NOTE: To find the most current posts, please scroll down to the two big red arrows. You can't miss them.

STRS Ohio Watchdogs: a public Facebook group you can join

STRS OHIO WATCHDOGS

by Cindy Murphy

STRS Ohio Watchdogs monitor the management and investment practices of the State Teachers Retirement System of Ohio.

We advocate for prudent and transparent investments, the restoration of the COLA for retired teachers, and the rollback of additional years of service required for active teachers.

This site will provide you with information about the work that is being done by Ohio's active and retired teachers to preserve our retirement benefits. Check back often for updates.

Join our conversation on Facebook. You don't have to be a member of STRS Ohio to join. Everyone who is interested in learning more about the management and investment practices of STRS Ohio is welcome.

Use this link to join our pack on Facebook:.

https://www.facebook.com/groups/ohiostrswatchdogs 

Have you joined the Ohio STRS Member Only Forum on Facebook?

If you are a member of STRS Ohio and have a Facebook account, you are eligible to join thousands of others who make up the Ohio STRS Member Only Forum. This is a closed group of retirees and actives who are advocating for the return of our COLA, which, as you no doubt know, your STRS Board SUSPENDED on April 20, 2017. Two of our members, Bob Buerkle and Dean Dennis, filed a class action lawsuit against STRS on May 23, 2019 suing for the reinstatement of our COLA. The text of the lawsuit can be found on this blog. You can go here to join the Forum and sign the petition, already signed by more than 20,000 people, for the return of our COLA: Ohio STRS Member Only Forum

Click image to enlarge

Angel of Grief

Garrison Keillor

Items of interest in the Archives: The 2013 STRS Board Election

Many people have been very interested in reading about the irregularities of the 2013 STRS board election. There are many posts related to this topic, beginning the first week of April 2013, after the ballots were mailed to retirees from STRS. You can find them by going to the Archives for this blog, over in the right sidebar, and clicking on dates beginning with April 7, 2013. Dennis Leone announced his candidacy for a retired seat in November, 2012. There is a lot of information about him in the Archives, beginning with November 12, 2012 posts. If you want to read only the best stuff about that infamous election of 2013, go over to the sidebar on the right of where you are now, which is the archives of previous articles on this blog. Scroll down to April 2013. That's where the "interesting" articles begin. You will see many, clear up to the middle of May 2013.5/28/13

.....so what REALLY happened in 2003 that touched off a firestorm at STRS that is still smoldering today? Read it here, from the Cleveland Plain Dealer. (Hint: It ain't over yet!)

More here (Akron Beacon Journal, 2003)

A MUST READ: Dennis Leone Reform Initiatives as an STRS Board Member  Between 2005 and 2009

To find current, day-to-day posts -- pull your scroll bar down a ways, just below the big red arrows (you can't miss them). Thanks.

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Find your state representative and senator here.

http://www.legislature.state.oh.us/

I know, it's weird.........

Many posts that appear "at the top" for a while are eventually moved down, where they can be found under their original posting dates. Also, if you are confused by the postdating, this is done to keep these posts up there; otherwise, they drift down when new posts are added. It's a "blog thing" which I have no other way to control. KB

Handy links: Contacts, information and more (short version)
This is an abbreviated version of the original 'Handy links' post. Click here to view a more complete list. (Some of it is old.)

STRS Board.....STRS website

Board calendar

E-mail contacts at STRS (old, but some may still work)

Map/directions to STRS, 275 E. Broad St. Columbus, OH 43215

STRS "Membership Survey" (spoof)
State legislators.......State of Ohio website

Latest OEA salaries (2011) over 100K; USDL report

Rich DeColibus' PowerPoint presentation STRS' PBI Program; Does it work?: click December 21, 2008 (blog Archive) and scroll down to December 23 posts.

Charts: PBI (bonus) payments

Popular links; click, then scroll down: charts, graphs, investment staff, lists, spreadsheets

$TR$ Inve$tment $taff $$$ (old)

SPECIAL (must read):

Dennis Leone's INVESTIGATIVE REPORT on STRS: May 16, 2003...Who is Dennis Leone?........(PDF version)...More on Dennis Leone .......(PDF version)

Dennis Leone: "Catcher of Thieves"

Dennis Leone's STRS Report to ORTA, March 2007

Dennis Leone's Testimony at the Statehouse 9/5/12
The Plain Dealer article that started it all

Dennis Leone: Factors Driving STRS 30-Year Planning and Revenue Assumptions (with charts)

Historic PBI vote, January 16, 2009

Charts: PBI (bonus) payments

CURRENT POSTS BELOW

Dan MacDonald's report on the May 20, 2026 STRS board meeting

From Dan MacDonald

May 23, 2026

STRS Health Care Will Cost You More in 2027!

