Wade Steen's message to all of us at his final STRS board meeting: To all of the teachers of Ohio retired and active – It has been my highest honor to serve you.

From Wade Steen

Remarks made at his final STRS board meeting

September 20, 2024

At the Ohio State Teachers Association meeting in June 1916, an anonymous note was posted seeking interest in the formation of a statewide teachers retirement system. Ten teachers assembled.

As a result of that meeting House Bill 359 was introduced by Childe Harold Freeman, who coincidentally had been a teacher, principal, and superintendent, in March of 1919. This bill stated that it was “to provide a statewide retirement system for teachers in schools supported wholly or in part by public funds”

The governor signed the bill on May 8, 1919, and it became law on Aug. 8, 1919 — creating the United States’ first statewide actuarial-based teacher retirement system more than 105 years ago. STRS was founded by this great State for the sole purpose of providing benefits for teachers.

It was those ten teachers in 1916 that opened the government’s eyes to the benefits for all Ohioans from encouraging and safeguarding a strong system of public education. Pretty amazing isn’t it. But teachers are amazing people. Personally speaking, my own teachers in Fremont, Ohio and my professors at Ohio State University pushed me forward, they motivated me to strive for excellence, showed me the joy in learning and cared about my individual needs. It was their encouragement, interest in me and support that has had the greatest impact on my accounting career.

My service to STRS is and always has been all about the teachers. Ohio’s teachers are my inspiration and the reason I accepted the Governor’s appointment to serve on this board in 2016 and again in 2020. I owe a debt that I can never repay to my teachers. Anything that could be called an accomplishment or achievement in my career is due to them.

Protecting — and ultimately restoring — teacher benefits has been my sole moral and fiduciary focus. I’ve heard from retired teachers all over the state about how the loss of their promised cost of living adjustment has resulted in a heart-wrenching realization that they’ve been let down and left behind. I’ve heard from our active teachers about the challenges they face day in and day out, and how truly difficult it is to dedicate their entire career to teaching.

Teachers are the compass guiding my every action. And to be clear, my every action in service to this board has been performed with integrity, intentionality, and thoughtfulness.

Early in my appointment to the board, it became clear to me that — somewhere along the way — STRS had forgotten its purpose. STRS has failed to keep its promises to teachers. It has failed to put teachers interests above all others, above the whims and caprices of politicians and private interest groups.

My search for answers led me to conclude that staff bonuses became more important than teacher benefits, status quo became more important than acknowledging problems and making a plan to solve them. That claiming to be a premier system is not the same as being a premier system. The broken trust we observe today between STRS and its membership is a result of STRS failing to be transparent and accountable.

To the teachers of Ohio…. I appreciate how you’ve supported me for the past eight years. Your words of encouragement, cards, notes, and emails replenished my soul when it was low. And believe me, the personal attacks have been concerning, exhausting, and troubling. You never gave up on me – and I will never give up on what is right for you as retired teachers and active teachers.

Although my time on the board was unjustly interrupted and the work to restore promised benefits to teachers is not finished. I feel GOOD.

I am encouraged by the new reform-minded board majority led by Dr. Rudy Fichtenbaum. I have faith that the board will get STRS back on track, restore trust and, hopefully, restore promised benefits to teachers. Ohio teachers deserve the peace of mind that they will have a comfortable retirement. Candidly, I am more confident today that real change is coming than any other time during my term on the Board.

In closing I would like to reference a question posed in the anonymous letter sent to Governor DeWine.

What would motivate a volunteer investment expert appointee to a retirement board-whose personal work schedule directly conflicts with the board’s schedule-to go to such lengths to seek reinstatement to an unpaid position that is already two-thirds of the way through its final term?

Here is my response to this anonymous letter…. because Teachers deserve better! It’s never been about me… it’s about them… it’s about teachers.

So, to whomever anonymous is I hope this has answered your question.

However, I have a question for the authors of the anonymous letter.

Why would you seek to have a volunteer investment expert appointed to a retirement board-whose personal work schedule directly conflicts with the board’s schedule- go to such lengths to disparage me, lie about me, and seek my removal?

Teachers motivate me. What motivates you anonymous authors?

Hopefully someday we will know the answer.

To all of the teachers of Ohio retired and active – It has been my highest honor to serve you.