Robin Rayfield fills in the blanks for the STRS board about the "staff-induced chaos" and more

Robin Rayfield's speech to STRS board

March 19, 2025

Good morning,

My name is Dr. Robin Rayfield, and I am the Executive Director of the Ohio Retirement for Teachers Association and a STRS member.

First, I want to bring to your attention a significant development in the case brought by Attorney General Dave Yost against Mr. Steen and Dr. Fichtenbaum. After an almost year-long investigation, yesterday marked the deadline for Attorney General Yost to present evidence of “back door ties” between Steen, Fichtenbaum, and QED. However, Attorney General Yost failed to deliver any such evidence and abruptly ceased alleging that Steen and Fichtenbaum had received any money from QED, had any interest in QED, or had been promised anything by QED.

Media reports state Attorney General Yost’s suit against Steen and Fichtenbaum originated from information provided by STRS staff.

It is perplexing why certain STRS staff members are not held accountable for their actions that undermine the board’s integrity. Over the past two years, I have witnessed three examples of staff-induced chaos:

1. The STRS general counsel falsely informed this board that Governor Dewine’s removal of Wade Steen was legal, which was not the case.

2. STRS staff facilitated the illegal adjournment of a public meeting immediately after Wade Steen’s return to the board.

3. STRS staff hand-delivered a 14-page letter accusing Steen and Fichtenbaum of being bribed by QED, which was entirely false.

Second, I listened to the presentations yesterday. My takeaway is that the alts portfolio out performs STRS total return. This is irrelevant as the comparison should be against a passive index.

Surprisingly, this comparison was absent from yesterday’s materials, so I took it upon myself to compare the long-term returns of STRS’s alternative investments to the Russell 3000 Index. Not surprisingly, STRS’s alternative investments portfolio is being outperformed by the Russell 3000 by BILLIONS OF DOLLARS.

Finally, ask that the board draft and pass a resolution supporting Fichtenbaum and Steen in the AG case and staff publicly apologize to Steen and Fichtenbaum for insinuating that they were corrupt. If STRS wants to restore trust with stakeholders, it must begin by telling the whole truth, holding people accountable, and taking action. A couple of suggested actions would be to offer verbal support for Steen and Fichtenbaum and financial support for their legal expenses brought about as a result of staff actions.