Due to recent hospitalization and surgery, I was unable to personally attend the STRS May Board meeting in Columbus, but I did not miss a minute virtually.

On May 20, the May STRS gathering began at 10:40 a.m. with the audit committee. A new chair was elected, Elizabeth Jones. The governance committee then met an elected new chair, Pat Davidson. [Both chairs replaced Michael Harkness, now the STRS Board chair.]

The governance committee continued its review of the Board Policy documents and addressed and accepted eight policies: the Executive Director Evaluation [rescinded]; Monitoring Executive Performance [removed chart]; then Operational Financial Planning, Operational Financial Condition, Operational Asset Protection, Investment Asset Protection, and Business Continuity Planning [These were reworded to be more positively instead of negatively written] and added a Service Provider Referral Policy [Think 2022 Funston audit recommendation]. From the Funston 2022 audit, 137 recommendations have been addressed; 4 more addressed above, 20 still to be addressed and 15 STRS is not in agreement.

The investment committee then met. April’s net investment returns were a positive 4.2 percent. The preliminary net total return for the fiscal year [FY] to date is a positive 11.5 percent [Think Board goal return of 7% each FY; therefore, higher is better]. Total investment assets ended April approximately $108.3 [Back to where it was near the end of February; think Iran war.]

In FY 2026, the fund is up $7.7 billion. Fourteen financial slides were then presented to help Board members interpret the financial information that is presented monthly in something called “The Grey Book.” The new presentation of investment financials was requested by the Board and presented as a step forward. The intricacies of monthly rebalancing the asset classes followed with scenarios.

Outside consultant Maketa commented support to the investment department changes and fund recovery. Board member Elizabeth Jones probed the upcoming SpaceX public offering [$1.75 trillion, Elon Musk] and STRS’s interest.  [Take a moment and watch this portion of the meeting at strsoh.org under the banner “About” then Board meetings. There will be 2 stock classes and some unique terms that “raise eyebrows.” If I am not mistaken the department is considering a $10 million investment.]

The legislative committee met and elected new chair Chad Smith. The Human Resource Committee then approved the 2027 Performance Based Incentive policy. Davidson pointed out that over the past 5 years, the PBI paid $38 million incentive money, receiving a value added of $2.1 billion to the fund.

The actual Board meeting was called to order at 12:11 p.m. April's Board minutes were approved. New retiree Board member Joan Bellner from Reynoldsburg was introduced [Fichtenbaum’s replacement].

Public Participation had 8 speakers, all retirees. Robert Buerkle out of Cincinnati and one of the two retired teachers who filed a class action lawsuit against STRS, presented a new flow chart to the Board showing 4 ways STRS is receiving income to the fund: active teacher contributions, employer contributions, investment earnings, and he added a 3% recycling pump from retirees. Money that never leaves the fund but just gets recycled because of lack of payout. [A very insightful gentleman.]

After lunch, Marla Bump, the STRS Director of Government Relations, was recognized on her retirement with 25 years of STRS service [Think STRS lobbyist].

Health care was then addressed. There are 95,269 retirees [does not include beneficiaries] enrolled in the STRS Health Care program; 45,813 retirees not enrolled. The plan can be altered in four ways: its eligibility, its design; its administration, its subsidies. This past year the plan had high claims experience leading to suggested non-Medicare subsidy reduction from 2.5 to 2.47 for up to 30 years of service with changes to medical deductible from $2,500 to $3,000 [this was voted down by Board 6-4; no increase will happen] and RX changes in Tier 2-4 increases plus deductible $275 to $375. For Medicare: subsidy reduction from 2.2 to 2.1 for up to 30 years of service with no changes to medical but RX changes in Tier 2-4 increases plus deductible $275 to $375. These changes were approved. Next month, medical premium increases will be presented and voted. [Changes/increases should be expected for the next 5 years unless the plans have less usage and/or health care at the national level is not used as a political weapon. My comment, not Board’s]

Executive Director Toole then presented an amended FY 2027 budget. The Ohio Retirement Study Council was unhappy with the original 9.8% STRS FY 2027 Budget increase. The new budget shows a 6.2% increase which the Board approved. [Take a moment and watch this portion of the meeting at strsoh.org under the banner “About” then Board meetings.] One Board member told Toole that next year’s FY 2028 budget should be well under the 6.2% increase while other Board members claimed that they were too lenient last year in their approval of FY 2026 budget. [In my thoughts, the Board members are kowtowing to ORSC and the state legislators. Yes, the Board members are protecting the STRS Board composition and its Executive Director, which is a good thing. I objected during Public Participation last month to the FY 2027 budget increase, but our Board should have challenged it; instead, ORSC effectuated the decrease. These are my ponderings.]

