ORSC (Ohio Retirement Study Council): Blame the Victim!

From Dean Dennis

August 14, 2021

Please find attached a letter from Jeff Bernard, Senior Research Assistant, to ORSC Chair, Rick Carfagna.

In the letter the ORSC seems to fault yesteryear's classroom teacher for not having a COLA. They, "did not adequately fund the benefit" is their reasoning. 

The ORSC, which exists to oversee the five pension plans, doesn't find any fault with their actions, those of the Ohio Legislature, nor those of STRS which was managing our monies.  

If memory serves us well, this generation of teachers HAD to pay into the Defined Benefit Plan and were told the employer assumes all the risks. Retirees, victims of the ineptness of others, now finds the ORSC suggesting that retirees are responsible for the plight of active teachers. Active teachers are also being burned by the same ineptness. 

Certainly, some attention needs to be focused on STRS trustees but blaming a generation of teachers for today's problems is shameful, as is pitting active teachers against retirees. Perhaps current STRS trustees will focus on managing STRS and not allow STRS to do business as usual. Not entertaining new ideas or arguing over whether the word "transparency" belongs in Board Policy is not representing members nor will it advance solving STRS problems.

These issues will be presented to Board Members at Thursday's Board meeting.

Dean Dennis