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.

............................................................................................

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

Dean Dennis to STRS board 02/18/2026: If a public pension system evades the rules, it breaks the equivalency that underlies its very legitimacy as a pension system.

 

Trina Prufer's comments to STRS board 02/18/2026: "Believing the Moon is Made of Green Cheese"

 

Robin Rayfield to STRS board 02/18/2026: Goals for ORTA that are closely related to STRS board and decisions they make

 

Cathy Steinhauser to STRS board 02/18/2026 Five suggestions for change for the new executive director

 

Robin Beebe's speech to STRS 02/18/2026 (listen for the crickets!)

      My name is Robin Beebe. Retired Master's Degree teacher of mainly 4th Graders, 2nd Graders, Kindergarteners, a smattering of other elementary grades and eight summers of Migrant Education. 35 years. Fremont City Schools and Perrysburg Schools. Retired coming up on 17 years. Denied my full 3% COLA's. Denied approximately $120,000 and counting.

     I had to step away from attending STRS Board meetings and delivering my 3 minutes of Public Comments to help take care of our newborn grandson and his 4 year old Big Brother, two FUTURE PUBLIC SCHOOL STUDENTS.

     It is important to try to be back in person, as much as I possibly can, to witness what goes on at good old STRS.                              S.....is for SNIFFED (woof, woof)

                                         T.....is for TIMED ("1 minute")

                                         R.....is for RESTRICTED (from most areas of the cavernous Taj)                                                                               S.....is for SCANNED (like at airport security)

                                                    or should that be S.....is for SCAMMED?????

   

     Well, I know you have heard "crickets" from me lately. But, likewise, I have heard "crickets" on many serious matters at STRS. Hence, my talk today is titled "CRICKETS : PART 1"

     The latest STRS "Sustainability Plan" calls for a "maybe 1% COLA for the next 20 years". YIKES! GOOD GOLLY, MISS MOLLY!!! Why is there no meaningful "robust discussion" (to use a favorite term of this board) on how to honor your obligation and restore our denied 3% COLA's??

                                                              Just.....[crickets]

     I sense that this may be an "OUT WIT", "OUT PLAY", "OUT LAST" Survivor game to STRS, hoping we retirees all die off eventually, and nothing will need to be restored. 

                                                              Then, sadly, it truly will just be.....[crickets]

     Why is there no "robust discussion" about the huge losses of our Real Estate holdings and high salaries paid?

                                                               Instead....[crickets]

     Why is there no "robust discussion" to seriously study selling the gigundous TAJ or at least renting out office and garage parking spaces?

                                                               Here come the.....[crickets]

     Why has there been no motion made to restore real power to the Board by rescinding the 2021 ORSC Resolution(Section 3307.04) which gave the Executive Director power to override the STRS Board's decisions???

                                                                Just hearing.....[crickets]

     At a minimum, why has there not been an apology issued by our STRS attorneys/legal counsel for writing the infamous "Anonymous Letter"??? Or perhaps, is a vote of No Confidence still in order??? Which is it???

                                                                Hmmmmm.....[crickets]

     On the Private Equity front, during one slide presentation, it was proclaimed how CLOSE the "alts" came to ALMOST beating the Russell Index. But then I read in the small print, "net the fees and expenses"! And methinks, therein lies the rub. "Net the fees and expenses", I suspect the actual profits are far, far, far less than indicated. With Private Equity, those "fees and expenses" NEVER have to be disclosed, do they????? The "fees and expenses" are secretive, aren't they???? As my teacher-friend stands up and asks at EVERY meeting, "WHAT ARE THE FEES?"

                                                                 And so, we get.....[crickets]

     3 Minutes is clearly not enough for all the crickets to chirp. So, stay tuned for "CRICKETS: PART 2"

                                                                         [crickets.................]

Bob Buerkle's speech to STRS board 02/18/2026: Comparing COLAs from STRS and Social Security

New welcome sign at STRS, greeting the teachers who enter the building to attend a board meeting, just before they encounter the body scanner and bomb-sniffing dog(s)

 

Suzanne Laird to STRS board 02.18.2026: I would hope you would all like to be on the right side of history, preserving democracy at least in this room, for the teachers of Ohio.