Outside consultant CEM Benchmarking presented on STRS services to its members which were rated excellent while having lower costs than its peers.

The Executive Director then commented on 7 areas to include the FY 2026 operating budget which is $6,690,500 UNDER BUDGET. [Think allocated, but not spent and still in fund]

Routine Matters followed by New/Old Business. Davidson suggested to the STRS staff to hold health plan premium increases to 10% or less. The meeting adjourned without further comments.

The next STRS Board meeting is scheduled for June 24-26, 2026.  

Robin Rayfield to STRS board: Recognizing that there will be years in the future that the amount of money available will be less than what was available this year, it is important that the priority of protecting STRS members (active and retired) be prioritized over satisfying politicians that have little regard for our retirement system.

Robin Rayfield's comments to STRS board

May 20, 2026

Although ORTA is appreciative of the effort to bring consensus to the board on the reform process, I hope that the current decision matrix is the first phase of this pathway to benefits restoration. 

Good morning. My name is Robin Rayfield. I am a member of STRS and Executive Director of ORTA.

I want to congratulate the STRS board on your development and implementation of the recent ‘SBP decision matrix.’ This template provides what ORTA has been requesting since 2018. In dozens of my comments to the STRS board we have asked for a pathway to restoration of inflation protection, or a specific plan for restoring the COLAs promised by STRS and guaranteed by Ohio law.

The SBP decision matrix details the conditions that must exist for restoration of benefits lost since 2017. Although the restoration process is far behind what was promised, the policy in place now does outline the restoration process.

And although ORTA is appreciative of the effort to bring consensus to the board on the reform process, I hope that the current decision matrix is the first phase of this pathway to benefits restoration. I am hopeful that the matrix will continue to evolve over time. Specifically, when conditions allow for benefit restoration, I hope that the three competing allocations for SBP funds will be revisited. 

ORTA agrees that all three competing interests are important; restoration of benefits lost through prior pension reforms, addressing the years of service concerns, and strengthening the pension are all important. In the current matrix, strengthening the pension is valued over any benefits to retirees or active contributors. We acknowledge that retirees did receive a larger allocation of the available SBP than the active contributors received, however the amount set aside for benefits restoration is less than ORC 3307.67 calls for. 

ORTA believes that using 50% of the SBP money available for strengthening the pension needs to be reduced. In round figures an additional $200 million paid toward restoring benefits to retirees and $200 million less dedicated to strengthening the pension would have fulfilled STRS’s obligation to follow ORC 3307.67 and still allowed $1 billion for strengthening the pension.

Recognizing that there will be years in the future that the amount of money available will be less than what was available this year, it is important that the priority of protecting STRS members (active and retired) be prioritized over satisfying politicians who have little regard for our retirement system.

Dr. Robin Rayfield

Executive Director, Ohio Retirement for Teachers Association

May 20, 2026

The State Teachers Retirement Board approved a strategic decision-making framework in March 2026.

Trina imparts more of her infinite wisdom to STRS board; too bad the truth doesn't make us proud to be members of such a weak pension system

Trina Prufer's speech to STRS board

May 20, 2026

"Should STRS even be called a retirement system if it does not meet even the most minimal standards of adequacy?"

My name is Trina Prufer, and I was a School Psychologist for 20 years.

The question I would like to address is:

Should a public retirement system, in a non–Social Security state, like STRS, EVER NOT have the funding architecture to support the payment of a COLA?

The pension literature repeatedly refers to “benefit adequacy” as the ability to provide a lifetime benefit, of about 70% replacement, throughout a 30 year retirement. At 60% replacement, members are able to adapt, but by 50%, and below, retired classroom teachers are in grave danger of not being able to meet basic needs. Many pre-2012 retirees, who retired at 66% more than14 years ago, are already at this stage.

