Wade Steen defines the problem with the STRS investment staff: they are threatened by any concepts or ideas that do not originate with them, nor do they even acknowledge that there is a problem

From Wade Steen

December 7, 2021

An open letter to STRS stakeholders

Hello All –

I would like to first clarify that the article is inaccurate in some areas and very skewed or slanted. There was and is no intention to immediately invest $65 billion dollars in anything. [See Laura Bischoff's article 'I wouldn't even invest my own money in this': Ohio teachers' pension pans $65 billion pitch, which was posted on this blog December 1, 2021; the article also appeared in other newspapers around Ohio under different titles.]

The truth is that Rudy, Bob and I were trying to present a concept. The problem is that the concept became a discussion of an entity QED. In my opinion this happened because STRS investment staff have been trying to kill this concept because it is a threat to them. The reality is that this same investment staff don’t even acknowledge that there is a problem.

The current structure of STRS creates a conflict of interest because any new idea not initiated by them is a threat. I do not care where the ideas come from as long as they help us address the problem which is active teachers are paying more in contributions and getting less and our retired teachers are not getting a COLA. 

This is what I think is important and I will continue to speak about.

It was approximately 2 years ago that I began speaking out at Board meetings vigorously concerning the lack of a COLA and I will continue to do that. I will push the investment staff and our investment advisors to come up with ideas and do better. I know that this will agitate some staff and other Board members and I’m OK with that.

STRS needs to make more money. We cannot continue the status quo. We owe it to the teachers of Ohio for all the demanding work they have done and the sacrifices they have made for the children of Ohio.

I am a proud graduate of the public Ohio school system and I owe a debt to those teachers in Fremont who so greatly impacted my life. Thank you for the chance to share my perspective.

Best always

Wade Steen