Suzanne Laird's speech to STRS board

February 18, 2026

Good Morning, Members of MY Board:

You may start your timer now.

I am sure you have been watching the demise of democracy across our nation this past year with as much alarm as I, but what I find most interesting are the parallels to our situation here at STRS. Am I exaggerating? Consider the following:

The suppression tactics employed to silence voters are no different than the silencing of our teacher representatives on this Board. Free and fair elections are a hallmark of democracy, as opposed to political appointments.

Trumped up charges leveled against our representatives by ethically-bankrupt attorneys are no different than a corrupt Department of Justice in Washington (Thank goodness we have a city attorney who is not afraid to deliver a just ruling.). The rule of law applies to all, even those who hide behind anonymity.

What allows democracy to die in darkness here at STRS? Appointees who condone the manipulation of the make-up of our Board, packing it for political advantage, undermining fair representation. Sound familiar? It’s called gerrymandering.

An employer with no conscience whose pockets are deep: the rich get richer with raises and PBIs, while the retired sink into certain poverty. Sound familiar? Trickle-down economics at its most perverse.

We, who run the gauntlet of dogs and scanners and the demand for our IDs each month here, recognize the intimidation tactics of Minneapolis with sickening familiarity. We are interrogated by armed men, restricted to certain areas, metaphorically zip-tied to three minutes of free speech, with “warnings.” Am I exaggerating? Prove me wrong.

I would hope you would all like to be on the right side of history, preserving democracy at least in this room, for the teachers of Ohio. An appointee who chooses not to speak up on our behalf to the Governor, ORSC, and legislators is no better than the sycophants surrounding a dictator.

We demand to be represented fairly, with fiduciary responsibility, so that all educators in Ohio can enjoy a secure future.

Trina Prufer and a different way of looking at STRS that may open a few more eyes

From Trina Prufer

December 26, 2025

A Different Way of Looking at STRS 

Most of us (myself included) have been looking at STRS from the point of view of pre-2012 retirees not receiving the promised COLA and actives paying more into STRS (14%) than the benefit‘s normal cost (11%). But these are outcomes or symptoms, not the essential problem.

The essential problem is its funding model is not adequate to deliver what a public pension system is designed to do…provide retirement security. Although it is called a "retirement system”, it does not function as one, as the contribution rates plus investment income are not required to fund the benefits obligated. Instead, teachers absorb all the risk, as it is the benefit levers that absorb the shortfall and make the system look good on paper.

After all, the goal is 100% funding, not fulfilling promised benefits. That's why the BENEFIT levers change… I.e. years required to CONTRIBUTE and non or reduced payment of COLA.

When the State of Ohio and STRS uses the false goal of “sustainability”, teachers are tethered to a “retirement system”  that really isn’t one. It lacks the core requirement of the STATE underwriting the benefit promised by having a variable rate. The State does not care how much is WASTED, because it does not have to underwrite the system when it falls short. Underfunding is built into the model and is perverse incentive. The State creates the underfunding situation, then gets to diminish the benefit based on its own actions. Sounds like the house always wins.

We are fooled into thinking that STRS is a legitimate retirement system, when it is not. Its underlying funding structure is unlike any other non-Social Security teacher retirement system in the nation. In Ohio, using its police powers, the post-retirement benefit can be reduced by statute and the system is underfunded by design.

This is the battle that should be litigated. It is not a legitimate retirement system if there is no requirement that the benefit promised at the time of retirement be pre-funded and supported by an adequate funding structure. Otherwise, it is a retirement system in name only, and in reality, becomes another scheme targeting the elderly.

ORTA to monitor which legislators respond to and support our issues -- and which ones don't; and will share the information with us

From ORTA Blog

December 20, 2025

ORTA Weekly Update - December 20, 2025

This will be the last weekend update of 2025 unless there is breaking news. We hope everyone enjoys the final days of 2025.

As mentioned last week, the arguments in the Wade Steen and Dr. Rudy Fichtenbaum case were submitted to Judge Karen Held Phipps on Monday, December 15, for adjudication. The Judge does not have a timeline for a decision.