The longer retirees live, the poorer they become in real terms. That is especially devastating for those who taught in low wealth districts, survivors, and the disabled, many of whom cannot return to the workforce to offset inflation losses.

Does STRS even track benefit adequacy? Of course it does, although members would never know this from what is presented at public meetings. However, I have no doubt that everyone here knows exactly what happens to retired teachers over time. That is their job.

Is STRS unique in its callousness? Most certainly. But why? Because it is the only public teacher retirement system in the nation, without Social Security, that removed the COLA after retirees were already in retirement status. It did so by claiming the system always had the legal right to reduce or eliminate the COLA for those already retired, but never acknowledged that members were led to believe that the COLA was an integral part of the benefit.

If this claim had been true, shouldn’t members have been provided with full disclosure? Of course. That would have been the obligation of STRS acting as a fiduciary. Because this was not revealed in benefit estimates, plan booklets or the ORC, members had inaccurate information in choosing whether to take the PLOP or not, as the risk of inflation was not a known factor.

Attaining 100% funding is nothing to be proud of if the system does so by impoverishing its most vulnerable members. The true measure of a retirement system is not whether the fund survives, it’s whether the people who devoted their lives to public education can survive along with it. That’s a pretty low bar. Should STRS even be called a retirement system if it does not meet even the most minimal standards of adequacy?

Suzanne Laird delivers some words the STRS board and director needed to hear

Suzanne Laird's speech to STRS board

May 20, 2026

"Beginning with the very first page, where it states, “this budget is to protect service continuity, institutional knowledge and operational resilience.” NOTHING about the members! Nothing about the fiduciary responsibility to our active and retired beneficiaries. Page after page of word salad: “budget bridge,” “major initiatives matrix” — sounds like a lazy student relying on ChatGPT."

Good Morning, Members of MY Board, and welcome to Joan Bellner:

You may start your timer now.

This document, the STRS budget for 2027, must not be adopted as proposed.

Beginning with the very first page, where it states, “this budget is to protect service continuity, institutional knowledge and operational resilience.” NOTHING about the members! Nothing about the fiduciary responsibility to our active and retired beneficiaries. Page after page of word salad: “budget bridge,” “major initiatives matrix” — sounds like a lazy student relying on ChatGPT.

But buried in the nonsense are the dirty little details: $150,000. for vehicles, a 25% increase in travel expenses, a two hundred percent increase in copy center equipment, bloated dental and life insurance benefits for staff and their families, and education assistance? If the staff are not already qualified for the job, they should not have been hired.

Which brings me to the small print on page 4, “continuity planning for 3 to 6 months.” What were you thinking? Even the guys at ORSC were flabbergasted at hiring full time employees to shadow current employees. I will not compare this to student teachers working beside current teachers, because, (a), student teachers are, unfortunately, unpaid; but (b), they have no experience. You claim to hire the best and brightest. Are they that inexperienced? You already have assistants to the assistant to the administrative assistant: why would they not be capable of acclimating new employees?

We spent big bucks paying the current Executive Director to shadow the previous one, yet the performance we all witnessed at last week’s ORSC presentation was a debacle, and proves that no amount of shadowing can replace doing your homework.

This document is a pathetic attempt at institutional entitlement for the benefit of the employees, at the expense of our members’ hard-earned money.

As Cathy Steinhauser would say, do your fiduciary duty! That duty is to the MEMBERS, first, last, and always.

Robin Beebe and her "crickets" with more suggestions for the STRS board and the executive director

Robin Beebe's speech to STRS board

May 20, 2026

     My name is Robin Beebe. You know me by now. Master's Degree Elementary Teacher. 35 years. Retired for 17 years.

I want to start with what may be the most infamous quote of the year! At this very podium, Executive Director Toole stated "This is not our money. The money, belongs to the people behind me." Well.....the people behind me today DO NOT want to see a 9.8% budget increase of which 9.2% is an increase for personnel salaries and wages, NOR a 25% increase for the Travel Budget.      PERIOD.

                                                      Now for "Crickets Part II"

 Why are the number of staff constantly increasing? How many titles and assistants are truly necessary??? Where are the ROBUST discussions about reducing staff numbers? Just......[crickets].

    One of the STRS Retiree Series Webinars is titled "You Don't Know What You Don't Know. Change That."

Could that be because STRS is NOT upfront and transparent with teachers? Yeah, guess we don't know what we don't know if things are withheld from us! Things like....What are the fees? We are waiting.... [crickets].

