Message to Morgan Trau
September 28, 2024
This is my request for follow up on Morgan T's latest report released by News 5 out of Cleveland. Not sure if I'll hear anything back.
The STRS pension debacle.
Why does the governor insist on interfering in a public pension? He doesn't do this with any other Ohio pension.
Teachers (both active and retired) have been voting for representatives that are following our wishes. For almost 2 decades the STRS board and staff have reduced our pension benefits, increased our years of service, and increased the % of our contributions. Through the use of social media we have collectively decided it was finally time to do something and began the process to elect individuals who wanted to improve our benefits.
Your articles and video reports make it sound like the reformers are the "bad guys", but they are the ones who are trying to be good fiduciaries for the members of the pension, the teachers.
The previous board helped to line the pockets of the STRS staff with extravagant salaries and bonuses, and many other expensive perks.
When the pension members are the ones spending time investigating the mess through the FOIA and uncover excessive spending practices and extreme investment losses, that were not acknowledged by the non-reform STRS board previously, it has caused a ripple effect for all teachers retired and active to take action to get the situation rectified.
When the Governor repeatedly tries to step in and quash the progress the pension members are making, it makes us truly wonder what his involvement is in our money.
Example in May 2023, the pension members voted in another reform member that would have given us the majority on the board. The day before the vote result was announced, the Governor announces his removal of Wade Steen. This stopped the reform from having the majority.
Lawsuit was issued by Steen for the illegal removal. After 10 months, the courts agreed with Steen and reinstated him to the board.
April 2024, teachers vote another reform member onto the board. Majority is restored, but DeWine receives an anonymous document with concerns that 2 of the reformers may be trying to overtake the pension and push for a change of investment strategy with a company that has little to no experience.
A simple search through board meetings back to 2021 explains that Steen and Fichtenbaum were asked to research an alternative investment strategy and they presented their findings to the board. It was declined and the board pressed on. Nothing has happened with that scenario since.
Again, why is DeWine so insistent on trying to control the workings at STRS?
Teachers simply want a solid retirement with inflation protection in the form of a guaranteed COLA.
We want reliable investment strategies, not questionable private equity investments or sketchy real estate investments. When your staff make nearly a quarter million dollars yearly, but a retired can't get a yearly 3% COLA (for many that means $25/month), things need to change.
On a side note, I am an active teacher. In order to receive unreduced benefits, I will need to work until I am 79 years old. My yearly income on my pension will be roughly $30,000. My retirement won't have for another 24 years. I will be so below poverty at that time, I might as well buy a tent and live inside the STRS building. At least I'll have access to a cafeteria, a gym, and beautiful artwork to look at in my old age.
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