Dean Dennis, strong teacher advocate, on why he endorses STRS Board candidates Julie Sellers, Steven Foreman and Elizabeth Jones who are committed to bringing about long needed change for all STRS stakeholders, active and retired

From Dean Dennis

March 12, 2022

Support Julie Sellers, Steven Foreman, and Elizabeth Jones. Read about needed changes!

ORTA, the Ohio Retired Teachers Association, has recently endorsed Sellers, Foreman, and Jones.

I also strongly endorse Julie, Steven and Elizabeth. Our Active and Retired teachers need these candidates at a time when some are trying to divide us. Sometimes we need to shake up the status quo. Everything we have been doing needs a fresh look. Reducing our unfunded liabilities by depending on the luck of a Bull stock market return AND transferring billions of dollars of promised retiree COLAs back to the STRS balance sheets isn't something STRS or Board members should be boasting about.

Active teachers should not have to work into their 60s. We need to work towards a formula change. Regarding the COLA, everyone needs a COLA in retirement. 

Here is what you may not know about the COLA. The gross lack of fair value on the Employees Contribution is largely because there isn't any COLA being factored into their contribution upon their retirement. When it is finally restored, watch what happens to the fair value. 

WE ALL need to work in the direction of restoring the COLA. 

WE ALL need to work in the direction of reducing the age 60 requirement (and then some). 

LASTLY, WE ALL NEED TO INCREASE THE EMPLOYER CONTRIBUTON RATE. At this point in time, under the Defined Benefit Plan, 100% of the Employer's Contribution is going towards paying off the unfunded liability PLUS around 3% of the Employee's Contribution. Immediately, the STRS Board should move to shift this 3% burden to the Employers Contribution rate.

At the last Board meeting I suggested they make this a resolution. Members should NOT be expected to supplement the Employer Contribution with their own monies while the Employer Contribution has remained stagnant for 38 years. 

Vote for change!