The Ohio Federation of Teachers Donates $10,000 to the Forensic Audit Fund

OFT Supports Independent Audit for STRS

Ohio Federation of Teachers
Dec 18, 2020
Earlier this week, OFT’s Executive Committee voted to support an independent audit of STRS that is being organized by our allies at Ohio Retired Teachers Association (ORTA).The Executive Committee also voted to contribute $10,000 to the fundraising campaign for the audit.

Why is OFT supporting this audit?

STRS is an $80 billion pension fund serving more than 495,000 active, inactive and retired Ohio public educators. For a fund this large and complex, we feel it is beneficial to support a third-party audit and learn more about STRS’s finances. An outside audit isa good accounting practice, especially considering that STRS has had the same auditor for 15 years.

Having more information will be useful to us as we fight for the reinstatement of the COLA, however we do not expect the audit to reveal that STRS is at or near the 85%funding threshold that STRS has previously set as a requirement before considering are in statement of the COLA.

We also do not expect to uncover malfeasance. Though we trust that STRS is generally managing their finances well, we feel it’s important to verify that through this third-party audit.

Will OFT be involved in the 2021 STRS Board elections?

We are committed as a union to fight for the strongest possible pension system for our active and retired members, and having reliable voices on the STRS Board is critical to accomplishing this. 

We urge all active and retired members to engage in the upcoming STRS Board elections. There are three spots up for election in 2021: two for retired members and one for active members. We’ll need member activists to help circulate petitions to get these candidates on the ballot and to get out the vote — click here if you’d like to be part of this effort.

What else is OFT doing to protect and enhance retirement benefits?

OFT’s Retirement Committee has proactively advocated on behalf of retirees at STRS and in the legislature.

OFT has sent letters to the STRS Board to consider the full impact of reducing the rate of return on active members and retirees. We have encouraged review of the STRS dashboard to determine if it accurately reflects the correct mix of indicators to help the Board make sound policy decisions. And we brought hundreds of OFT retirees to STRS board meetings to support reinstating the COLA.

Legislatively, OFT had two bills introduced that would create greater transparency for pension funds. One bill would record pension board meetings. The second bill would provide more information about the fees associated with private equity funds.

Please let us know if you have any questions about this audit, the upcoming STRS elections, or our efforts to protect and expand retirement benefits. http://oh.aft.org/contact-us