    Two Ohio Legislators from the House and Senate came to STRS and proceeded to "mansplain" the merits of the Defined Benefit Plan. Instead, they SHOULD have addressed the real pressing issues like the need for our promised 3% COLA, or the need to keep our elected STRS Board seats in place, or an explanation for the appalling and unethical "Midnight Massacre" shenanigans. Hello???? [crickets]

    ORSC. Oh, ORSC. In 2025, 5 out of 12 scheduled meetings were cancelled - almost 50%. So far in 2026, 3 out of 5 meetings have been cancelled - over 50%. But ORSC still gets paid $325,000 for the year, regardless!!! Is not the ORSC chairman the very same mansplaining legislator who accused teachers of NOT WORKING VERY MUCH???? ORSC...Where Art Thou?    [crickets]

    STRS provides staff and employees Educational Assistance. Part timers can have a lifetime amount of up to $21,000 for tuition. Full timers can receive a max of $42,000 for tuition. Gee, that would have been nice when I was getting my Master's Degree. Instead, we get.....[crickets]

    Lastly, let's talk about the Death/Burial Benefit and the DISPARITY between the staff and stakeholders. Staff get a minimum of $7,500 up to $30,000. We teachers  get.................$1,000. That won't even cover my cremation. Wait, I have a crazy idea. You most likely remember the movie, "Weekend at Bernie's" where after Bernie's demise, his expired body was carted all around Hampton Islands?  Hmmmmm.... maybe my cancer survivor, warrior husband should make plans to cart my remains to the Hampton Islands with these items on me....

(put on sunglasses, floppy beach hat, flamingo drinking glass).

    It shall be known as "ROBIN'S EXCELLENT BEACH ADVENTURE FINALE". Just how far will that $1,000 go?
                                                                        [crickets]

Karen Loeffler to the STRS board: When information is not forthcoming, when we feel.....

Karen Loeffler's speech to the STRS board

May 20, 2026

"When information is not forthcoming, when we feel that our questions are not recognized as valid, when we feel that we are treated with arrogance and condescension, when we feel that we are not given an equal seat at the table, we end up feeling angry and frustrated."

Bob Buerkle does it again! Check out his new one: the STRS COLA PUMP!

Bob Buerkle's speech to STRS board

May 20, 2026

Rudy Fichtenbaum: The Myth of STRS Overperformance; Why Is It So Hard to Beat an Index (Part 1 of 2)

Rudy Fichtenbaum: The Myth of STRS Overperformance; Does Active Investing Outperform Index Investing (Part 2 of 2)

 

One-day STRS board meeting scheduled for May 20, 2026; public participation is listed to be FIRST (see notice near the bottom)

From STRS

May 13, 2026

PUBLIC MEETING NOTICE

The State Teachers Retirement Board and Committee meetings currently scheduled at the STRS Ohio offices, 275 East Broad Street, Columbus, Ohio 43215, are as follows:

Wednesday, May 20, 2026

9:00 a.m. Disability Review Panel (Disability reviews will be conducted in Executive Session)

10:30 a.m. Audit Committee Meeting

    Followed by Governance Committee Meeting
    Followed by Investment Committee Meeting
    Followed by Legislative Committee Meeting
    Followed by Human Resources Committee Meeting

11:45 a.m. Retirement Board Meeting

Those wishing to attend the committee meetings and retirement board meeting virtually may register using the link below:

https://strsoh-org.zoom.us/webinar/register/WN_9d1hDjh7SdOqNJrmbiHlug

The Retirement Board meeting will come to order on Wednesday, May 20, 2026 and begin with Public Participation, followed by 2027 Planning Discussion: Health Care Plan Benefits & Budget, CEM Benchmarking – Pension Administration, Executive Director’s Report, routine matters, old business, new business, and any other matters requiring attention.

Preliminary meeting materials will be available on the STRS Ohio website 48 hours before the meeting. Final meeting materials will be available approximately 30 minutes prior to the meeting. NOTE: Public Participation has been rescheduled to start at 11:30 a.m.

