Joe Lupo: There will be no peace until there is justice for all STRS members

From Joe Lupo

May 6, 2023

Commentary: WE WERE ONCE BLIND...BUT NOW WE SEE!

I want all MOF members to know what happened with the governor's purely political removal of  Wade Steen from the board on Friday and today's election victory has fully re-energized the MOF Central Team  and myself as the founder and administrator.

Today is the first day of a renewed vision for our mission.  We will continue to move forward on behalf of our members and along with each of you will continue to expose and ultimately dismantle the political machine in Columbus, Ohio.  We all know that machine well. In the past 6 years they have continued to turn a deaf ear to the many concerns of STRS members and that must change or they must be changed...one by one!

Our motto moving forward is; "There will be no peace until there is justice for all STRS members."

In closing, let me express my sincere appreciation and gratitude to all all our members for your posts, comments and continued support for MOF.

Joe

Mike DeWine switches up teacher pension board appointee before key election

Mike DeWine replaces his appointee to the STRS Ohio pension board

https://www.dispatch.com/story/news/politics/state/

2023/05/06/mike-dewine-replaced-his-appointee-to-the-strs-ohio-pension-board/70184571007/ 

Laura A. Bischoff

The Columbus Dispatch

May 6, 2023

Mike DeWine switches up teacher pension board appointee before key election

Board oversees $95 billion invested for 500,000 teachers and retirees.

Gov. Mike DeWine on Friday replaced Wade Steen on the State Teachers Retirement System of Ohio with real estate investor G. Brent Bishop but Steen said the governor lacks the authority to remove him.

The governor's office said Steen was informed that DeWine needs an appointee on the pension board who can dedicate the necessary time and attention to the task. Steen's board meeting attendance record was not immediately available.

DeWine's move came a day before votes were tallied for another seat on the 11-member board, which oversees $95 billion invested for 500,000 teachers and retirees.

Berea teacher Pat Davidson easily ousted incumbent board member Arthur Lard, a Portsmouth teacher. Davidson, whose four-year term begins Sept. 1, received 20,140 votes to Lard's 8,853 votes.

The STRS Ohio board has faced infighting and turmoil  over the past few years. Retirees are angry over the elimination of cost-of-living allowances, a perceived lack of transparency and the payment of bonuses to pension investment staff despite investment losses.

Those retirees, who are active in Ohio Retirement for Teachers Association and STRS Watchdogs, have the ear of a growing faction on the board. They've called for a change in the pension leadership, more transparency in investment fees and consideration of an investment strategy pitched by a start-up company.  Steen had expressed support for the start-up company and its approach.

Former Republican Gov. John Kasich first appointed Steen to the board in 2016 and DeWine reappointed him in 2020.

"I am also the board member who began asking hard questions which uncovered that STRS staff are getting paid bonuses on questionable performance benchmarks. I have spoken out for more transparency and accountability. This is what I have been fighting for and will continue to fight for until my term ends on September 27, 2024," Steen said in a written statement.

Robin Rayfield, executive director of Ohio Retirement for Teachers Association, said in a statement that DeWine's "attempt to manipulate" the board make-up hours before election results "only reinforces the broken trust that educators have with their pension system. To say this pours jet fuel on the fire is an understatement."

Read the rest of the article here.

Laura Bischoff is a reporter for the USA TODAY Network Ohio Bureau, which serves the Akron Beacon Journal, Cincinnati Enquirer, Columbus Dispatch and 18 other affiliated news organizations across Ohio.

Wade Steen to Governor's Office: I am not resigning

 

Gov. Mike DeWine replaces member of teacher pension board

From NBC4i.com

By Colleen Marshall, Orri Benatar, Maeve Walsh
May 6, 2023

COLUMBUS, Ohio (WCMH) — A man who sits on the board for the State Teachers Retirement System (STRS) was asked by Ohio Gov. Mike DeWine to step down.

In an email obtained by NBC4, STRS board member Wade Steen indicated that the governor’s office had requested he step down. Steen was appointed to the STRS board by then governor John Kasich in 2016 and his term extends through Sept. 2024, according to the STRS website.

On Friday, Gov. DeWine released a list of recent appointees and among them was Dublin’s G. Brent Bishop as a new board member for STRS. Bishop’s term began on Friday, per the governor’s office, indicating that Steen is already off the board.

