STRS News Release 8/3/12: Treasurer of State appoints Mayerfeld to State Teachers Retirement Board

From STRS, August 3, 2012

NEWS RELEASE -- STATE TEACHERS RETIREMENT SYSTEM OF OHIO (STRS Ohio)

Aug. 3, 2012

TREASURER OF STATE APPOINTS MAYERFELD TO STATE TEACHERS RETIREMENT BOARD

On July 16, 2012, Treasurer of State Josh Mandel announced his appointment to the State Teachers Retirement Board. Joining the board is Yoel Mayerfeld, who is currently the Principal & Managing Director of Chase Properties. Mayerfeld is active on the investments committee with Chase Properties, an Ohio-based company with offices in Beachwood, Ohio. Mayerfeld's previous experience includes years at Commerzbank Capital Markets Corporation, Deutsche Bank and Bankers Trust Company, where he worked in the finance and investment field. He is a graduate of Yeshiva University, where he received a bachelor's degree in Finance. Mayerfeld's appointment is to complete the four-year term begun by Dr. Daniel Martin, who resigned his position on April 20, 2012. Mayerfeld's term on the Retirement Board will end on Jan. 7, 2014.

Amended Substitute Senate Bill 133 passed in June 2004 included a provision that enabled the state treasurer to appoint an investment expert to the State Teachers Retirement Board. The 11 members of the board are compensated for expenses only.

STRS Ohio serves as the public pension fund for Ohio's public educators, providing retirement, survivor and disability benefits, as well as optional health care coverage for retirees.

Contact: Nick Treneff, Director of Communication Services, (614) 227-2825

STRS board to meet August 15, 16, 2012

From STRS, August 8, 2012

PUBLIC MEETING NOTICE

The State Teachers Retirement Board and Committee meetings currently scheduled at the STRS Ohio offices, 275 East Broad Street, Columbus, Ohio 43215, are as follows:

Wednesday, August 15, 2012

...8:30 a.m. Disability Review Panel (Disability Reviews will be conducted in Executive Session)

Thursday, August 16, 2012

...8:30 a.m. Disability Review Panel (Disability Reviews will be conducted in Executive Session)

...9 a.m. Audit Committee Meeting, followed by

Retirement Board Meeting

The Retirement Board meeting will come to order on Thursday, August 16, 2012, and begin with a Report From the Investment Department followed by a Report From CEM Benchmarking Inc., the Executive Director's Report, public participation, Enterprise Risk Management - Member Benefits Department, a Report From the Member Benefits Department - Pension Benefits, a Report From the Member Benefits Department - Health Care, routine matters, old business, new business and any other matters requiring attention.

STRS Ohio Presents Pension Reform Proposal to House Subcommittee

From STRS, Aug. 8, 2012

On Aug. 8, STRS Ohio executive director Mike Nehf told members of the House Health and Aging Subcommittee on Retirement and Pensions that the pension reform plan unanimously passed by the State Teachers Retirement Board in April is necessary to preserve the pension fund and that the board's action was taken to uphold its fiduciary duty to the members and retirees of the system. The House subcommittee has been holding hearings on pension legislation since mid-July and expects to take action on bills for all five Ohio retirement systems in September.

Mr. Nehf's presentation acknowledged that STRS Ohio's pension proposal is supported by the Healthcare and Pension Advocates for STRS — a coalition that is comprised of groups of active members, retirees and employers. The STRS Ohio plan increases age and service requirements for retirement; calculates pensions on a lower, fixed formula; increases the period for determining final average salary; increases member contributions to the system; reduces the cost-of-living adjustment (COLA); defers the COLA for future retirees; and calls for no COLA to be added in fiscal year 2014.

The Ohio Senate passed pension reform bills in May, but the House chose to wait for the results of an independent study — commissioned by the Ohio Retirement Study Council (ORSC) — of the retirement systems' pension plan design changes. That report was presented to the ORSC on July 11 and recommended the adoption of the systems' plans. Mr. Nehf referred to the study in his remarks to the House subcommittee, noting that the report stated, "Although (STRS Ohio's) proposed 30-year plan does not quite satisfy the objectives of fully funding the unfunded actuarial liability over no longer than 30 years initially, health care benefits are expected to remain solvent indefinitely and the retirement system is projected to meet the 30-year requirement by 2016 and be 100% funded by 2041."

Earlier in the hearing, Senate President Tom Niehaus (R-New Richmond) testified on behalf of himself and his legislative co-sponsor, Minority Leader Eric Kearney (D-Cincinnati) in support of the bills, saying, "I am proud that all five bills passed the Senate with overwhelming bipartisan support." Niehaus also recognized that the changes contained in the pension reform plans are not popular, but necessary. "I applaud the members of these plans for recognizing the economic necessity of accepting difficult choices in order to preserve their pensions and the opportunity to receive health care benefits," said Niehaus.

Following his presentation, Mr. Nehf and senior members of his staff responded to several questions from subcommittee members that covered a wide range of topics, including investment strategies, comparisons between the current reform plan versus earlier proposals and the impact that the federal health care laws will have on the system's health care plan.

Additional hearings are scheduled in August and early September. STRS Ohio will continue to use its website, newsletters and eUPDATE email news service to keep members and stakeholders informed about the progress of pension reform legislation.

CORE to meet for the last time August 16 and September 20, 2012

Details here.

STRS board to meet August 15, 16, 2012

Details here

CORE to disband; final meetings scheduled for August 16 and September 20, 2012

From CORE, August 6, 2012

CORE (Concerned Ohio Retired Educators) will hold an August meeting on Thursday, August 16th at the STRS building at 275 East Broad Street in Columbus. Parking is free in the STRS parking garage located behind the building. We encourage you to also attend the STRS Retirement Board meeting on the same day which usually begins around 9:00 in the meeting room on the 6th floor but this time varies from month to month. Lately the STRS meetings have been held most of the day on the following Friday as well as Thursday. For this reason, we suggest you check the STRS website (www.strsoh.org) to confirm the time.

Please remember that CORE meeting attendees usually leave the STRS meeting around 11:30 in order to go to the cafeteria on the 2nd floor to get our lunches. We then take our lunches to the small cafeteria room behind the Sublett Room on the 2nd floor where the CORE meeting begins promptly at 11:45.

The agenda for this August CORE meeting will be to plan our LAST meeting and ending ceremonies which will take place during the September 20th STRS Board meeting. At the September 20th CORE meeting, the CORE Board of Trustees will disperse the remaining treasury to the STRS healthcare fund for retired teachers with health care needs. The vote by the CORE Board of Trustees to call for the motion to disband the organization has already been approved. Our August 16th CORE meeting will provide to our CORE members the required 30 days notice of the motion to vote on the disbanding of the organization. We are hoping that all CORE trustees, officers, and members can attend both meetings. At the September CORE meeting, members will vote on the motion to disband the organization as well as discuss what we know about the final pension reform. The Sept. 20th meeting will also provide an opportunity for CORE folks to meet and say farewell.