More details here:

https://www.strsoh.org/about/board-meetings.html 

Dan MacDonald's report on the April 2026 STRS board meeting

From Dan MacDonald

April 25, 2026

HEALTH PLAN CHANGES COMING IN 2027

The STRS April Board meeting occurred over April 15 & 16.  On Wednesday, 3 committees met. First was the Investment Committee. The preliminary net total fund return for March was a NEGATIVE 3.7% with domestic equity –5.1% and international equity –9.4%. [The Iran war started February 28.] The preliminary net total fund return for FY 26 to date is a positive 6.9% [Remember the assumption is a total fiscal year return of minimally 7%] Total investment assets ended March at approximately $104.1 billion [February’s total investment assets were approximately $108.3 billion. You can see a little war dropped the assets about $4.2 billion.  That is billions, with a B.] As of the meeting on April 15, the assets had bounced back to approximately $107 billion.  The committee reviewed and adopted a Statement of Fund Governance, plus Defined Benefit Plan and Health Care Plan Statements of Investment Objectives. Outside consultant Meketa concurred with the statements.

Next the Governance Committee met and reviewed and approved eight Board policies: The Governance Committee Charter; Board Member Education; Board Job Description; Officers, Term of Office Duties; Actuarial Soundness; Board Self-Evaluation; Delegation to the Executive Director; Executive Director’s Job Description.

The Human Resources Committee met last. They reviewed and approved the Executive Director’s Performance Evaluation along with a Supplemental Leadership Feedback Survey. The Performance Based Incentive Policy for FY 2027 was updated [Think PBI, the Investment Department compensation package.]

At 3 p.m., the Retirement Board was called to order. March minutes were approved.  The Board reviewed the Travel and Expense Policy, which was last reviewed in 2015. The updated policy will now be sent to the Ohio Ethics Commission for review. The Saperstein & Associates Member/Retiree Survey Results were then reviewed. Saperstein did the presentation.  His company surveyed STRS members from 2006-2022. He emphasized that the 2026 results have shifted. Key Takeaway: STRS needs to rebuild trust and confidence of members since the overall number is trending lower. Saperstein stood his ground on the findings.  [If I am not mistaken, Saperstein shared that he had 360 pages of comments from the recent survey, I plan to request a copy.]  Direct feedback from a retired member: “I believe that the service staff is excellent. Counselors are wonderful and all questions are answered.  However, it is hard to understand how STRS seems to be the only organization unable to give a COLA. Ohio’s other pension systems and Social Security are able to do so.  If it is truly impossible, then STRS needs to do a much better job of explaining why.” Serious discussion followed. [A good session to review by going to strsoh.org, then under the top banner, click on “About,” then “Board Meetings” then find this video from the April meeting.]

The Board session ended with a presentation on the Defined Contribution Program. Its history, participants, the plans assets, the average account balance, and distributions in FY 2025. [If you are on the DC or CO plan, a good session to review by going to strsoh.org, then under the top banner, click on “About,” then “Board Meetings” then find this video from the April meeting.]

Thursday’s Board meeting started promptly at 9 a.m. with three actuarial companies vying to be STRS’s consultant.  Cheiron; Gabriel, Roeder, Smith & Company, and Deloitte. After the presentations, Cheiron was chosen.  Public Participation then happened. Six retirees spoke.  Three retirees addressed yesterday’s Board meeting. Particularly, the member survey findings and the Board/staff discussion of the findings. “Misunderstanding” and “Trust” were trigger words from yesterday that stirred the retirees.

Following lunch, the Retiree Health Care Plan Mitigation and Plan Design Changes were presented for calendar year 2027. Retirees are using the plans and depleting the health insurance fund which is separate from the pension fund. [Also, as you know, the federal government approved “The Big Beautiful Bill” which has altered assistance.]  Using the Sustainable Benefit Healthcare dashboard, more money needs to be placed into the fund.  The fund is trending downward.  To alter the down trend, plan designs and STRS premiums subsidies changes will be presented next month. Final determinations will be made at the June Board meeting.  Strategies being considered include “Cost savings opportunities within the plan designs and revised premium subsidies.” [Think: raising your yearly maximum out of pocket, your charge for specialist visits, your charge for Urgent Care, your charge for Emergency Room, your cost for hospital stays, your monthly premium cost. Continue thinking prescription drugs with the same line: raising maximum out of pocket, raising deductible, raising your cost of generic, preferred brand, non-preferred brand, specialty. OK, calm down.  Chair Harkness immediately blew up.  Changes will have to be made, but your Board will address next month.  April was an overview. May will be specifics. June will be the voted changes. Remember, this IS A NATIONAL ISSUE.  Your VOTE in November will determine if healthcare will be addressed or continue to be decimated for many, including health care plans downward spiral.]

