Kathie Bracy's Blog: A special message from the Ohio Retired Teachers Association 8/17/2022

From ORTA

August 17, 2022

Did You See the News?

The Columbus Dispatch:

After losing $3B, STRS pension staff due to get $9.6M bonuses. Retirees say no way.

August 16, 2022

The Columbus Dispatch

A group of retirees is asking the State Teachers Retirement System of Ohio to reject a plan to pay $9.66 million in performance bonuses to investment staff.

“In the face of the worst inflation in 40 years, there’s nothing more tone deaf and wrong than STRS paying nearly $10 million in as a reward for losing $3 billion last year. The STRS board should vote no on these bonuses," said Ohio Retired Teachers Association Director Robin Rayfield in a written statement.

The state's second largest public pension system is expected to consider the bonus pay at its meeting Thursday.

Read Full Story on Columbus Dispatch

Ohio’s teachers pension lost an estimated $3 billion in the last year. On Thursday, its employees are expected to get nearly $10M in bonuses.

August 16, 2022

The Cleveland Plain Dealer

COLUMBUS, Ohio - The board governing the Ohio’s teacher pension fund will consider a proposal on Thursday that could award $9.7 million in performance-based incentives to its investment associates, despite having lost $3 billion in the first 11 months of the year.

The fund for the State Teachers Retirement System of Ohio, or STRS, was valued at $94.8 billion June 30, 2021 and $91.8 billion on May 30 of this year, according to the most recent asset mix and portfolio performance report, posted online in mid-June. That’s a $3 billion loss.

...

If the board ultimately awards the fully proposed amount of $9.7 million, the bonuses would be the highest incentives STRS has given, Rayfield said.

“They lost money this year, and now they’re going to pat themselves on the back with their biggest bonus,” he said.

Read Full Story on Cleveland.com

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ORTA is Fighting for our Pensions!