STRS retiree to Toledo Blade: It is time to return the COLA to the retired teachers

Toledo Blade

AUG 27, 2021

I have been a teacher in public schools for over 30 years. One phrase I heard over and over was, “The only constant in education is change.” Embracing this concept has made me a much better teacher. It is time for STRS (State Teachers Retirement System) Ohio to embrace the idea that change is constant.

STRS Ohio must embrace transparency. They should release all the information requested by the retirees for a private audit. It’s the retirees’ and active teachers’ money.

STRS Ohio must embrace how they invest the money. “Alternative investments” are risky investments that many successful pensions are abandoning. STRS Ohio was recently forced to reveal that STRS investors lost $500 million when Panda Power went bankrupt.

STRS Ohio must embrace how they pay their staff. Huge salaries, bonuses for mediocre returns, and out of control perks do not meet with STRS mission. This year alone, STRS Ohio approved bonuses of $6.7 million. -

Finally, STRS Ohio must embrace listening to voices of thought other than their own. It is a fool who listens to the echo of his own voice.

Change for the sake of change is not advisable. But change that improves STRS Ohio’s mission is necessary. STRS Ohio cannot continue with business as usual, it is time to return the COLA to the retired teachers. STRS Ohio must face change. STRS Ohio must embrace change.

GEORGE TEAGUE

Sylvania