Today’s Ohio Legislative Journal reported that: "STRS lost $5.3 billion in 2022 alone. In 2023, it lost $27 million invested in the failed Silicon Valley Bank. In addition to those — the cost of living adjustments, or COLAs, were suspended for more than 150,000 retired Ohio teachers for five years starting in 2017. In 2012, the qualifying retirement number was moved from 30 years to 35 years. Last year, this was changed to 34.
Then, the board approved $10 million in bonuses for their staff.”
Ok - so we know the controversy and the effects of that controversy on over 530,000 retirees.
On the other side of the controversy is the allegation that some of the board supported shifting assets to an untested investment company (to the tune of $65 billion - from the roughly $94 billion in the fund). The anonymous memorandum, cited by OAG Yost, noted metadata in communications by some of these board members - which communications were purportedly drafted for them by the untested investment company and which strongly supported investing with this entity.
Steen and Fichtenbaum need to be more transparent in their assurances that they do not have a conflict of interest in supporting the untested investment company.
How can the retirees be assured that $65 billion of the fund will not be sent to a novice entity? Transparency from both sides of this fight.
Michael, that FALSE figure of $65 Billion was really a much smaller sum of $250 million test market investment. Michael, someone was blowing smoke up your hind end.
And here is a quote from the Beacon Journal today: “In November 2021, Fichtenbaum made a presentation to the STRS board that advocated partnering with QED. He suggested that to earn an additional $4 billion in returns, STRS would have to commit $65 billion to the strategy, according to a transcript of the meeting.”
So glad to read this, David. And particularly pleased that the point about Robert’s Rules of Order was addressed! Let’s keep the record straight. Keep up the good work in Ohio.
As an STRS retiree, I'm basically unable to discern from any (other) source what is going on at STRS. Thanks, David, for keeping on top of it. However, the suggestions of handing over billions of our money to some sort of new investment firm have made me very nervous for the past few years, because I've seen no useful information about it at all in candidate bios, etc. Now here, this guy in the video makes it sound like it's just about investing in index funds instead of alternative investments and hedge funds actively managed by people who get bonuses. Is this really what that question -- how to invest STRS funds -- is all about? Or is this new firm they keep mentioning just another vehicle for a brand new opaque investment scheme that some of the reformers seem to like? It shouldn't be that hard for STRS members, or the public, to find out, but it is. Do you know?
So, is there any way to find the connection between Aon and DeWeenie? I mean, of course there is one; we just need to find a way to make it public. And is Yost also connected? How about LaStink?
Today’s Ohio Legislative Journal reported that: "STRS lost $5.3 billion in 2022 alone. In 2023, it lost $27 million invested in the failed Silicon Valley Bank. In addition to those — the cost of living adjustments, or COLAs, were suspended for more than 150,000 retired Ohio teachers for five years starting in 2017. In 2012, the qualifying retirement number was moved from 30 years to 35 years. Last year, this was changed to 34.
Then, the board approved $10 million in bonuses for their staff.”
Ok - so we know the controversy and the effects of that controversy on over 530,000 retirees.
On the other side of the controversy is the allegation that some of the board supported shifting assets to an untested investment company (to the tune of $65 billion - from the roughly $94 billion in the fund). The anonymous memorandum, cited by OAG Yost, noted metadata in communications by some of these board members - which communications were purportedly drafted for them by the untested investment company and which strongly supported investing with this entity.
Steen and Fichtenbaum need to be more transparent in their assurances that they do not have a conflict of interest in supporting the untested investment company.
How can the retirees be assured that $65 billion of the fund will not be sent to a novice entity? Transparency from both sides of this fight.
Agreed. Maximum transparency needed for the teachers and retirees. It’s THEIR fund.
Michael, that FALSE figure of $65 Billion was really a much smaller sum of $250 million test market investment. Michael, someone was blowing smoke up your hind end.
And here is a quote from the Beacon Journal today: “In November 2021, Fichtenbaum made a presentation to the STRS board that advocated partnering with QED. He suggested that to earn an additional $4 billion in returns, STRS would have to commit $65 billion to the strategy, according to a transcript of the meeting.”
That sum was listed in the anonymously authored memorandum cited by OAG Yost.
So glad to read this, David. And particularly pleased that the point about Robert’s Rules of Order was addressed! Let’s keep the record straight. Keep up the good work in Ohio.
Thank you, David. Yesterday was Day 1 to stop the misspending, mismanagement and entitlement exhibited by the STRS Administration,.
Thanks David! Stand up to bullying because the bottom line is that all bullies are cowards
Thanks for this. There's so little good news that comes out of Columbus.
This is awesome. Thank you.
As an STRS retiree, I'm basically unable to discern from any (other) source what is going on at STRS. Thanks, David, for keeping on top of it. However, the suggestions of handing over billions of our money to some sort of new investment firm have made me very nervous for the past few years, because I've seen no useful information about it at all in candidate bios, etc. Now here, this guy in the video makes it sound like it's just about investing in index funds instead of alternative investments and hedge funds actively managed by people who get bonuses. Is this really what that question -- how to invest STRS funds -- is all about? Or is this new firm they keep mentioning just another vehicle for a brand new opaque investment scheme that some of the reformers seem to like? It shouldn't be that hard for STRS members, or the public, to find out, but it is. Do you know?
So, is there any way to find the connection between Aon and DeWeenie? I mean, of course there is one; we just need to find a way to make it public. And is Yost also connected? How about LaStink?