Cathy Steinhauser to STRS Board 02/15/2024: DO THE RIGHT THING AND BE THE FIDUCIARY YOU’RE EXPECTED TO BE!

Cathy Steinhauser's speech to STRS Board

February 15, 2024

Cathy Steinhauser – 35 yrs., satellite teacher of Family & Consumer Sciences through Pickaway/Ross CTC for Circleville City Schools.

I will have my lovely assistant, Suzanne, pass out three articles to you for your “homework” this weekend. They are written by Edward Siedle, who is the top forensic auditor in the United States, “The Three Pillars of Private Equity Secrecy” (Dec.16, 2023), “Ohio Teachers Pension Fees Are More Than Double What The Pension Reported” (Dec. 18, 2023), and “Public Pension Whistleblowers Intimidated, Threatened, Then Ignored” (Jan.16, 2024).

It’s been a couple months since this board has met. I wanted to remind you all about the November 2023 meeting when you were educated on how to be a fiduciary. Your instructor said you could be removed for breaching your fiduciary duties…a few here now sitting before me need to take a deeper look inside from here on out as to how you’re going to vote on issues.  You also need to remember what Wade Steen said a few years ago and that is “STRS exists to pay member benefits”. Our new STRS Board member has a lot to prove to us and Ohio teachers expect him to be the fiduciary he’s expected to be. So let me remind you all for the 13th time because that’s what educators do until the “students” show understanding by doing:

FIDUCIARY - “A person (you all) who acts on behalf of another person or persons (the teachers), putting their client’s interests (teachers interests) ahead of their own, with a duty to preserve good faith and trust. Being a fiduciary requires being bound both LEGALLY (by the law) AND ETHICALLY (using morals/values) to act in others best interests.”

It is expected that YOU, meaning all Board members, the entire investment group, the executive director, the legal team, the financial team, the communications team and any other group is supposed to do what is right for the teachers in this pension! TEACHERS. ARE. YOUR. PRIORITY!! We don’t know what happened in all the executive sessions yesterday, but the thing to keep in mind…was it in the best interest of the teachers? Greed, selfishness or spite compromise or interfere with the teacher’s best interests according to the definition of fiduciary.

Ohio teachers have had enough of the lies, deceit, gas lighting, and disrespect from STRS.  Frankly, I think most of the STRS staff don’t understand the daily routine and the years that we put in to educate Ohio’s children.  Teaching is one of the most difficult jobs you could have. Most of you, with the exception of the teachers on this Board, would not be able to handle a day or a week doing what we do let alone putting in 30 plus years! We are some of the most enduring people I know especially when you mess with our hard earned money and contributions to our retirement. Over the last 4 years, 37,000 of us have become more aware of what this institution has done since 2003 to the present and we won’t stand for it any more. Teachers are a tough breed, you’ve taken advantage of us for far too long, compromised our pension and we aren’t going to take this mistreatment anymore and we’re in for the long haul in pushing back. I suggest that you DO THE RIGHT THING AND BE THE FIDUCIARY YOU’RE EXPECTED TO BE!