Dean Dennis to STRS Board 10/21/21: Which side of the glass are you going to support?

From Dean Dennis

October 21, 2021

I am Dean Dennis, retiree.  Spokesperson for Ohio STRS Members Only Forum, Founder of the Ohio STRS Watchdogs, Member of ORTA's Legislative Committee and STRS Chair for Cincinnati Local 1520-R

First question is carried over from last month; have any Board members looked into how 2021 STRS total investment costs were only 12 basis points? It's curious that management posts the lowest investment costs in recent history, right after members raise $75,000 for a forensic audit. I guess the $75,000 was well spent because management suddenly saved around a quarter billion in investment costs. Can you look into this remarkable achievement so we can all learn from it?

Here's a question for STRS management, what is the plan to restore benefits so teachers can have a dignified retirement? You claim to be a top-tier pension plan. But for whom, your staff?  STRS management runs the only Ohio pension plan that can't provide a COLA. Under our top-tier management, active teachers receive less value for their employee contributions than any public employee. Let's look at the STRS, lobbyist. They seem to only protect the status quo. They don't address the fact that the STRS Employer Contribution has been stagnant for over 37 years and lags behind other non-Social Security states by over 8%. Who is managing our lobbyist?

More about our top-tier pension. Since July 2013, 30,000 retirees have died without receiving the pension they were promised. If you retired after July 2013, you've never even have seen a COLA. If you retired before July 2013, you have lost the equivalent of 7 years of promised COLA. 

Lastly, here's what we are facing. Inflation is projected to be at 6.1% by year's end. The largest jump since 1990. Here is the most recent Consumer Price Index information for the past 12 months: Food is up 4.6%, Clothes are up 3.4%.  Want to travel, gasoline is up 42%, airline travel is up 25%. Thinking about buying a new car, up 8.7%, a used car, up 24.4%. How about just staying home and enjoying retirement, natural gas is up 20.6%, electricity is up 5.2% and fuel oil is up 42.6%.  

In conclusion, Board members, both appointed and elected, we need you to unite. Business as usual is killing us. We are in dire need for change and fresh financial solutions. Members are frustrated. Which side of the glass are you going to support?*

* [Note: The STRS Board room is divided into two parts which are separated by a glass wall, behind which is seating for groups of attendees. Most of the teachers sit in this section.]