Questions for Aristotle Hutras re: Performance audit on STRS and OFPRS

Kathie Bracy to Aristotle Hutras, director of the Ohio Retirement Study Council

Date: September 24, 2006

Subject: Performance audit on STRS and OFPRS

Dear Mr. Hutras,

According to the e-mail below, the performance audit report for State Teachers Retirement System (STRS) and Ohio Fire and Police Retirement System (OFPRS) was due to come out in May. This report has been at least two years in the making; I am wondering:

1. Why we haven't seen it

2. How much it is costing

3. Who is paying for it

The longer this drags on, the less good such a report is likely to do anybody, and the more expensive it will be. What is the problem? When will we get the report?

Kathie Bracy

STRS beneficiary

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From: Tom Curtis

Sent: Monday, January 23, 2006

Subject: 012306 Curtis To All, Performance Audit Due In May

Hello Everyone,

I talked with Mr. Aristotle Hutras, the director of the Ohio Retirement Study Council this morning and was told the ORSC is also anxious to get the performance audits behind them. IFS, Inc., the auditing firm handling this, is in the process of completing their reports for both the STRS & the OF&PRS and the planned presentations are in May. He told me it has taken so long because of the number of people that had to be interviewed and the handling of the non- investment bonuses and finalization of such for the STRS. They want the two retirement systems' work completed at the same time and presented the same month.

Take care,

Tom Curtis

CORE Advisory Committee Member