Trina Prufer: The Importance of “Buffers” in a Non SS Pension System

Trina Prufer's speech to STRS board

June 25, 2026

My name is Trina Prufer and I am a retired school psychologist. I am here today to speak for the invisible members of STRS—the disabled, the elderly and surviving spouses. These are vulnerable STRS beneficiaries, who lack Social Security, and some can no longer afford to stay in their own homes or pay for basic necessities. They could be your mother, grandfather or neighbor.

While I appreciate that STRS recently approved a 1.6% COLA under the Sustainable Benefit Plan framework, the reality is that a flat, sweeping across-the-board percentage leaves those most vulnerable behind. When the fund faces financial insufficiency -which seems to be its permanent state-STRS wipes out or reduces inflation protection for everyone equally.

But other states have figured out a better way. They use carve outs or “buffers” to shield those most in need. There are many different solutions available.

One approach, called a capped COLA base, is to pay a COLA on the first $20,000, $25,000 or even $40,000 of a retiree’s benefit. This means a lower-income retiree or survivor receives crucial inflation protection, while high-earning administrators take a pause on the remainder of their larger checks. This model targets the money exactly where it is needed most to prevent poverty.

Another example is a guaranteed benefit floor for those who fall below a specific threshold, triggering an automatic safety-net adjustment. A variation of this approach uses a catch-up provision, ensuring that the oldest retirees receive a guaranteed percentage of their original benefit, adjusted for inflation. If this sounds familiar, it is because it was in a previous version of the ORC.

The truth is that disability and survivor benefits represent a fraction of STRS’s multi-billion-dollar budget. Members are told STRS cannot afford a full 2% or 3% COLA for everyone across the board. However, STRS can afford to protect those receiving the least.

Perhaps the place to begin is by conducting a deep dive analysis for various cohorts, looking at replacement rates and projecting them into the future. STRS chose a very harsh “all-or-nothing” approach which does the most harm to those who can least afford it. This makes no sense when lives are at stake and targeted solutions are both effective and affordable. Board members must remember that retirees were blindsided in learning that reform legislation meant we would be living without adequate inflation protection for the rest of our days. It is time to do the right thing.

Dean Dennis to STRS board: "Other years have been missed, too, but I'm quite certain that since a 1.6% COLA was granted, you can go into executive session and find .4 of one percent and correct this error since most checks with the deficient COLA increase have yet to go out."

Dean Dennis' speech to STRS board

June 25, 2026

Tracey Galloway to STRS board: This is NOT a corporation. Stop wasting OUR money. Just say NO.

Tracey Galloway's speech to STRS board

June 25, 2026

"STRS is NOT a corporation so NO extravagant bonuses or raises should be awarded. The ONLY people who should be receiving benefits are retirees. For this is the only reason STRS exists."

Good morning my name is Tracey Galloway and I retired from teaching in 2021 after 33 years of teaching math in Southwestern City Schools.

I recently had the opportunity to watch a United States senate hearing where Senators were questioning nominees for cabinet positions in regards to the postal service higher ups and their failures to make sure mail is delivered on time in certain parts of the country. Senators asked if bonuses should be awarded if there was a failure to do their job. The answer was NO.

I ask all board members and others sitting in this room, is STRS a corporation? The answer is NO. In comparison to the senate hearing if retirees are not getting their deserved 3% COLA then the investment team, executive positions have failed so No bonuses should be awarded.

STRS is NOT a corporation so NO extravagant bonuses or raises should be awarded. The ONLY people who should be receiving benefits are retirees. For this is the only reason STRS exists.

Retirees should get paid their COLA before anyone else gets a bonus or a raise. Employees and investment staff should not be getting rich off of OUR money. STRS is NOT a corporation to fund excessive salaries, bonuses, the purchase of vehicles for employees to use, travel expenses, credit cards for employees to use, a cafe, a workout facility or housing employees in an extravagant building that is mostly empty, just to name a few of the waste. STOP WASTING OUR MONEY. STRS is NOT a corporation.

This board's ONLY responsibility is to oversee that benefits are paid to retirees, that is it. Your job is not to subsidize employees with huge salaries and bonuses on the backs of active and retirees who pay into STRS. All of the wasteful spending should be eliminated and major cuts made. Get rid of satellite offices, make major cuts to investment staff and personnel. Stop spending ungodly amounts of rent on a building that is mostly empty.

The only fiduciary responsibility is to active teachers and retirees.

If the senators of this country view that when the US postal service fails to do their job they should not be awarded bonuses then why in the heck does this board continue to be pushed around and intimidated into approving lavish salaries, bonuses, cars, credit cards and other BS extras. Not being able to pay COLA is a failure by the investment staff and others and should NOT be rewarded.

STRS investment staff, director and employees have failed by not doing what was written in giving COLAS to the teachers who fund STRS. Board, your only loyalty is to teachers active and retired. Grow a backbone and tell these investment staff NO MORE BONUSES OR RAISES. Tell them cuts to staff and bonuses are coming so they need to prepare to sacrifice like many retirees have been doing for years and continue to do so.

It is time for all those who DO NOT PAY INTO STRS who are sitting in this room and who work in this building to tighten their belts and go without as retirees have done for years. The board is not obligated to pay these raises and bonuses from the money that is NOT theirs.

It is now time for the board to act on behalf of all actives and retirees. This failure has gone on long enough. Failure should not result in obnoxious raises and bonuses. Perhaps STRS should mirror how OPERS operates since they seem to be able to pay their COLA every year. This is NOT a corporation. Stop wasting OUR money. Just say NO.