Remarks following the August 2021 STRS Board meeting

 August 19, 2021

(Author unknown)

STRS provided a rebuttal to the forensic audit.. But, most of the rebuttal did not provide many specifics with transparent substantiating evidence!

Retirees who spoke to the board after the report still had concerns.

Robin Rayfield, executive director of the Ohio Retired Teachers Association, said retirees and the system have "dueling experts" and that the solution is for STRS to provide more transparency by complying with record requests and providing information about alternative investments and their exact costs.

"Just tell us," he said. "We'll probably go away if what you're telling us is accurate. You folks trust these people. You trust them. You believe in them. These folks do not."

"If you give us the information, you have it, just click send, we'll get out of your hair. It's a simple solution," he added.

Other retirees called for the restoration of the COLA, saying it isn't right for staff and investment managers to receive bonuses when retirees aren't getting the increases they were promised.

Denny Jordan, a retired teacher from Wooster High School, said he has been a "model retiree" since his retirement and that costs have increased.

"I was wondering if as a model retiree if I could qualify for a performance-based bonus, kind of like the kind the STRS investment staff have been getting," he said. "I think a COLA would be easier, but a performance bonus would be nice, too."

Bob Buerkle said the discount rates suggested by consultants have long been pessimistic and ended up well below actual returns, meaning the board has cut benefits when not needed.

"Now comes Callan again, spouting the same prediction for the next 10 years, assuming that STRS might only earn 7%, and that would be on the high side. You took their advice aboard, despite earning 29% last year," he said. "I believe Callan needs to be replaced. Nobody can be right all the time, but Callan hasn't been right any time."