I am very disturbed with the recent news release, dated Nov. 24, 2013, that the Arizona State Retirement Board of Trustees is rewarding 10 investment managers $350,000 in bonuses for their performance in investments for the Arizona State Retirement System.
As a retired ASRS member, I have not received a cost-of-living increase since 2005. In the past eight years, the cost of living in Arizona has risen by 19.6 percent.
According to the second quarter “Your Retirement’’ newsletter, ASRS Director Paul Matson said, “At this time, the ASRS does not anticipate excess revenues to generate additional permanent benefit increases in the next several years.” This is ludicrous! Retirees won’t be seeing any cost-of-living increase for the next several years! Members of ASRS have waited long enough for a cost-of-living increase that is way past due. Performance bonuses should only be paid after ASRS is financially able to provide its members with an annual cost-of-living increase.
On behalf of myself and other retirees, I ask you to consider voting against the proposed bonuses for the 10 investment managers.
— Donald Sherbo lives in Tucson.