While retirees have watched their purchasing power erode by nearly 25% over the last 7 years, and while active members continue to pay more in retirement contributions than the value they receive in benefits, the people responsible for the problems at STRS continue to receive lavish unearned bonuses and ridiculous salary increases.
After the STRS budget was passed in June 2023 by a 6-5 vote (Bishop, Fichtenbaum, Foreman, Jones, Sellers voting NO), Executive Director Neville increased the salaries of the investment staff by an average of 17%. Several of the ‘fattest cats’ received salary increases of over 45%!
Talk about tone deaf leadership.
It is time for major change at our pension!