Robin Rayfield reports on STRS News, the Forensic Audit and The STRS Board Election

From the May, 2021 ORTA Newsletter

May 28, 2021

By Dr. Robin Rayfield, Executive Director

STRS News

The STRS Board met on May 20, 2021. As expected, there was significant discussion on the Performance Based Incentives Program (investment bonuses program). The program is very complex and involves measures against performance in 1 year and a 5-year performance and measure. One thing seemed to be clear to me… STRS employees clearly understand the PBI program and at least some of the board members do not. The board did approve a PBI program for 2022 with Board member Wade Steen voting no on the motion. All other members voted yes.

Forensic Audit

Mr. Siedle’s work is coming along. He has learned a great deal about the investment program at STRS and some of what he has learned is troubling. STRS is not cooperating with Mr. Siedle’s work. Specifically, STRS refuses to provide public records that show how much of our retirement resources are invested in each of the alternative investments, nor how much those investments are worth at the present time. STRS is not being transparent with the information on where our money is invested and how well those investments are doing. In fact, Mr. Siedle is convinced that the only way to shed light on these investments is through the courts. You can see a video of the press conference Mr. Siedle and his lawyer Marc Dann held to announce the legal action against STRS lack of transparency at the ORTA YouTube Channel.

STRS Elections

STRS elections resulted in one new board member being elected. Rudy Fichtenbaum received the most votes of the retirees that were on the ballot. Bob Stein received the second most votes and was also elected for a 4-year term beginning in September of this year