Cathy Steinhauser to STRS board: ORTA Executive Director has discovered that 75% of ALL PENSIONS DO NOT GIVE bonuses which proves that STRS has been lying to those in this room by claiming it is common to award bonuses!

Cathy Steinhauser's speech to STRS board

August 15, 2024

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

I feel as though I’m talking to a brick wall, not unlike teaching middle schoolers for 33 of my 35 yrs. It seems as though the use of the word FIDUCIARY has gotten out of hand; it’s been misused by several who manage this pension so I did some more research on what makes a good fiduciary and I’ll share a few of my findings.

1)  Fiduciaries are charged with the highest legal duties of loyalty and prudence specifically with the duty to act solely and exclusively in the interest of their beneficiaries.  In the case of state pension trustees, these fiduciary duties require that state assets be invested solely to maximize FINANCIAL return.

2) The most common fiduciary relationships involve legal or financial professionals who agree to act on behalf of their clients.  A lawyer and a client have a fiduciary relationship, so does a trustee and a beneficiary as well as a corporate board and its shareholders.

3) School districts, assuming fiduciary duties carry the weight of the interests of all teachers participating in the retirement plan and make proper plans to help fund their teachers retirement.

4) There are several warning signs that your financial fiduciary may not be honest: there are high fees involved, hidden costs and a lack of transparency which sounds like STRS. 

STRS exists to pay teachers. I couldn’t find any information whatsoever about a pension fiduciary also obligated to being a fiduciary to the staff…unlike what the AG representatives claim.  However, a pensioner, John Curry, through a FOIA request, posted a Memo from July 1, 2022 on the PBI Program and it says “Further, the Program may be interpreted, amended, rescinded and/or terminated by the STRS Ohio Board at any time.” Guess no one saw that Memo or remembers it.

STRS staff do not pay into this pension and therefore have no right to receive bonuses. If STRS staff don’t like a “no bonus” decision in the future, they are free to find employment elsewhere. As a matter of fact, the ORTA Executive Director has discovered that 75% of ALL PENSIONS DO NOT GIVE bonuses which proves that STRS has been lying to those in this room by claiming it is common to award bonuses…stop the gaslighting and come to terms with the real working world! We need leadership by example in shared sacrifice but that has yet to be accomplished so perhaps pensioners and this Board need to move on to new management leadership instead of all this micromanaging from the AG’s office.