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

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]

ORTA's letter to all Oohio legislators 4/3/2026

From the Desk of 500,000+ Ohio Teachers Writer: ORTA 

Apr 1. 2026, Updated: Apr 3

This letter was sent on March 30, 2026, to our Senators and Representatives in the Ohio General Assembly.

Dear Ohio Legislator,

In 1920, the Ohio General Assembly created the State Teachers Retirement System (STRS) of Ohio. In 1947, the Ohio Retirement Teacher Association (ORTA) was founded to represent the interests of retired teachers at the General Assembly and with STRS. Ohio’s population is 11.7 million. STRS members (500,000) and their families make up nearly 10% of Ohio’s population.

In this election year, it is important that we share our concerns with you and that you respond to ORTA so we know you have received them. Hundreds of thousands of active and retired educator —and their families—are paying close attention to decisions impacting their retirement security.

Below is a brief list of concerns:

Retirees Are Falling Behind Without Inflation Protection

STRS members do not receive Social Security; our inflation protection is only provided by our STRS pension. Since 2017, STRS retirees have fallen 25% behind Ohio’s Social Security recipients. Retirees need inflation protection. Closely connected to the Social Security comparison, it is important to note that STRS beneficiaries pay Ohio income tax on the benefits they receive, while Social Security recipients do not pay Ohio income tax on those benefits.

Ohio Ranks Last in Supporting Its Teachers’ Pension

STRS actuaries depend on Employer Contributions and Employee Contributions, coupled with investment returns, to pay for benefits. Of all 50 states, Ohio has gone the longest without raising the Employer Contribution Rate (since July 1983). When comparing the average Employer Contribution Rate with other non-Social Security states, Ohio comes in at 14% compared to the aggregated average of 30%. Ohio’s Employer Contribution Rate is the lowest. Consultants have identified this as the primary reason Ohio’s retired teachers lack reliable inflation protection.

ED Choice Diverts Critical Funding from Public Education and STRS

ED Choice hurts the STRS pension system. Over the past three fiscal years, approximately $2.3 billion has been appropriated for vouchers to private and religious schools. These vouchers divert money away from public schools and the STRS pension system, further harming teachers when they retire. The primary beneficiaries of these dollars are families significantly above the poverty line.

Protect Educators’ Voice: Support HB 719

The budget bill passed in Ohio last July attempted to strip away the voice of Ohio’s educators. The amendment slipped into the budget bill at reconciliation would remove teachers from the STRS board. HB 719 is supported by advocates of public education across Ohio. ORTA urges you to support HB 719 (Hoops) and ensure educators continue to have a voice in their own retirement system.

Oppose Property Tax Elimination That Harms Schools

The proposed elimination of property tax in Ohio will reduce support for public schools, along with other essential government services. ORTA urges all elected officials to oppose this measure. ORTA members are seeking your support regarding the above concerns, which are under the control of Ohio legislators.

Stand With Ohio’s Educators

We encourage you to contact us directly by email to share your support for Ohio’s educators and retirees and the priorities outlined above. ORTA and its members are actively engaged and will be communicating with our statewide network as the upcoming election approaches.

You can email Robin Rayfield at rrayfield@orta.org or call 614-431-7002 to discuss these issues further.

Your engagement on these matters will not go unnoticed by the educators and families across Ohio who are closely following decisions that impact their future. Thank you for your dedication to the well-being of Ohio’s teachers and for considering this significant opportunity.

Sincerely,

Dr. Robin Rayfield

Executive Director and Decades-Long School Administrator

Dan MacDonald's report on the March STRS board meeting March 17-19, 2026

From Dan MacDonald

March 31, 2026

A 1.6% COLA HAS BEEN APPROVED FOR FY 2027

March at STRS featured 3 days of meeting.  Day 1 was an investment seminar day.  Outside consultant Meketa presented on the construction and overseeing of an investment portfolio with an eye to “bad times,” which will happen [currently started Feb 28, the Iran war] and not just a portfolio of investments.  Asset classes were compared to a baseball team with each position’s strength and weaknesses with diversity helping in bad times. Just a portfolio of investments was compared to the S&P 500 which was created in 1957.  Over the next 50 years, only 17% of the original constituents survived.  In asset classes where there is economic growth/corporate risk, failures will happen; losses will happen. An investment portfolio is diversified and constructed for good time and bad and needs to be overseen and adjusted.

Outside consultant Callan then presented on Private Markets.  Private markets are investments that are not listed or traded on public exchanges. Aaron DiCenzo, the Deputy Director of the Investment Department, presented STRS’s direct and co-investment strategic initiative. Meketa returned and presented global equity which remains a critical element of STRS’s total portfolio and represents the highest returning liquid markets component.