“Mr. Steen served at the pleasure of the governor,” said the governor’s spokesman Dan Tierney to NBC4’s Colleen Marshall. “The governor made it clear he needed someone to represent full-time the needs of teachers on the board.”

Steen claimed to the governor’s office they do not have the authority to revoke his board membership, according to the email NBC4 obtained. Sources within a group of retirees who have opposed recent actions of the board told NBC4 that Wade Steen was forced off the board when Gov. DeWine realized that the balance of power would tip.

TRS just completed an election on Saturday for a new member of the retirement board which saw Pat Davidson defeat Arthur Lard by 12,000 votes to occupy an open seat. Davidson is scheduled to begin his term on the board in September.

Managers of Ohio’s $90 billion public teacher pension fund are considering a larger round of bonuses for its investment staff despite retired educators’ concerns. At a monthly meeting in April,presented to its 11-member board a proposal to set aside $11.1 million of its $115 million budget in 2024 for performance-based bonuses for its investment staff.

Read the rest of the article here.

Pat Davidson elected to STRS board

From Tom Curtis

May 6, 2023

Just moments ago the STRS board election results were announced and reform candidate Pat Davidson overwhelmingly defeated incumbent Arthur Lard 70 to 30 percent.  His four-year term will begin on September 1st.

This was one of the largest margins of victory in board election history.

With this historic win, teachers throughout Ohio made clear their desire to instill much needed reform in the boardroom and hallways of STRS.

Anti-reform special interests spent untold amounts of money on television commercials, robocalls and online ads spreading misinformation about Pat Davidson.  Despite this onslaught of scare tactics and flat out lies, teachers stuck to the facts and chose reform over the status quo.

Thank you to everyone who took the time to vote for Pat Davidson and to support efforts to Save Ohio STRS!  Now the real work begins to usher in real reform, transparency and accountability.

Tom
Save Ohio STRS

Wade Steen is still on the STRS board because this attempt to remove him is not legal

Statement from Robin Rayfield, Executive Director of Ohio Retirement for Teachers Association (ORTA)

May 6, 2023

Wade Steen is still on the STRS board because this attempt to remove him is not legal.  The applicable statute governing the STRS board makes clear that only a court can remove a STRS board member. It seems like the Governor’s staff made a mistake by plowing ahead after Wade refused to resign – a mistake teachers hope is quickly remedied. If this was not a mistake, then it was an illegal action that is not valid and should be challenged.

This attempt to manipulate the composition of the board, especially just hours before election results are announced for a contested board seat, only reinforces the broken trust that educators have with their pension system. To say this pours jet fuel on the fire is an understatement.  

I implore Governor DeWine to sit down with Wade Steen and the other five pro-reform members to hear firsthand why reform at STRS is so badly needed. Teachers are praying the Governor will respect the votes of Ohio teachers who have elected reform candidates to the STRS board for the past five elections. Wade Steen is part of the solution not the problem. He is exposing STRS mismanagement and fighting for more accountability while STRS pays contrived bonuses to state employees after they lost billions of dollars of teachers’ money.

As a reminder, Steen was twice appointed to the STRS Board. First by John Kasich in 2016 and then reappointed by Mike DeWine in 2020.

2023 Election Results - from STRS

 

 

Governor Mike DeWine switches up teacher pension board appointee before key election

From STRS Ohio Watchdogs 

Saturday, May 6, 2023

Gov. Mike DeWine on Friday replaced Wade Steen on the State Teachers Retirement System of Ohio with real estate investor G. Brent Bishop.

The governor's office said Steen was informed that DeWine needs an appointee on the pension board who can dedicate the necessary time and attention to the task.

The move came the day before votes would be tallied and announced for another seat on the 11-member board, which oversees $95 billion invested for 500,000 teachers and retirees.

Berea teacher Pat Davidson is challenging incumbent board member Arthur Lard, a Portsmouth teacher.

Voting began in early April and results are expected to be announced Saturday.

The STRS Ohio board has faced infighting and turmoil over the past few years. Retirees are angry over the elimination of cost-of-living allowances, a perceived lack of transparency and the payment of bonuses to pension investment staff.

Those retirees, who are active in Ohio Retired Teachers Association and STRS Watchdogs, have the ear of a growing faction on the board. They've called for a change in the pension leadership and expressed interest in an unproven investment strategy pitched by a start-up company. Steen had expressed support for the start-up company and its approach.