The Executive Director followed with an initial review of the FY 2027 budget. He presented a 9.8% increase. His goal is to maintain operations and start some major initiatives with a deliberate shift over time from labor heavy to tech enabled. If I am not mistaken, he sees a 3-year management project. Sixty percent of FY 2027 budget is driven by compensation and benefits.  Next, he gave the Executive Director’s report sighting 7 activities such as third quarter satisfaction remains high for member services and STRS employer education staff were present at a school software conference.

During Routine Matters, 3 people were nominated for Rudy Fichtenbaum’s seat. Joan Bellner was unanimously chosen.  She will be seated for the May meeting. [I know nothing about her, nor was anything shared.  She was in audience.]

The next Board meeting will be held on Tuesday, Wednesday, May 19 and 20th.

Dan MacDonald's comments to STRS board April 16, 2026

From Dan MacDonald

April 25, 2026

PROPOSED BUDGET GROWS TO 9.8% AFTER MY SPEECH

Mr. Chair and members of the Board, good afternoon. I am Dan MacDonald, an STRS retiree with 38 plus years of service and Executive Director of Local 279R, Northeast Ohio AFT retirees regularly attending Board meetings since 2014.

Last month, during the Executive Director’s report, he mentioned to be prepared for the 2027 budget that would have an 8.5% increase. In my discarded speech, I addressed the budget with “Would the 2026-27 proposed budget address the needs of actives/retirees or STRS staff or give preference of one over the other?”

FY 2026 operating budget had a 9.2% increase which included salary adjustments presented by CBIZ April 17, 2025 for all: non-investment and investment staff. If I’m not mistaken, the proposal was even improved by the Board. More money was added. 33% of last year's increase addressed new hires, both opened positions and new budget roles.

I reread a paper written by Rudy Fichtenbaum titled Reform at STRS.  Using the numbers from the Defined Benefit plan he pointed out that “about 79% of STRS’s expenses are investment expenses. But even if we were to reduce unnecessary expenses to zero, would we have enough money to restore 30 years of service to active members and an ongoing 3% COLA for active and retiree members. The answer is clearly no!”

So now we approach a budget that has grown by 17.7% in two years.  Before February 28, the beginning of the Iran whatever it is, I’d say the 9.2% was well spent with this year’s di minimis amount addressing actives, retirees and overseer legislators, plus staff through FY 2026 budget. I remain concerned for pre-2000 retirees since I do not know health care premiums/plan designs yet.  Their increases and adjustments might totally eat up the 1.6%; they are most vulnerable. Judgement on the 8.5% will be assessed in a year.  Treadwater needs to continue to shrink and restorations continue. I need to say this; Investment Department, we need your success and appreciate you in these monstrous, unstable times.

STRS’s fiduciary responsibilities are for actives and retirees.  I am looking forward to “heart”y restorations for actives and healthy COLAs for retirees.

Karen Loeffler to STRS board: "... the primary obligation of the board and the STRS management must remain their fiduciary responsibility to provide benefits for the members. All else is secondary."

Karen Loeffler's speech to STRS board

April 16, 2026

STRS Board Meeting 04/16/2026

My name is Karen Loeffler. I retired in July 2012 from Pickerington Local School District, with 30 years experience as a high school classroom teacher and as a middle school counselor. I also spent countless hours as a volunteer in Pickerington, in a variety of capacities. I’m fortunate that I can be here. That I’m healthy enough, and live close enough, that attending a board meeting simply costs me gas money, and my time. Not everyone has that opportunity, and I am grateful that I do. And so I feel an obligation to be here, to represent in some way, and advocate for, those retirees and active teachers who cannot be here, either physically or virtually.

There have been a lot of words used in board meetings and STRS publications. Words like investments, salary incentives, bonuses, stakeholders, profits and losses, and the oft-repeated ‘fiduciary”. But the word to which I have kept returning, as I contemplate the events of the past few years, is “trust”. According to Merriam-Webster, “Trust is the firm belief in the reliability, truth, ability, or strength of someone or something. It acts as a confident hope or reliance on a person’s character or a system’s, often, it involves placing responsibility for safety/well-being in another's care. Legally, it is a fiduciary relationship managing assets for a beneficiary.”

Trust is, and must be, the cornerstone of what we do. As a school counselor, I had to create trust with my students, in order to be effective in working with them. I had to build trust with the staff, especially when I could not share everything I knew with them, due to confidentiality issues. The same issues extended to the administrators and parents, with whom I had to build that trusting relationship.

