Report on March 2013 STRS board meeting

From STRS, March 18, 2013 

March Board News  
Actuarial Firm Selected
With the upcoming conclusion of its current contract with PricewaterhouseCoopers, STRS Ohio issued a request for proposal (RFP) for actuarial consulting services in November 2012. Proposals were received from seven firms. Staff reviewed the proposals based on criteria outlined in the RFP and selected four firms to make presentations to the Ad Hoc Actuarial Search Committee of the State Teachers Retirement Board. At the March meeting, the ad hoc committee recommended that the board authorize the executive director to negotiate a contract with the recommended firm. In making its recommendation, the committee noted that the firm offers expertise in a number of areas, including pension liability analysis, health care plan design and a broad understanding of national trends in the public and private sectors. The board concurred with the committee’s recommendation and approved a motion authorizing the executive director to negotiate, and subsequent to review by the board of a contract summary, execute a contract for the period April 1, 2013, through March 31, 2018.  
Board Adopts New STRS Ohio Mission and Vision
At its March meeting, the Retirement Board approved revisions to the organization’s mission, vision, guiding principles and strategic goals. The new statements are as follows:  
The mission of STRS Ohio is to partner with our members in helping to build retirement security
The vision of STRS Ohio is to be a leading retirement system by providing comprehensive retirement benefits and quality service to our members through exceptional financial performance, ethical business practices and responsible resource management.  
Guiding principles:

1. Make decisions that produce the greatest sustainable benefits for our members.  

2. Attract, develop and retain highly competent and motivated associates who have authority commensurate with their responsibilities.
3. Continually improve through research, development, evaluation and risk management.
4. Build an organizational culture that inspires a high level of professionalism and performance.

The board also approved revisions to the organization's strategic goals:

1. Implement STRS Ohio pension legislation into business rules and systems.
2. Develop options for the Health Care Fund that supports the STRS Ohio Health Care Program.
3. Ensure a high level of quality service to STRS Ohio members.
4. Attract, develop and retain a high quality STRS Ohio workforce.
5. Refine the STRS Ohio Defined Contribution and Combined Plans to maintain a quality retirement selection for members.
6. Improve overall investment performance within acceptable risk parameters as set forth in the STRS Ohio Statement of Investment Objectives and Policy.

Retirement Board Election Materials to Mail in April

The deadline to turn in nominating petitions for the 2013 Retirement Board election was Feb. 22. Only one individual qualified for a contributing member seat on the Retirement Board and that is incumbent Carol Correthers. Ohio Revised Code stipulates that the board is not required to hold an election for a position on the board if only one candidate has been nominated. At the March meeting, the board passed a resolution to elect Carol Correthers to the seat with a four-year term that begins on Sept. 1, 2013, and runs through Aug. 31, 2017.  
Four candidates qualified for the two retired teacher seats on the board: Dennis Leone, James McGreevy, Nadine McIlwain and Bob Stein. Election materials will be mailed by an outside vendor, VR Election Services, beginning on or about April 1. Voting will conclude on Monday, May 6. Retired members can vote via phone, Internet or by mail. The election tabulation is done by VR Election Services, and the president of the company will be at STRS Ohio on Saturday, May 11, to present and certify the results of the election.  
Retirements Approved
The Retirement Board approved 136 active members and 72 inactive members for service retirement benefits.