STRS has over a 100 people in their Investment Department. STRS pays the investment firm, Callan Associates, over $700,000 annually for investment advice. Callan recommended an Earnings Assumption Rate reduction of under 7% to the STRS Board, however the STRS Board adopted a 7.45% Earnings Assumption Rate. Even this was a reduction from the prior 7.75% Earnings Assumption Rate. The STRS Board did this despite always earning over 8% for every 30 year Earnings Period. Let's contrast this to Tampa's Fire and Police Pension Fund. Tampa's Police and Fire Pension Fund utilizes a single manager. They have done so for 43 years. They have averaged over 12% annually, significantly more than Ohio STRS. Please listen to the interview with Tampa's Police and Fire Chief Investment Officer and contrast their success with ours. Perhaps our members who have been encouraging Ohio STRS to not get involved with alternative investments, such as Hedge Funds, are right. Perhaps our members who have been encouraging STRS to invest main in Index Funds designed to reflect the market returns. Members do not want our investment department taking so many risks attempting to beat the market.