ways to cut our costs so that we can continue to pay our bills, buy groceries and the other necessities of life. We see local school boards being forced to make many cuts. Excellent teachers are losing jobs due to reduction in force. And then we find that the investment advisors (who have lost huge sums of money) are the same people who are suppose to be "investing for us” are being given large sums of money as bonuses. We are aware that these are difficult financial times and that the best of financial advisors are going to have losses. But when we see the large salaries and huge bonuses that are included, it is very difficult to for us to accept that we are being represented in the best way possible. We cannot accept the logic or the reasons put forth by STRS officials and board members to justify the outlandish salaries and bonuses of investment associates while considering various scenarios to reduce pensions or increase member contributions.

      Our desire is to see positive changes take place that will not hurt our members’ retirement dollars or benefits. One change we would like to see implemented would be that bonuses be adjusted downward proportionally or eliminated in times of investment losses and/or salaries be cut. None of us as retired teachers can even imagine receiving salaries such as these, nor were we ever given financial bonuses to the extent these advisors are. Since STRS is a public institution, we also request that STRS publish all employees' salaries annually.

   We are concerned about the changes in our health care, COLA reductions, our only "bonus" or increase throughout the year. As our COLA is reduced, each of the members’ expenses, especially health care continue to rise. We would like to see STRS make some reductions since we are being told to make this small reduction while large salaries and bonuses are still continuing to be made to STRS employees and investors. We are also alarmed that STRS staff and investment advisors, until January of 2009, ignored the ramifications of the national economic crisis and did not consider any staff cuts, salary freezes or spending curtailments of other government and financial institutions, let alone considering the economic down turn in our national economy. And we hope that STRS does not expect that only the members will have to make sacrifices.

  We as retired educators put our faith and trust, as well as our contributions which were made when we were active educators in the hands of STRS employees and the STRS board to wisely  manage our retirement funds. One must remember that the STRS is a public institution and not a "private-for-profit" business. The  investors at STRS do not have to compete for clients as  commercial businesses do because STRS's clients are the teacher members who are required by law to contribute 10% of their  salaries along with a 14% contribution by their employer to STRS for prudent and secure investment.

     We want to have confidence in STRS and the investment staff, but we feel that those who we should have faith in are undermining our we feel that those who we should have faith in are undermining our  trust due to perceived arrogance. We want the STRS employees   and Board to remember you are to be working for us and our future

Darke County Retired Teachers Association Executive Board

Sondra Rhoades, President DCRTA

May 15: Flyer from Leone Knore:

• There may not be enough money left in the teacher retirement fund for future retirees.

• STRS had assets as of 10/31/07 totaling $80.1 BILLION. The most recent calculations in April, 2009, shows

$47.6 BILLION in assets.

• While losing money, bonuses over $205,000 were given to ten STRS associates with salaries over $210,000

• STRS increased 2009 salaries for two investors by $39,500 (14.6%) for a total of $309,500 each!

• An STRS official publicly stated, “Teachers think this is their money. It’s not, it’s OUR money.”

The Ohio Revised Code 3307.15 states the STRS Board and officials need to “...discharge their duties solely

in the interest of the participants and beneficiaries...”

November 13, 2008:

In case of inclement weather a luncheon meeting will be cancelled if Greenville Schools closes for a snow day.  If the school system  remains open, the luncheon will be held.

September 11, 2008:

At our meeting today we celebrated special birthdays.  If you want to be honored in future birthday celebrations, make sure you let Marilou Coverstone know your birthday date.  Also, if you have changes in your address, telephone number or email address, please contact Marilou Coverstone and give her your changes.  You can email her at membership@dcrta.org