Rudy Fichtenbaum: "Keeping the Promise"

Keeping the Promise

by

Rudy Fichtenbaum

March 25, 2026

At the last Investment Committee meeting of STRS, I was glad to hear that Representative Bird say that the pension should keep its promises. However, having been on the Board, I understand why the Board cannot currently provide a 2% ongoing COLA. In order to provide that COLA, STRS would need additional funding. The employee contribution is already one of the highest in the country and the employer contribution, which has not increased in 40 years, is among the lowest. So, had I been at the meeting, my response to Mr. Bird would have been, the burden is on you and your fellow legislators to increase in the employer contribution so that STRS can keep its promises.

Here is what I was promised by STRS, when I retired on April 30, 2015.

So, where is my 2% COLA, which should have started in 2020? It is being given away! The wealthiest Ohioan’s have repeatedly had their taxes cut, while at the same time the legislature and the governor choose to give vouchers that go disproportionately to students who were already attending private schools. I have nothing against private schools. If parents want to send their kids to private school they should pay for it. Meanwhile, if Ohio increased taxes on the wealthiest Ohioans and gave school districts and higher education the money they need to provide every Ohioan with a high-quality education, school districts and institutions of higher education would also have the money to pay for an increase in the employer contribution. That would allow STRS to keep its promise.