Cathy Steinhauser's speech to STRS Board
May 16, 2024
Cathy Steinhauser – 35 yrs., satellite teacher of Family & Consumer Sciences through Pickaway/Ross CTC for Circleville City Schools.
I’m giving you less homework this month and distributing only one article by Chris Tobe entitled “Ohio STRS Salaries & Bonus Structure”. Chris is the renowned author of “Kentucky Fried Pensions” and currently serves as the Chief Investment Officer of the Hackett Group which consults to Public Pension plans and you will find a paragraph of his accomplishments and educational background on the third page. The main purpose of Chris’ article is to give all of you information on salaries and bonuses for our pension. It’s common sense which seems to be in short supply. Auditor Keith Faber remarked in his report last year of the STRS audit that transparency and staff bonuses were a big concern for teachers since they had lacked a COLA.
I’m NOT letting my definition of FIDUCIARY sit idle though. I’m amazed at the use of this word in the past 8 days from the Governor, to the Attorney General to members of this Board and I’ve even noticed how it’s being abused too by taking its definition out of context and/or giving it a new definition. Teachers use it when STRS has not fulfilled its duty to us which makes STRS a poor example of a fiduciary. We also use it when the STRS staff and investment group receive lavish bonuses, raises and lots of perks, which aren’t a part of being a fiduciary to the teachers. Many teachers are living in destitute, poverty conditions and/or living paycheck to paycheck. I would like to travel more but I can’t because I have everyday living expenses to take care of first and lack of COLA has caused this.
As a reminder what a fiduciary is:
“A person who acts on behalf of another person or persons, putting their client’s interest ahead of their own, with a duty to preserve good faith and trust. Being a fiduciary requires being bound both LEGALLY and ETHICALLY to act in others best interests.”
So this means that STRS is to put TEACHERS ahead of ALL the employees here as we are to be your first concern because without TEACHERS, you would not be employed here. But maybe that’s the biggest problem, STRS employees think teachers are their cash cow, where money has no other purpose than to be squandered because, hey, it’s not theirs so who cares?!! Wrong attitude to have and teachers have been telling you for years what you should be doing FOR US first above all others. There are 6 STRS board members that have more fiduciary integrity than I have ever witnessed in this room so a “hostile takeover and violation of fiduciary responsibilities” is utter nonsense. This entire pension is a complete train wreck, needs no fiduciary counsel and is here to pay teachers.
To quote Dale Butland, “The Spectrum” April 21, 2024 “When a pension fund loses $5B dollars in a year and then tells teachers there is not enough money for COLA, but then turns around and pays $10 million in bonuses to the same “geniuses” who lost the $5B in the first place, CLEARLY there is something wrong and there needs to be some reform made.”
So FIX IT!
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