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Michael's avatar

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.

Katharine Hill's avatar

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.

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