Building a trusting relationship takes a lot of effort and commitment, over time. But trust can be destroyed in a heartbeat, and, once lost, is difficult to repair. In my view, this is one of the most critical issues for me right now. I feel much trust has been lost. Some members don’t trust the management of STRS, some don’t trust board members, some actives don’t trust retirees and vice versa, and there is a significant lack of trust on the part of the members toward the legislature and the governor.

This, then, to me, is one of the most critical tasks facing us: the restoration of trust, which requires openness and transparency, and the willingness to truly listen to each other. But the primary obligation of the board and the STRS management must remain their fiduciary responsibility to provide benefits for the members. All else is secondary.

Suzanne Laird lays it to the STRS board: "This Board has a very serious problem. Mr. Saperstein was merely the messenger."

Suzanne Laird's speech to STRS board

April 16, 2026

Good Afternoon, Members of MY Board:

You may start your timer now.

Red flag.

Yesterday, I listened with interest as Mr. Saperstein patiently explained the results of the member survey to this Board.

Survey says: no one, active or retired, trusts or has confidence in STRS. Survey says: no one believes STRS manages expenses prudently.

Fiduciary, fiduciary, fiduciary (thanks, Cathy Steinhauser).

And yet, some Board members pushed back, asking if the comments were “cherry picked” or claiming “When I’m out in the field, I only get positive feedback.” We have to “educate them.” “The number one misunderstood issue is the PBI.”

How insulting! We understand all too well projecting 12 MILLION dollars in PBIs, while we get a 1.6 percent projected COLA. We understand hiring another communications person when we have demanded a freeze on hiring. We understand when you agreed yesterday to hand employees airline points for their own personal use, earned while on business trips for STRS. We understand someone blithely mentioning an 8 and a half percent INCREASE in the budget, but we just “can’t manage a 2 percent COLA” again this year.

Almost as insulting as last month, when guest speakers, Tweedledum and Tweedledee claimed vouchers are a “complicated” process we teachers, “who don’t work as many days as others,” can possibly understand.

We understand our pathetic COLA doesn’t stand a chance against last month’s 3.3% inflation. Or the cost of gas to drive here. We understand that, and yet are able to complete a survey about STRS while focusing only on STRS. It is arrogant to claim the survey takers were confused by other issues, and I thank the 3 of you who were honest enough to call out staff members on using the “misunderstood” terminology and admit that the fault, dear Brutus, lies within.

This Board has a very serious problem.

Mr. Saperstein was merely the messenger.

Don’t shoot us for speaking truth. 

Public notice for the April 2026 STRS board meeting

From STRS

April 8, 2026

The April 2026 STRS board meeting is scheduled for April 15 and 16. Public Participation is scheduled for Thursday, April 16.

PUBLIC MEETING NOTICE
The State Teachers Retirement Board and Committee meetings currently scheduled at the STRS Ohio offices, 275 East Broad Street, Columbus, Ohio 43215, are as follows:

Wednesday, April 15, 2026
10:00 a.m. Disability Review Panel (Disability reviews will be conducted in Executive Session)
11:30 a.m. Investment Committee Meeting
1:00 p.m. Governance Committee Meeting
Followed by Human Resources Committee Meeting
3:00 p.m. Retirement Board Meeting

Those wishing to attend Wednesday’s committee meetings and retirement board meeting virtually may register using the link below:

https://strsoh-org.zoom.us/.../WN_S3U89QY6RZqbJcgk3kRfLg

Thursday, April 16, 2026
9:00 a.m. Retirement Board Meeting resumes

Those wishing to attend Thursday’s retirement board meeting virtually may register using the link below:

https://strsoh-org.zoom.us/.../WN_BQUbAF_gRPmVoUTN_kZkCQ

The Retirement Board meeting will come to order on Wednesday, April 15, 2026 and begin with Travel Policy Update, followed by Member/Retiree Survey, and Defined Contribution Plan Update. The meeting will resume on Thursday with a Report From the Finance Department, followed by public participation, 2027 Planning Discussion on Health Care Benefits & Budget, Executive Director’s Report, routine matters, old business, new business, and any other matters requiring attention.

Preliminary meeting materials will be available on the STRS Ohio website 48 hours before the meeting. Final meeting materials will be available approximately 30 minutes prior to the meeting.

[For further details, go to https://www.strsoh.org/about/board-meetings.html]