Tom Curtis gives us an idea of how badly STRS is bleeding

From Tom Curtis

September 5, 2022

2021 STRS Net Cashflow - edited

The left column information is taken directly from the FY20-21 Comprehensive Annual Financial Report published by STRS last December (2021). These numbers reflect an enormous daily shortfall of the STRS pension system.

The left column lists all contributions and deductions, which indicate that the STRS had a negative cashflow for the FY20-21 of (-$3,949,340,000). Divide that negative cashflow by 365 days (one year) and the results show STRS is bleeding ($10,820,109,589) per day.

The right column numbers represent business day numbers. There are 252 business days per year. The right column is simply the annual column divided by 252. Again, the negative cashflow for the FY20-21 is (-$3,949,340,000). Divide the negative cash flow by 252 business days and the math shows STRS in bleeding (-$15,671,984) per business day.

This graphic indicates just how much the investment staff must profit to make up the shortfall. Are they doing that, NO.

The OEA-controlled Board has always believed the staff deserves to be the highest paid staff in the nation and have awarded raises and bonuses to the investment staff every year since 2004. The red bar chart listing the bonuses per year, posted elsewhere on MOF, totals over 110 million dollars, excluding this year’s 10 million in bonuses.

The OEA control is gone from the Board. We need new management TODAY, not in a month or a year, but TODAY! Neville and the corruption culture need to be removed from the building ASAP! Neville is the only employee that has a contract, all others are "at will" employees. Make your voices heard members.

As you can plainly see, STRS is bleeding 10-15 million dollars per day. Retirees have not received their promised 3% COLA since 2013. Those that retired after July 1st in 2012 have never received a COLA

Mr. William Siegferth, 2nd vice-president of the Summit Co. RTA, educate yourself, for you know not what you say in the newspaper.

Mr. William Siegferth, 2nd vice-president of the Summit Co. RTA, educate yourself, for you know not what you say in the newspaper.