The discontent has been building for a decade. In 2012, legislators approved a pension reform package that required public employees to work longer for fewer benefits. Starting in

2013, STRS retirees received lower cost-of-living allowances. Then in 2017, the cost-of-living allowances stopped.

The cuts were made to help shore up the pension fund. A one-time cost-of-living allowance of 3% was restored beginning in July 2022, but it's still not back to what retirees want.

In February, the board deadlocked 5-5 over a no-confidence vote in STRS Ohio Executive Director Bill Neville.

And in April, as STRS members began voting in the board election, a new group - Save Ohio STRS - sent mailers to pension fund members urging them to vote for Davidson over Lard. It is unclear who is funding the group.

Bishop, of suburban Columbus, has experience in insurance, securities, software and real estate investments. He also worked as a page in the Ohio General Assembly more than 50 years ago as a college student.

Laura A. Bischoff

The Columbus Dispatch

The STRS Ohio Watchdogs is a grassroots organization of teachers in Ohio advocating for prudent and transparent management of STRS Ohio.

Call to action by Dean Dennis: GOV. DEWINE IS TRYING TO REBALANCE OUR STRS BOARD

From Dean Dennis

May 5, 2023

CALL TO ACTION: GOV. DEWINE IS TRYING TO REBALANCE OUR STRS BOARD TO MAINTAIN THE STATUS QUO AND CANCEL OUR VOTES BY REPLACING REFORM- MINDED WADE STEEN! SIGN AND SHARE THIS PETITION!

https://www.orta.org/petition

Now, just who do you suppose would want to get Wade Steen off the STRS Board??? I think you know. We all do. They just aren't transparent about it. Talk about ethics -- Ha!! It's not in their vocabulary, is it?

From Joe Lupo, Administrator Ohio STRS Member Only Forum (on Facebook) (a.k.a. MOF) May 5, 2023

MOF was informed today by reliable sources that Gov. Mike DeWine is attempting to illegally remove Wade Steen from the STRS Board without what one would commonly refer to as "just cause" on the eve of Pat Davidson’s election victory.

DeWine's action is illegal, according to a half dozen of the top lawyers in Ohio, including the former governor's chief counsel.

Wade has and is fighting to stay on the Board to protect teachers. We need everyone to take action to get Gov. DeWine to follow the law and respect the votes of teachers. Sign the petition immediately (link below) and send to everyone you know. Stay tuned for further updates.

https://www.orta.org/petition...

Demand Change at STRS | Sign the Petition

Click to sign the petition to Demand Real Change in STRS Leadership.

https://www.orta.org/petition?fbclid=IwAR3EsmgysjymPxYnozJqc7ney7VO-qqUVxjAxaG96qlqfCW1vdMt8Rg3ZbI 

Kudos to Wade Steen, the first reform STRS Board member since Dennis Leone

From John Curry

May 4, 2023

Kudos where kudos are deserved....

On this eve of election results about to be revealed let us give thanks to the First Reform Board member since Dennis Leone - STRS BOARD MEMBER WADE STEEN!

P.S. This forum has over 33,000 members WE NEED YOU TO GIVE THIS ONE A THUMBS UP VOTE!!!!!!!! Please show your appreciation for what this man has and is doing for YOU and your future!!This gentleman is a CPA by trade and can easily see right though Billy's bull.

Wade Steen

James Carr's advice to STRS: Don't hand them bonuses, hand them pink slips.

From James Carr

May 4, 2023

Every time I hear STRS brag about the quality of our vaunted in-house investment team, it literally makes me feel like vomiting.

These clowns, who have been rewarded with millions of our dollars, are now arguing that they deserve even larger bonuses. Over a ten year span their investment strategies cost us 90 billion dollars that we would have gained simply by investing in an S&P Index Fund. That's something that any marginally intelligent person without an ounce of investment experience could have done.

Frankly, I don't know how the other 4 Ohio pension funds invested their money, but I do know that firefighters, cops, school custodians, and politicians are still getting annual COLA's and as far as I know, only teachers are required to work for 35 years.

The fact that a simple index fund would have yielded an additional 90 billion dollars above what our STRS investors were able to earn is devastating. My advice to STRS: Don't hand them bonuses, hand them pink slips.

                                                 

 

Isn't this the chopping block for malcontents? I heard they only bring out the guillotine in the dead of night when no one else is around.

