Robin Rayfield: ORTA Announces Effort to Review STRS Finances

October 27, 2020

Foreword by Dean Dennis: 

Tomorrow we will be posting how you can contribute to the STRS Forensic Audit. I have already contributed electronically by doing a test run. It was simple. When you contribute, those of you who are not a member of ORTA will be given an opportunity to join ORTA for only $15 the first year which is half price. I hope everyone chooses to join as there is strength in numbers and we need a strong organization.) 

Below is from Dr. Robin Rayfield:

The time has come! The ORTA Board recently voted to serve as the fiscal agent for an effort to engage Edward Siedle to conduct a forensic audit of the STRS pension system. Edward ‘Ted’ Siedle (principal of Benchmark Financial Services) is a former U.S. Securities and Exchange Commission attorney and globally recognized expert in pensions. His firm, Benchmark Financial Services, Inc., has conducted well over $1 trillion in reviews of pensions on behalf of pension plan sponsors and pension participants. To learn more about Mr. Siedle you can visit http://www.siedlewhistleblowerforensics.com/whistleblower.

This decision did not come easy. Throughout ORTA’s 73-year history of advocacy for the retired educators, ORTA has strived to ‘keep peace’ with STRS and avoid controversy. However, since the promised benefits to STRS retirees have been steadily reduced since 2013, and there is no planned return of these promised benefits, it is time for a review of what is taking place with our pension fund. STRS is in the best financial shape of the 5 public pension systems in Ohio, however, STRS retirees have gone at least 4 years without receiving the benefits they were promised. Some retirees have gone 8 years without an increase in retirement benefits! The loss of COLA, despite being promised by STRS and guaranteed in Ohio law at the time of retirement has no end in sight. When pressed for answers, STRS leadership simply states, ‘STRS will only consider providing a COLA after the pension system has reached a funding level of 85%’. Keep in mind that in over 100 years of existence STRS has only been at funding level of 85% or above a handful of times and has not been at 85% or more in the past decade. At the October STRS meeting the paid financial consultant for STRS (Cheiron) indicated that STRS is not likely to reach the 85% funding threshold for many years.

Thus, ORTA has agreed to participate in the collection of donations from STRS members to pay the fees associated with this external and independent review of STRS. To collect these donations ORTA has established an account at our partner Education First Credit Union. All donations collected for this purpose will be deposited into the Forensic Audit Account. There will be several ways that you can donate towards our goal of raising the $75,000 required for this forensic audit.