For the first time in a decade, a CTA member has been elected to serve as chair of the State Teachers Retirement System (STRS). Gary Lynes was elected unanimously by fellow board members to serve a one-year term as chair of STRS, a $100 billion pension fund that benefits 661,392 current and retired public school and community college teachers.
Lynes, a math and science teacher at Crocker Middle School in Hillsborough for 31 years, was also the last CTA member to serve as chairman 10 years ago. He has been on the STRS board for 16 years, and has served as chairperson for the STRS Investment Committee for the past 10 years. He also serves as president of the Hillsborough Teachers Association.
Gary Lynes, the newly elected STRS Board chair, addresses CTA's Retirement Committee and entertains questions at the March meeting.
As one of his first actions as chair, Lynes appointed former CTA Board member Karen Russell to the STRS Benefit and Services Committee, which oversees benefits and service delivery to members, including retirement counseling programs. Russell belongs to the Westminster Teachers Association and is a science and math resource teacher.
Lynes' new role means that California's two biggest retirement boards - STRS and the Public Employees' Retirement System (PERS) - are chaired by CTA members. The two boards have combined assets in excess of $200 billion. Dr. Bill Crist, a professor at California State University at Modesto and a member of the California Faculty Association, heads the PERS Board of Directors.
Lynes, 58, is a graduate of San Jose State University. A Vietnam veteran, he is the father of two grown sons. He describes himself as an avid outdoorsman who enjoys biking, hiking, skiing and backpacking. "I work hard and play hard," he says.
When he joined the STRS Board of Directors 15 years ago, he didn't think it would be hard work. He was told that being on the board would involve one meeting per month and a few additional hours. Instead, he spends "thousands of hours" reading about retirement and going to conferences to bone up on how to help teachers live comfortably when they leave the classroom after years of service.
"Boy, oh boy, what an education it's been," he reflects. "You can't get this kind of experience at any school in the country. I have learned about how pension funds work, how financial markets work, how legislation gets enacted and about actuarial studies, and the way all these mechanisms all get woven together. It's been a tremendous experience. The only way for me to learn was hands-on - by doing."
Describing his leadership style as "open and fair," Lynes says, "I give everyone time to speak. When it's time to make a decision, I try to focus the discussion on reaching a decision rather than trying to manipulate the decision. We're all very capable people with diverse opinions. Over the long run, we come up with the best decisions this way."
He is very proud of the STRS home loan, which he calls "a good deal" for teachers. "It offers zero down, zero points and 95 percent financing, with 5 percent as a silent second, until the teacher retires or sells the house. Teachers can't afford housing in many areas, so more should take advantage of this."
He is also working on legislation to increase the purchasing power for pensions from 75 percent to 80 percent of today's dollar value.
As for the big picture, Lynes says he would like to see the continuation of STRS stability, which is helped by diversified investments, "fantastic board and staff members" and a "well-run board that is non-political in nature."
"I work with great people," he says. "However, my job is to make sure that the policies in place outlast individual members so we can continue to have an efficient system that meets the needs of our members in the best possible way."
Sherry Posnick-Goodwin
