Thursday, June 23, 2011
Wednesday, June 22, 2011
Michigan charter schools are short changing their educators' retirements and.....
Charter schools are publicly funded schools that do not have to meet all of the same requirements as traditional public school districts, including mandatory participation in the state retirement system.
13th Ohio Senate District Lorain
STRS and Ohio Police & Fire Pension Fund Executive Directors Speak Up!
State panel delays voting for pension-fund reviews
By Darrel Rowland
But the General Assembly wants an independent consultant/actuary to examine those plans and numerous related issues before the legislature approves them.
Tuesday, June 21, 2011
Ohio pension directors question the need (and expense) for an additional audit
By Darrel Rowland
The remarks came on the deadline for comments about a legislative plan for an outside actuarial review of the retirement systems. The Ohio Retirement Study Council's draft request for proposals to conduct that review was unanimously panned.
The proposal "duplicates studies already completed and millions of dollars already spent to comply with existing reporting or regulatory requirements at both the state and federal levels," said Michael J. Nehf, executive director of the State Teachers Retirement System, which he said has laid out $2.2 million on such studies during the past five years.
"We believe undertaking a study of the magnitude proposed in this (request for proposals) for all five systems could take years and run into millions of dollars."
Karen Carraher, interim executive director of the Ohio Public Employees Retirement System, said her system "has already spent in excess of $700,000 to develop its current recommendations. The draft (request for proposals) seems to suggest that the independent consultant will re-create that process and expense."
Lisa J. Morris, executive director of the School Employees Retirement System, wrote: "Without a fixed fee, every hour and additional question posed by interested parties (and we agree that this should be a highly public process) will drive up the cost with no barrier to cost." The school employees system already has spent more than $150,000 in actuarial costs.
Several of the pension system leaders noted that they submitted plans to restore fiscal solvency almost two years ago - with updates to some at the beginning of 2011 - but the legislature has done nothing to implement the changes.
"This plan was presented to the Ohio Retirement Study Council in September 2009 with an expectation of prompt legislative action," said Dan Weiss, executive director and chief investment officer of the Highway Patrol Retirement System, who said the patrol's proposal cost $60,000.
"Almost two years later, in spite of a record-breaking stock market recovery, long-term solvency is evasive, because it requires deliberate plan modifications. Further delays in enacting pension reforms will only necessitate more drastic changes at a later date."
William J. Estabrook, executive director of the Ohio Police & Fire Pension Fund, balked at turning over retirement system information, including confidential material.
"We will provide our materials to (the study council), but not to the vendor," he said. "OP&F would like an explanation on why the contractor needs to be on our premises. Who will determine what data and information is public information? Additionally, who is responsible for leaks of proprietary information?"
Mike Nehf's response to Senator Faber's comments
Director, Communication Services [STRS]
Robert...you said it well and.....in only 2 minutes and 15 seconds!
(Click image to enlarge)
Monday, June 20, 2011
Sunday, June 19, 2011
So, who is stretching the truth.....is it Sen. Faber or is it Executive Director Nehf?
Sent: Wednesday, June 15, 2011 11:22 AM
Subject: Pension Provisions
President Pro Tempore
12th Senate District