The most recent ORTA news is that the ORTA Executive Council held its monthly meeting on Wednesday, December 17th. The most relevant information to share is that ORTA is convinced that the 2026 election year is crucial for its members. Three key issues separate themselves. The first is that Ohio retired teachers lack adequate inflation protection. The second issue goes hand in hand with the first: Ohio legislators are underfunding the STRS pension plan because their Employer Contribution Rate lags the national average by a wide margin. The third issue is that the Ohio Legislature is using taxpayer dollars for vouchers, thereby diverting money away from public education.

The ORTA Executive Council has determined that we need to keep these critical issues in front of Ohio legislators every month. The first correspondence will be sent out before the end of the year. ORTA will keep a record of who is responding to and supporting our issues, and who isn’t. When we have enough data, we will be sharing the information with you.

My Best,

Dean Dennis, Chair
ORTA Executive Council

 Voice of Ohio Teachers

Go HERE to keep up with John Curry, Angela Selar and some others whose names you will likely recognize. It's a fast-growing public group, and you are invited to join!

Trina Prufer's sobering words to STRS board, December 11, 2025

"Ohio had not, in modern history, ever used its police powers to inflict such concentrated, permanent financial harm on a single population—particularly of elderly individuals. And it did so, without transparency or warning. The combination of legislative chicanery and fiduciary silence makes the harm unprecedented."

From Trina Prufer

December 15, 2025

Ohio’s Police Powers and Contract Nullification 12/11/25

My name is Trina Prufer and I am a retired School Psychologist. My late husband was a college professor having taught for 40 years. Although I receive both pensions, neither is in compliance with the contracts I signed in 2003 and 2008. I have lost more than a hundred thousand dollars.

I want to address a question: Prior to 2012, had the State of Ohio ever used its police powers to harm a single group of individuals as severely as it did when it eliminated the COLA for STRS retirees?

The answer, looking at Ohio’s history, is no. In the past, Ohio had used its police powers to address emergencies, eminent domain and to protect the general public.

But in 2012, the State used this little known authority to nullify retirees’ existing contracts. This was not a minor adjustment…and it was not done in plain sight. In fact, what occurred was just the opposite. It was done by inserting the “fiscal integrity” language in the ORC which was designed to confuse and delay any recognition of its consequences. And it targeted only one group: STRS retirees, many already elderly, 70% women, with no way to replace the income lost. And here is where the harm deepens:

STRS also hid its consequences, even though it was bound by a fiduciary duty to forewarn.

A fiduciary must disclose material risks,

communicate clearly and honestly,

protect the reliance interest of its members—especially retirees,

And must never allow misleading or incomplete information to shape member expectations or decisions.

Retirees were not told that their COLA had effectively been eliminated permanently. They were not shown projections of how their purchasing power would erode year after year. They were not warned that the retirement contract obligation had been fundamentally rewritten under the State’s police powers.

As a result, thousands of retirees entered the next decade unaware of the magnitude of the financial harm they would face. They were denied even the opportunity to adjust or prepare, because they were never given the information a fiduciary is required to provide.

In any other context—banking, insurance, employee benefits—nullifying a contract by removing a vested benefit and obscuring its consequences--would be labeled deceptive, or perhaps even fraudulent. But here, it was simply called “reform.”

It is important to state plainly:

Ohio had not, in modern history, ever used its police powers to inflict such concentrated, permanent financial harm on a single population—particularly of elderly individuals. And it did so, without transparency or warning. The combination of legislative chicanery and fiduciary silence makes the harm unprecedented.

The time has come to recognize this monumental wrong and do something about it.

Dan MacDonald's report on the December 11, 2025 board meeting

From Dan MacDonald

December 14, 2025

DECEMBER 2025 STRS BOARD MEETING

I attended the December (12/11/2025) Board meeting. On Wednesday, the Board was active in three committee meetings: the Governance Committee, the Investment Committee, and the Audit Committee. The Governance Committee focused on a December 2025 thru August 2026 month by month, week by week, planner with 10 areas: skills matrix, information requests, new committee structure, committee schedules and workplans, communication strategy, policy framework, trustee orientation, performance management, succession planning, & risk management. The slide was daunting, and the committee was pushed by outside consultant Global Governance Advisors for input. It was a tedious committee meeting.

