Robin Rayfield: Comments to STRS Board September 16, 2021

Greetings STRS Board Members 

My name is Robin Rayfield. I serve as the executive director of the Ohio Retired Teachers Association representing thousands of STRS beneficiaries. I am a STRS retiree, having retired in 2011 with over 30 years of service.  

Last month Mr. Neville presented a lengthy response to the Siedle report. The 53-page document provided by STRS management was presented ‘for discussion’. Unfortunately, there was no discussion by the board of the Siedle report or the Neville response. Certainly, I never expected STRS to receive a report that is so unflattering and say ‘Wow! We’ve been doing this wrong for decades! We need to change immediately’. I would have expected that board members would have ‘discussed’ both reports. As it is, I question if any of the board members read either of the reports.  

When a person only receives information from one source, their perceptions are often slanted. For example, if I only watched Fox News, or I only watched CNN, my view of the world would be slanted. I think the same is true of the way you folks receive information about STRS. If you only get information from the STRS management, then it's very hard to see any other perspective. Likewise, if retirees only receive information from Facebook or ORTA, then it is difficult to see any other perspective.

My challenge is for each board member to stop and challenge themselves. I do this often. What if Siedle is wrong? What if he doesn’t know what he is talking about? I ask you all to ask What if we have been having the wool pulled over our eyes for all this time? What if we are paying more fees that are reported?

Remember this… All ORTA wants is what we were promised, not more, just what we were promised. All actives want is a retirement that is worth what they are paying in. Who gets rich at STRS?  

Management people make large salaries working at STRS. They make more than every teacher and more than most superintendents.  

STRS investment staff are dependent upon bonuses to make their money. The pressure to reduce fees and inflate performance is real.  

External consultants receive large contracts and are indebted to STRS for money received in consultant fees and for money that they get paid from hedge fund managers.  

Wall St. money managers receive crazy money from fees charged to STRS.  

Everyone gets rich at STRS EXCEPT for the people that put the money in!