Robin Rayfield on STRS's huge loss in the Silicon Valley Bank failure

Message from ORTA to Members

March 15, 2023

STRS loses millions more in Silicon Valley Bank failure

By now many of you have heard that the largest bank failure since the Great Recession took place over the weekend as Silicon Valley Bank (SVB) collapsed.

Out of all the public pension funds in the United States – guess which one had the largest holdings (by far) in this failing bank according to reports.

That’s right – STRS.

According to public filings Ohio teachers will lose millions of dollars in yet another example of STRS leadership asleep at the wheel.

Not only is STRS gambling away our hard-earned dollars, but they are horrible gamblers.

Enough is enough.

STRS fund mismanagement has resulted in lost COLA’s and broken promises for retired teachers while active teachers are being forced to pay more and work longer for less benefits.

It’s time for STRS Executive Director Bill Neville to save Ohio public education from further embarrassment and resign his position.

Earlier today, ORTA’s Executive Director testified in front of the State Board of Education informing them of this latest gambling loss and the recent vote of no confidence in the STRS Executive Director made by the STRS board.

Please click here to send a note to your representative on the State Board of Education  calling for real leadership change at STRS and the end of the Neville administration.

Your voice matters. Together we are making a difference.

Make Your Voice Heard

 Ohio Retirement for Teachers Association

250 E Wilson Bridge Rd, Worthington, OH 43085

614.431.7002

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