Joe Lupo: A message to the new STRS Board members Steve Foreman, Julie Sellers and Elizabeth Jones

On behalf of all the MOF moderators and members, I would like to welcome our three new STRS Board members, Steve Foreman, Julie Sellers and Elizabeth Jones, and thank them for their courage in becoming a voice for ALL STRS members during a most difficult time. Because of the prior 30-plus years of OEA-endorsed majority boards and STRS leadership, we the members, through no fault of ours, have been put into a very difficult situation. As new Board members, your challenges are many and the time for change is now. We hope that you realize, as we do, time is not on our side.

The landslide May 2022 STRS Board election is clearly a mandate from both retired and active members, and clearly validates our concerns for a much needed major change in the management and operation of STRS. MOF was proud to endorse each of you and we will continue our support in helping you to fulfill your campaign promises. We are also very aware, that you will be exposed to an abundance of internal and external pressure in making decisions as the fiduciaries representing ALL STRS members. When you know you are doing the right thing but are being pressured to do otherwise, do the right thing anyway. 

We are also aware that you recently attended a new Board member orientation by Bill Neville and certain STRS staff members. We know from past experience, there was probably a well rehearsed "dog and pony show" of indoctrination packed with an abundance of bought-and-paid-for STRS propaganda and misinformation. We hope you will rise above all the STRS past and present rhetoric and be key players in insuring that we the members get the facts...and nothing but the facts.

Those of us who have been a part of this mission since May 2017 have seen things we never would have believed or dreamed possible with OUR retirement system. No member I am aware of, understands how our trust could be so violated by Board members that we had previously put our full faith and trust in. The trust level is now at a all time low, and for good reason. The Board has continued their purge on the members while at the same time continuing their frivolous and unnecessary spending on expenditures, which all are of no direct benefit to members. The Board has continued approving annual staff salary increases and outrageous bonuses to an investment staff who are responsible for negatively impacting our pension fund by losing almost 12 billion dollars during a period of only 6 months (12/31/2021 - 06/30/2022). Why should active and retired members have to continue to subsidize a retirement system that is clearly out of control?

Our concern has been and continues to be the present and future welfare of ALL STRS Members. If STRS continues on its current path to possible insolvency, we know there is no safety net for members by the State of Ohio Legislature. We will be on our own. Currently we have retired members who cannot meet their monthly expenses...even before inflation reached an all time high. Active members are paying a higher employee retirement contribution and a reduced final average salary calculation for their pension. These two factors are impacting their current finances and their future retirement which they have to work longer to be eligible for.

As new members we believe that you understand us, because you are one of us. It is now common knowledge that the STRS director, administrators and staff in the majority of cases make six figure annual salaries, and a large investment staff that makes even more, not including the millions they receive in annual bonuses. They can hardly relate to what STRS members are going through in today's economy. That is why you must right the STRS ship before it becomes financially unsustainable and sinks. 

It is our hope that each of you will be a shining light in bringing about the necessary changes at STRS. If not you, then who? And when?