Cathy Steinhauser to STRS board: Bottom line, our COLA was taken so in fairness no bonuses so get this pension back to where it should be sooner rather than later!

Cathy Steinhauser's speech to STRS board

August 21, 2025

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

Welcome Mr. Toole, to the lion’s den of STRS. You have your work cut out for you as we expect you to restore our permanent COLA yesterday and make this madness dissipate that pensioners have been subjected to since the mid 2010’s. I’m the unpaid unofficial authority on what a fiduciary is. I have spent too many hours researching retirement board’s fiduciary responsibilities. This is my 28th time in public participation to remind everyone who works for STRS on what being a FIDUCIARY involves.

FIDUCIARY

“A person who acts on behalf of another person or persons, putting their client’s interests ahead of their own, with a duty to preserve good faith and trust.  Being a fiduciary requires being bound both LEGALLY AND ETHICALLY to act in others best interests” *The Merriam-Webster Dictionary

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. According to Edward Siedle, public pensions are, under applicable law, supposed to be subject to public scrutiny and accountability.  Any private investment manager unwilling to submit to public scrutiny, simply should not be eligible to handle assets.

Yesterday, a pensioner asked AI (Artificial Intelligence): 

“Is it a fiduciary duty for a retirement system to pay bonuses to their employees?”  

Answer: It is not (a fiduciary duty for a retirement system to pay bonuses to their employees).  The fiduciary duties of a retirement plan include acting in the best interest of the plan participants and beneficiaries, which does not include the obligation to pay bonuses.  Bonuses are discretionary and do not count toward the regular rate of pay for overtime calculations under the Fair Labor Standards Act (FLSA). Therefore, a fiduciary would not be required to pay bonuses to employees as part of their fiduciary responsibilities. *U.S. Department of Labor 

Well, well, well…then why do we seem to have a separate set of laws at STRS when it clearly states that bonuses are not an obligation? Our STRS lawyers and the AG reps are giving out false information without doing their research…LYING to the Board Members! 

Did you work harder for your paycheck from STRS than teachers did for 30 - 35 yrs.? We lose sleep worrying how best to serve our student’s needs…did you lay awake at night worrying about us pensioners and how you were going to reinstate a permanent COLA as quickly as possible? Most likely not!  STRS exists to pay teachers. Pensioners have lost tens of thousands of dollars without a COLA due to STRS private equity dealings and we have suffered greatly.  Bottom line, our COLA was taken so in fairness no bonuses so get this pension back to where it should be sooner rather than later!