Joe Lupo proposes an austerity program for STRS to correlate with the shameless harm they are inflicting on their victims: the teachers

April 24, 2023

By Joe Lupo

At the recent STRS Board meeting information was presented of a 100% FR (Funded Ratio). The 100% FR is aspirational and not necessary since 85% is considered healthy. The concern in this aspirational goal of 100%, is the time it would take STRS to achieve a 100% FR. The year would be 2032 for STRS to realize the restoration of "anything" which includes changes to the current retirement requirements and COLA. And with this, there is still no guarantee.

It takes only simple math to quickly calculate that it will 10 more years of being victims while STRS staff continue to enjoy the sweat of our labor and continue to fill their pockets. Once
again, the austerity program are the members while everything else at STRS is business as usual.

Since the culture at STRS expects us to continue to swallow their supposed austerity program, I am proposing an austerity program for STRS that will for the first time give them the opportunity to have skin in the game.

I offer the following to see how well they are able to swallow what they have been jamming down our throats:

1. All staff salaries frozen and no consideration of raises until 2032

2. Investment staff bonuses frozen until 2032.

3. No staff PBI's until 2032.

4. Moratorium on purchasing of accumulated staff sick leave and vacation leave until 2032.

5 Hiring moratorium on any new staff positions until 2032.

6. As attrition occurs, vacant positions will remain unfilled until 2032.

7. Moratorium on Board member, staff including the ED travel for any purpose until 2032.

8. Moratorium on any spending outside of providing current payroll to staff and benefits to members until 2032.

9. Cafeteria, childcare and fitness centers shut down immediately.

10. Board meetings to be held online, using Zoom or other Internet software, eliminating travel, meal expenses, and hotel rooms for Board members until 2032.

11. All Board agendas and correspondence sent on the Internet as a part of the overall cost reductions until 2032.

12. Elimination of all expenditures not relating to the direct benefit of members.

13. A moratorium on all other expenditures not included above until 2032.

The items listed above are just a start of what is actually necessary to restore the current solvency of STRS, and should not be interpreted as a complete laundry list. This would be an excellent opportunity for STRS staff to have some skin in the game since they have played a major source of the depletion of our retirement funds.

It would be more than interesting to see how they like a plan where they now become the victims and feel the pain that many of their members are experiencing, and justly reap what they have sown.

Does STRS really expect us to accept a 100% ratio which obviously buys them time between now and 2032 to cover up all the holes they have dug the past 30-plus years? We can only wonder why.
This is is exactly why we as STRS members are hostile with our postings and comments. If the tables were turned, I know without a doubt, the STRS staff would be equally or more hostile.

If 2032 is their attempt to provide a resolution to us as members, they have sorrily underestimated what has been going on since 2017. 

Joe Lupo is a retired school administrator and founder and administrator of the 33,500 member Facebook reform group, Ohio STRS Member Only Forum (“MOF”).