Nancy Hamant: Where are the actuarial studies for the Board changes?

From Nancy Hamant, January 25, 2011

Dennis Leone's summary of action needed to address the STRS Pension Fund's unfunded liability follows--read and keep it--as you will want to refer to it as legislators address the laws that cover Ohio Public Pension Funds. Also, remember that fiduciary responsibility for the STRS Pension Fund is held by the STRS Executive Director, the STRS Chief Financial Officer and each member of the STRS Board.

The actions of the fiduciaries need to be fair and equitable to all STRS members, both active and retired. Which brings up a question, what part of the Ohio Revised Code permits the direct access that the HPA has to the decision making process of the STRS Board? How is it that the HPA is provided direct access? Have HPA members been made fiduciaries? No other STRS members have such direct access or input. Where are all of the actuarial studies for any of the recommended changes?

Nancy B. Hamant