John Damschroder: I would be shocked if Ohio STRS isn't much worse.....

April 20, 2021

John Damschroder: "I would be shocked if Ohio STRS isn’t much worse in every aspect of this story. Pennsylvania oversight has engagement from statewide elected officials. In Ohio the RFP for

required audits go out 5 years after the deadline. It will be 7 years late. Meanwhile the forensic audit is going to show STRS has no idea what it pays in fees and has been quoting low cost status based on a made up number by CEM. The full but confidential report at STRS is diametrically opposed to the executive summary. They also have meaningful media coverage in Pennsylvania as opposed to what we’ve seen in Ohio." 

PSERS board reverses course and raises pension payments made by Pa. school employees

The Philadelphia Inquirer, April 19, 2021

 by Joseph N. DiStefano

In a costly reversal, the state’s largest pension plan said Monday that it would require school employees to pay more to support their retirement after the fund’s executives admitted reporting inflated investment results.

The board of the Public School Employees’ Retirement System voted, 12-1, to raise the amount that school employees hired since 2011 typically pay into the fund from 7.5% to 8%. Those hired since July 2019 would see a larger jump to 8.25% of their salary. The increases will take effect in July and last for the next three years.

Read more here.

John Damschroder, a Fremont, Ohio native who worked in Gov. George Voinovich’s administration, writes about business and economic development in Ohio.