Is this the guy they bring in on the guillotine guy's day off? I heard he was recently hired for $195,000. Cool gig if you can get it. Not so cool for those malcontents, however.

Bill Neville's contract: only ONE Board member's signature? Where are the others?

From John Curry

May 3, 2023

It's time for a little trip back in time to 2020 when Billy's contract was signed by the STRS Board. Here is the last page where all those signatures are found....WHAT.....all I see is Carol Correthers. Where are all the other Board members' signatures??

Pretty clever, Billy!

P.S. Hi, Facebook Police

"Playland of the Rich and Famous" (Infamous?)

 

Yes, reform groups are being watched by the STRS administration...

From John Curry

May 3, 2023

...here is one page of their calendar of :scheduled watchers." They are called the "Social Auxiliary." They are composed of members of the STRS "Communications Services." They watch groups like the Facebook groups called "STRS Watchdogs," "STRS Member Only Forum" and other STRS reform groups. 

Shouldn't YOUR retirement system spend their time and money on more important things....like making money FOR THE RETIREMENT FUND? Here is a recent page from their schedule of "watchers." 

P.S. Didn't something like this take place in pre-WW II Germany?

(Updated 2/11/2022)

Just after bonus controversy, Ohio teachers pension system to increase them again

Ohio Capital Journal

By Marty Schladen

May 3, 2023 

The entrance to the Ohio State Teachers Retirement System headquarters in Columbus. Photo by Marty Schladen, Ohio Capital Journal.

Ohio’s retired teachers might have gotten only one 3% cost-of-living increase since 2017, but the staff that’s managing their pension funds is requesting a 31% increase in its already big annual bonuses.

The same staff last year was awarded $10 million in bonuses and then reported $5.3 billion in losses — 77% higher than the employees receiving bonuses estimated.

The bonus request, made at the Ohio State Teachers Retirement System’s April board meeting, has further enraged a group that represents some of the state’s retired teachers.

“STRS leadership has always put their interests ahead of teachers,” Robin Rayfield, executive director of the Ohio Retired Teachers Association, said in a statement. “After a public outcry over $10 million in contrived bonuses after losing $5 billion dollars last year, it’s shameful to ask for a 30% increase in bonuses when STRS has done nothing to provide relief to active and retired teachers.”

Some retired teachers have been critical of a retirement system that has been so stingy increasing benefits while paying big salaries to a staff of nearly 500 employees at the retirement system. More than half made more than $100,000 in the fiscal year ended June 30. Of them, 86 made more than $200,000, 51 made more than $300,000, 21 made more than $400,000, and 15 made more than a half-million.

A spokesman for the system has said that growing numbers of retirees and legislative changes from 2012 have made it difficult for the system to adjust benefits upward to enable retirees to cope with inflation. But retirees have said that the system’s well-paid staff is guilty of mismanaging funds.

Instead of “passive” investing — making and holding investments indexed to, say, the S&P 500 — STRS has a substantial portion of the nearly $90 billion it manages in “alternative” investments. The large staff and outside consultants conduct frequent high-fee transactions in things such as private equity funds and real estate that critics say can be hard to value.

But even if you accept those values, those investments performed three percentage points worse than the system’s traditional investments over the previous decade, a spokesman said last summer. And since 2009, 2022 was the only year that STRS’s alternative investments outperformed its traditional investments.

However, STRS in a statement said that it’s important to reward performance, and “our investment returns exceeded the State Teachers Retirement Board-approved benchmark, net of costs and expenses, and again outperformed the market and preserved around $1.8 billion of teachers’ funds.”

Read the rest of the article here.

Some words of wisdom from a political activist over 200 years ago; they still apply today! (Guess where.)

From Denny Jordan

May 1, 2023

Written long ago.

Still applies today.

Let’s just say that I don’t trust STRS, or OEA.

If you are doing things right and taking good care of the people you are working for, you don’t need to spend lots of money to sell yourself. Your actions and deeds will speak for you.

If OEA and STRS are spending a ton of money to convince you how lucky you are, it means they can’t rely on their actions to speak for them.

Good products sell themselves.

It takes a salesman to convince you that manure smells nice.

One less wagon in STRS's future (goodbye, Mr. Lard!)

From John Curry

April 29, 2023

Less than 3 weeks away! Pretty soon there will only be 5 wagons!