A little STRS history lesson from State Auditor Keith Faber and John Curry: How that $90 billion COULD have been used
From John Curry
September 28, 2023
For our newbies -
In December of 2022 Ohio's Auditor Keith Faber released his findings in a "Special Audit" of STRS. Below is the cover page and page 28, a page which sums up just how poorly our STRS investment team really performed over the 13 year period when Wall Street had (for most of this period) record breaking yearly profits.
The bottom line....TEACHERS COULD HAVE 90 BILLON more dollars than we currently have IF our "crack investment team" would simply have used mostly index funds instead of their inept skills at investing (see the green line below). With that missing $90 Billion teachers would still only have to work 30 years for a full benefits retirement and retirees would have continuously received their promised 3% COLAs without interruptions. STRS did a good job of keeping this information from actives and retirees, didn't they? Here is a link to the full report. Comments and highlighting in red font are mine.
posted by Kathie Bracy at 11:45 PM
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