Following the lesson on an investment portfolio, Representative Bird and Senator Romanchuk of the Ohio Retirement Study Council were invited to speak.  These controversial gentlemen proposed changing the makeup of the STRS Board to more appointees and less elected members.  Neither spoke to the legislation but rather addressed the importance of a Define Benefit plan. [Take a moment and watch this portion of the seminar at strsoh.org under the banner “About” then Board meetings. I was angry and speechless. Look for your reaction and be sure to VOTE in November.]

After a full day of seminar presentations, the Investment Committee meeting started at 3:45 pm. A vote was taken and passed the Defined Contribution Statement of Investment Objectives and Policy followed by an initial review of the Statement of Fund Governance, Defined Benefit Plan and Health Care Plan Statements of Investment Objectives.

Preliminary investment net returns for February were 1.6%.  The preliminary net total fund return for the FY to date was 11.0%.  Total investment assets ended at approximately $108.3 billion.  [Remember, the assumption is 7% for the FY.  As of March 17, the USA was at war with Iran, the Strait of Hormuz was a concern for tanker oil flow, and the market had dropped.  For the FY returns had fallen to a tad over 7.5%] The day ended about 4:10 pm.

Day 2 began with the Ad Hoc Actuarial Committee meeting. Three firms will be interviewed next month to be the next outside actuarial consultant: Cheiron, GRS, and Deloitte will be interviewed. The chosen company will be starting May 2026.

The Legislative Committee met and had updates on Ohio Senate Bill 69 and House Bill 719. [Goggle, they deal with STRS Board composition and directives that effect actives.]

The Human Resources Committee met with presentations on Succession Planning, Leadership Assessment, Performance Reviews, and a staff Engagement Survey.

Day 3 was the actual Board meeting which began with the approval of last month’s minutes. Board leadership elections then took place.  Michael Harkness was unanimously elected to chair the Board. [Remember that Rudy Fichtenbaum was removed last month] Pat Davidson remains as Vice Chair. Since Dr. Rudy Fichtenbaum is no longer on the Board, in April each Board member will be able to nominate a retiree to replace his seat.  Voting will take place until a nominee has the majority of 11 votes.

Public Participation followed the election. Nine people presented, 8 retirees and the former HR director of STRS. [I did speak, but it was extemporaneous based on my prepared speech that just didn’t fit the three days. Since my speech was ad-libbed, I do not have a written copy.]

The Finance Department presented next. A Purchasing Power illustration was presented. Purchasing power is the ratio that measures how a retiree's income (numerator) tracks against inflation (denominator). For instance, if you retired in 2011 or 2012, your purchasing power is 80%, but if you retired in 2013 it is 76%. 2014 and 2015 are 77%; 2016 is 79%; 2017 and 2018 is 80%; 2019-81%; 2020-82%; 2021-85%; 2022-92%; 2023-95%; 2024-97%; 2025-100%.

Next discussed was a decision framework for the Sustainable Benefit Plan. After much discussion and several tweaks, a framework was adopted by the committee. Outside actuarial consultant Cheiron then presented several benefit improvement scenarios which Board members had requested that led to health care plan scenarios and redesign options.  Health care will be under serious discussion at the next several Board meetings.

Following lunch, the Finance Committee continued sharing member/retiree survey results. 50,000 surveys were issued; 25,000 actives.  25,000 retirees. More than 1,200 active responses and more than 2,400 retiree responses were returned.  The results are being compiled. Currently actives’ biggest desire is lowering the years of service for retirement eligibility followed by strengthening the long-term sustainability of the pension system. Currently retirees' biggest desire is strengthening the long-term sustainability of the pension system followed by providing retired members larger, more frequent COLAs. [I didn’t get a survey either.]  Cheiron then live-modeled the Sustainability Benefit Plan.  Ultimately, Cheiron determined there was $2.498 billion available for benefit restoration. The Board chose to extend 32 years of service until May 1, 2035 [with hope that next year it will become permanent through de minimis] and a 1.6% one-time COLA for eligible retirees. [A “one-time” COLA does continue from year to year once it is added to your initial pension amount, but it is added in FY 2027.  I know this is confusing.  It is NOT a “continuing” addition of another 1.6% in 2028 and another 1.6% in 2029, etc.  It is “one time” added in FY 2027 depending on the month you retired and will remain as your new pension amount in subsequent years.]

Mr. Toole then had his Executive Director Report. He warned that he will be presenting the 2027 Budget with an 8.5% increase for the needs of the organization.  Additionally, he shared: retirement applications are up; technology initiatives are underway; employer seminars are happening; and Julie Sellers and Elizabeth Jones are the only candidates for the Retirement Board elections for a contributing seat and a retiree seat. Both are current Board members.

Routine Matters then took place.  There was no Old/New Business.  The next Board meeting was scheduled for April 15, 16, & 17, 2026.  Adjournment: 2:50 p.m.