Robin Rayfield on the broken system at STRS Ohio: The clock is ticking. Where is the ruling?
STRS Ohio pension is broken. Magistrate has had too long to rule on case that would fix it.
By Dr. Robin Rayfield
Guest Columnist
Columbus Dispatch
January 19, 2024
Gov. Mike DeWine removed Wade Steen from the State Teachers Retirement System board and appointed G. Brent Bishop. The change was not well-received by some retirees attending the STRS board on May 18, 2023.
Robin Rayfield is the executive director of the Ohio Retirement for Teachers Association
The State Teachers Retirement System of Ohio continues to make state and national headlines for all the wrong reasons.
Billions in investment losses.
Millions paid in unearned staff bonuses.
And now, STRS Executive Director Bill Neville is indefinitely suspended pending a formal investigation. Reported allegations made by STRS sta? include sexual harassment, violent outbursts, and verbal abuse.
By any objective standard, STRS is broken.
Just ask the half-million Ohio teachers who must pay more and work longer to get less in retirement due to years of mismanagement.
Is this retaliation? STRS director should not be judged until investigation is completed
But there is a light at the end of the tunnel. Reform at STRS is inevitable.
Harbinger of reform at STRS ousted
Reform-minded candidates markedly won each of the past ?ve STRS board elections. In May of 2023, the 11-member board ?nally reached a pro-reform majority to usher in real transparency, accountability, and sound investment practices to reclaim lost bene?ts for retirees and transform the futures of active membership.
In short order, those opposed to reforming STRS orchestrated the removal of pro-reform board member Wade Steen through the only path possible - Gov. Mike DeWine. Steen immediately challenged the removal in court.
Steen is the harbinger of reform at STRS. He uncovered millions in hidden fees paid to Wall Street hedge funds and unearned “performance” bonuses for STRS investment staff.
As the Toledo Blade Editorial Board put it, “Mr. Steen’s push for transparency and cost control seeds the cloud for political scandal and is behind his ouster from the STRS board.”
The clock is ticking. Where is the ruling?
Nine months after Steen was locked out of board meetings, we are still waiting for a decision from the Tenth District Court of Appeals to reinstate him to the board. The clock is ticking. Teachers are counting on the court to do the right thing by Ohio law— and to do it quickly.
posted by Kathie Bracy at 5:37 PM
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