Karen Loeffler: Some reminders for the STRS Board on what their job is SUPPOSED to be

From Karen Loeffler

June 15, 2023

My name is Karen Loeffler. I retired in July 2012 with 30 years experience as a high school classroom teacher and as a middle school counselor. I have worked in Columbus City Schools, an urban district; Eastland-Fairfield Career and Technical Schools; and in Pickerington Schools, a suburban district. I also spent countless hours as a volunteer in Pickerington, in a variety of capacities. I cannot think of a greater profession than one where you have the ability to connect with and impact the lives of so many: students, colleagues, parents, and community members. I count myself fortunate to have had these experiences.

I am not a financial expert, nor do I pretend to be. There are others with that level of training and expertise, and I rely on them to provide sound advice and information. There are some qualities that I expect from them, however, that apply to all of us in our dealings with others, personal and professional.

First is integrity, the quality of being honest and having strong moral principles. Next is dedication, the quality of being committed to a task or purpose. Finally, and most specific to the STRS Board and staff, is being a fiduciary, someone who is required by law to manage another person’s money and property for their benefit, not yours.

We expect to compensate people for their expertise, but when we see salaries and bonuses in the high six-figures, while members are denied cost of living increases on a regular basis, when we see spending with no real attempt to cut costs, and, to add insult to injury, we are called names like “malcontents” when we raise concerns in an attempt to correct what we perceive as injustice to us, it should be no surprise to anyone sitting on this board that members are angry and frustrated. When people speak out and are ignored, or treated with arrogance and condescension, it should be no surprise when their voices become angrier, louder, more strident.

Until the focus returns to providing a solid retirement benefit, with reasonable terms of employment and contributions, and providing a COLA on a regular basis as we were told we would have, we will continue to speak out about the conditions at STRS. And we will continue to remind you, loudly and often, of what it means to be a fiduciary, because you seem to have lost sight of what that truly means.