Martha McFerran to STRS Board, February 17, 2022: Stop stealing from us

I am Martha McFerran.  I retired from Columbus City Schools and worked at OSU.

Good morning, especially to the teachers who have traveled to be here.

Retirees and working teachers are united by your betrayal of us.

Hundreds of us have come to respectfully testify here before you.

I am in awe of their politeness…

in the face of your theft of their lives and funds…

in the face of your failure to provide for retirees while enriching yourselves.

Teachers have walked in here patiently…

citing statistics on outrageous fees.

Monthly, teachers come in here to document the harm you have done…

to present the shocking findings of an independent audit,

by a national expert in pension fraud…

asking for transparent accounting of funds and spending…

OF THEIR OWN MONEY!

 

I admire teachers’ civility…

their composure as they speak through their betrayal, anger and fear.

They document how you have ruined and continue to ruin the STRS brand.

They explain how we relied on that brand when planning our lives…

believing the experiences of our aunts and mothers… our uncles and fathers…

who taught English, math, industrial arts and technology.

 

You brag about members over 100 years old…

What would their lives have been like without multiple cost of living increases?

Your own economist forecasts inflation…

but you cannot provide a COLA for us….

even as other Ohio pension systems and Social Security do so.

The independent report shows the amount you mob have spent on fees could pay for COLAs.

 

YOU HAVE FAILED.

The only “benchmark” you should have is whether you’re taking care of us.

You’re not.

We work longer, pay more and get less…

While you pay outrageous fees and collect obscene bonuses.

 

And, don’t try to make yourselves feel better…

Because some retirees have other income…

For many, lot of us women…

this is all we have!

 

You are not working for Wall Street or on Wall Street.

You are working for the teachers of Ohio, a not-for-profit entity.

 

No one should have to come down here to tell you how to do this work.

We delegated this work to you like calling the plumber or dropping off the dry cleaning.

You’ve had 30 years. 

You can do better.

 

Winter has come.

And so has the State Auditor, Ed Siedle, Colleen Marshall and the members.

 

Stop stealing from us.