Press Release from the Ohio Retired Teachers Association August 18, 2022

STRS BOARD IGNORES WIDESPREAD OUTRAGE; VOTES TO PAY ITS EMPLOYEES NEARLY $10 MILLION IN BONUSES

State Teachers Retirement System voted 9-2 on Thursday to award $9.66 million in bonuses after losing $3 billion in fiscal year 2022

August 18, 2022

COLUMBUS, OH – Today the State Teachers Retirement System of Ohio (STRS) voted 9-2 to approve $9,660,000.00 in employee bonuses, the highest ever for the fund. The vote came even after retired teachers and others raised significant concerns to the board during the public comment period of the meeting.

“Today, nine members of the STRS board told everyone that they don’t care about retired teachers,” Robin Rayfield, Executive Director of the Ohio Retired Teachers Association said. “Approving $10 million in bonuses while retired teachers dealing with record inflation struggle to make ends meet leaves no doubt— it’s time for a complete turnover at the top. ORTA is thankful for the valiant effort of Dr. Rudy Fichtenbaum and Mr. Wade Steen for standing up for teachers and voting against the bonuses.”

Today’s STRS board meeting was the last meeting before three newly elected, ORTA-endorsed STRS Board members take office. Those newly elected members— Liz Jones, Julie Sellers and Steve Foreman—overwhelmingly defeated incumbents in May by advocating for reform.

“As disappointing as today’s vote was for retired teachers, we’re excited that new Board members who care about retired teachers will be in place at the next meeting,” Rayfield continued. “Teachers across Ohio are optimistic that STRS will once again soon be looking out for the best interests of Ohio teachers.”