Cathy Steinhauser's words for STRS: When State Auditor Keith Faber reported to the ORSC a few years ago after his office audited STRS he recommended no bonuses, challenged alternative investments and stood up to mismanagement. So do your fiduciary duty for us teachers and FIX IT!!

Cathy Steinhauser's speech to STRS

June 21, 2024

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

Yesterday was a very long day for everyone in attendance. It was frustrating to pension members in attendance as well as those listening and watching on Zoom that several board members still haven’t grasped the true meaning of what a bona fide fiduciary is!  You’ve even received some “schooling” in the qualities that justify a true fiduciary. Somehow several of you sitting here in this board room either continue misunderstanding it or refuse to accept what it means or just plain don’t care…and I’m thinking the latter.

Let me remind you for the 17th time…YES, SEVENTEEN TIMES I HAVE EXPLAINED IT IN THE SIMPLEST OF TERMS AND MANY OF YOU HAVE CONTINUED TO FLUNK THE TEST OF PUTTING WHAT YOU’VE LEARNED OR SHOULD HAVE LEARNED INTO PRACTICE. You see, as a fiduciary, you are to put the teachers FIRST in every decision that you vote on for our pension. Your fiduciary duty is NOT to the STRS staff or investment group…it is the teachers.  Every time you consider giving bonuses or raises to the staff or investment group before the teachers get a COLA, you are breaching your duty to us and should be removed.  Our needs come first before anyone else’s and you are to conduct yourselves as proper fiduciaries as you consider how you are going to take care of us teachers. This pension and your job would not exist if it weren’t for the teachers. One of the best fiduciaries on this board has said many times “STRS exists to pay benefits” and I’m adding “even the COLA”.

Many of you who work at STRS have never been teachers. You don’t understand what we have been through in our 30-35+ yrs. of service to the children in Ohio. Teaching is one of the toughest yet rewarding jobs ever. Some drawbacks we have had to make do without are classroom supplies, books, technology, equipment, salary cuts/freezes to save jobs – sometimes for years, behavior issues from students, dealing w/parents, long hours making lesson plans and grading papers, lack of support from administration, extra duties w/o compensation as well as meager classroom budgets. Teachers have always done more with less. STRS employees have never had to do without and that mindset needs to change. PBI should not exist because in essence it reminds many of the “give everyone a trophy” so they don’t get their feelings hurt. Teachers have never had a bonus, we had a set salary scale and did our jobs as expected every day and then some. Employees should get a set salary, do the job and if they don’t like it, they can leave and find employment elsewhere…employees can be replaced in the job market…it happens all the time!

When State Auditor Keith Faber reported to the ORSC a few years ago after his office audited STRS he recommended no bonuses, challenged alternative investments and stood up to mismanagement. So do your fiduciary duty for us teachers and FIX IT!!