John Damschroder on the July 8 ORSC Subcommittee meeting: STRS beats 97% of public pension funds investment performance, it tells us, and clueless lawmakers think that's good. THEY DON'T BEAT THE STANDARD THE LAW WAS CHANGED TO REPLACE.

Link to ORSC hearing on STRS July 8, 2024 

https://ohiochannel.org/collections/ohio-retirement-study-council 

From John Damschroder, 07/08/2024

"Listening to the Ohio Retirement Study Council hearing on STRS it's interesting to hear STRS investment performance described as "remarkable." The annualized return for a 60-40 stock/bond index since 1994 is 8.54%. This could be done at significantly less fees than STRS pays and it would entail zero staff bonuses. The only thing remarkable about underperforming the standard portfolio until Ohio changed the law is the fact that both pension staff and lawmakers' interests are best served by failure to consider a return to past practice. STRS beats 97% of public pension funds investment performance, it tells us, and clueless lawmakers think that's good. THEY DON'T BEAT THE STANDARD THE LAW WAS CHANGED TO REPLACE. Active Ohio fund management destroys value across the board; the data is crystal clear."