Two letters from Tom Curtis
From Tom Curtis
August 3, 2021
Subject: OEA and the ORSC Is And Has Been The Problem For Over 20-30 Years Concerning Lack Of Oversight of STRS
STRS retirees raised $75,000 for Ted Seidel to perform a forensic audit of STRS. The OFT donated $10,000 towards the audit.
OEA donated nothing, zero, nada!
OEA does donate a lot of money each election towards various political campaigns, some of those politicians are, or have been on the ORSC.
OEA did not push for the audit by the ORSC in 2016 as mandated by law in the ORC. The last audit was 2006.
OEA-supported elected Board members voted in favor of eliminating the COLA and raising the percentage paid in by actives (14%) and the requirement to have to teach for 35 years to receive a full pension, along with all of the other changes made in 2015.
OEA-supported elected Board members have dominated the Board for 20-30 years. These people are and always have been lay people. They are full-time teachers in their respective area of study. They have no expertise or education concerning the operation of a pension system. They have little time to prepare themselves for each monthly Board meeting. How can we count on these people to make decisions about our retirement system when they are not prepared to make educated decisions when voting for any motion set before them each month by the STRS staff?
OEA-supported Board members are given a large amount of documentation every month to read concerning the business that is to be discussed at the next Board meeting. How could a full-time teacher that has to prepare lesson plans, grade papers and the myriad of other responsibilities that are required of teachers possibly have the time to read all or any of those documents, let alone understand what the staff is presenting to them prior to the monthly meeting? These people have families and many responsibilities concerning their family. It is ludicrous to think that a full time teacher would be capable of this, isn’t it? Common sense should cause you to think, how could these teachers possibly be prepared to make an educated vote about most important policies that are presented by the STRS staff?
OEA-supported and elected Board members have voted in favor of all of the mismanagement and misspending the STRS staff has been guilty of for 20-30 years. They are simply good sheep, both to the OEA and STRS staff and they love having this caliber of people on the Board. This really has to end! We need people on the STRS board that have time to read and understand what they are to be voting for each month and not simply place their trust in what the STRS staff tells them. It is proven that the STRS staff do not provide transparency to Board members or auditors.
OEA has recently come out with some smoke and mirrors about training potential candidates for the Board. OEA never addressed this issue before? This is ridiculous! You are all teachers, do you believe that one or two basic training classes could possibly provide a candidate with enough knowledge to become a knowledgeable board member? Furthermore, how many candidates have the time to complete these training classes prior to the election? Is one or two training sessions going to prepare a possible candidate to become knowledgeable about the operation of a $94 billion pension system?
OEA and the ORSC have been complacent for years. They have been permitting the STRS staff to be untruthful and lacking in transparency. They are complete failures in performing their fiduciary responsibilities. This is all despicable and should cause every member of STRS to call for judicial intervention on our behalf.
STRS members, what we need is a change in the make up of the STRS Board. We need competent people on our Board. We need the ORSC to provide the oversight that is spelled out in the ORC concerning audit of all 5 pension systems.
If you doubt any of this information, please contact strsohiowatchdogs.com or go to the Ohio STRS Member Only Forum on Facebook or go to kathiebracy.blogspot.com and request validation.
Tom Curtis
STRS Benefit Recipient and Advocate For Change At STRS Since 2003
~ ~ ~ ~ ~
From Tom Curtis
August 5, 2021
The Future Of Our Board Chair Position
Most STRS members know that Rita Walters is the current Board chair. Her term will end in September. She was not re-elected to the Board earlier this year.
Think about this. In September, the incoming Board chair will be Robert McFee and Carol Correthers is the incoming Vice-chair.
My fellow STRS members, that flat out scares the heck out of me! All 3 of these people are OEA supported elected Board members. All three are full-time teachers.
Think about this. All Board members are given a large amount of documentation every month to read concerning the business that is to be discussed at the next Board meeting. I was told by a Board member that sometimes that stack of documentation can be 8-12” high. How could a full-time teacher that has to prepare lesson plans, grade papers and the myriad of other responsibilities that are required of teachers today possibly have the time to read all of those documents, let alone understand what the staff is presenting to them, prior to the monthly meeting? These people have families and many responsibilities concerning their family. It is ludicrous to think that a full time teacher would be capable of this, isn’t it? Common sense should cause you to think, how could these teachers possibly be prepared to make an educated vote about many most important policies and expenditures that are presented by the STRS staff? I would tell you I surly could not. It took me an entire year back in 2003-04 of attending monthly Board meetings to simply begin to understand all of the terminology used by the staff at board meetings. If you have ever attended an STRS Board meeting, I believe you would find the terminology to be confusing.
Retiree Robert Stein had been the Board chair, I believe just prior to Rita Walters. As many of you would know, Robert Stein was re-elected this year to a retiree seat on the Board, but then resigned his position shortly there after. Do you remember Robert Stein’s bio enclosed in all retirees ballots? Mr. Stein fancied himself, among other things, as an investment and actuary guru. I don’t think I have ever read a bio about a candidate that was as lengthily and specific about how qualified he is to be on the Board. Wouldn’t you think, as qualified as he claims to be, that he would have known what was taking place with the investment department? He indicated in his bio that he is currently operates an investment advisor firm. I would think that he might have had insider information he may have used concerning his own personal investments having been so close to the STRS investment department. Geez, I wonder why he resigned? Hopefully, by resigning, he has not escaped the ensuing investigations by the Federal Reserve Board or the FBI.
This brings me to the last concern I have to discuss today, the replacement for Mr. Stein’s seat on the board. I have read that each Board member will nominate one person to fill that open retiree seat. Are you ready for this? There is a possibility that Rita Walters will be selected to fill the remainder of Mr. Stein’s term. I have personally written to each Board member asking them to not replace Robert Stein’s position with Rite Walters for whatever good that will do.
Again, my fellow STRS members, all of what I have just conveyed flat out scares the heck out of me! John Curry recently posted a photo of the history of the Board Chair and Vice-Chair. Please check that out. You will see that only two people have served these position other then OEA supported elected members.
Tom Curtis
STRS Retiree and advocate for change since 2003
posted by Kathie Bracy at 9:17 PM