The Investment Committee meeting followed. Net total return for October 2025 was a positive 1.2% bringing the net fund return for FY 2026 to 6.1%. Total investment assets ended October at approximately $105.0 billion. November preliminary total net return was a positive 0.5%, bringing the total net return for FY 2026 to a positive 6.7%, total net assets to approximately $105.3 billion, up $4.7 billion since July 1, 2025. [This is all good news.] Outside consultant CEM then compared STRS to 269 funds reporting that STRS was consistently in the upper quarter and our internal investment staff saved $145 million compared to peers' medium, medium external costs using a set from the two hundred sixty-nine that were comparable to our fund investment portfolio. Outside consultant Albourne presented STRS fee validation. [In other words, Albourne checked all fees paid as contracts specified.] Outside consultant Meketa and outside consultant Callan both followed with quarterly performance reports. Both consultants showed STRS investments in the upper quartile to peers. The meeting closed with the semiannual broker evaluation and associated policies. [Not much to comment on here except that STRS has many outside consultants reviewing its investment department and all of them highly praise our staff. Real Estate has not recovered from 2020 COVID, but it is difficult to sell properties. Real Estate is truly a long-term investment which pre-Covid, more successful. STRS performance in domestic equities has also lagged in the last three years. Staff acknowledged.]

The last committee to meet was the Audit Committee. STRS has internal independent auditors within its staff. The chief auditor discussed 2025 audits and 2026 scheduled audits.

Thursday Board meeting started promptly at 8:30 am with the approval of minutes. Outside consultant Crowe verified STRS’s 2025 financial closing statements with an unmodified opinion. [In other words, the closing statement numbers and calculation from June 30, 2025, were all verified.] The Member Benefit Department then presented a Sustainable Benefits Plan decision matrix. Heavy discussion of COLA and Years of Service were thoroughly dissected. [Outside consultant Cheiron’s de minimis presentation at the April 2026 Board meeting should be a “must attend.”  Board members are still divided over restoring benefits, which some call enhancements, length of time to be 100% plus funded, fear of the state legislators, the whole concept of de minimis.] Outside consultant CEM presented its study on the benefits department services to its members, active and retired.  STRS did well in cost and services compared to peers. Better services with comparable costs. The Benefits Department presentation concluded with discussion on the Disability Program, focusing on the termination of disability benefits, the definition of teaching service, the independent medical exams, and clarity on the board’s action related to approvals, denials, and terminations. [Very tough decisions are made by the Disability Review Panel with Ohio Revised Code, STRS staff and physicians' findings in conflict to elected Board members knowledge of teaching.]

Following lunch, Science Teacher Chris Monsour from Tiffin City Schools was recognized as Ohio’s 2025 Teacher of the Year. Next was Public Participation. Nine persons spoke, 8 retirees and one former STRS staff member. Global Governance Advisors returned to focus on strategic planning. Charts were shared regarding Board hours met for STRS, CalsTrs (CA), and TRS (Texas). Effective Committees and Best Practices slides were shared. The scheduled hour turned into 12 minutes. The discussion bogged swiftly, and Executive Director Toole intervened. [It was a timely intervention.] The Board’s lawyer then did some legal training to fulfill ORC requirements of 171.50 and 3307.051. Topics included Compliance, the Open Meetings Act, and the Public Records Law. [Fact. There were 505 Public Records requests in 2024.]

The Executive Director’s Report covered pension system updates and general updates plus the honoring of Greg Nickel, who is retiring from the benefits department of STRS. [Read my Public Participation, huge loss.] The meeting ended with Routine Matters and no Old/New Business. Crafty Chair Fichtenbaum addressed his allowance of Greg Nickel’s name during Public Participation by 4 presenters. Participants are not to use names if you closely listen to the reading of Board policy before Public Participation.

The next Board meeting is scheduled for February 17 & 18, 2026, a Tuesday and Wednesday. There is no January meeting.

Suzanne Laird to STRS board: Why aren’t teachers welcomed to the table, welcomed to the Taj?

Suzanne Laird's speech to STRS board

December 11, 2025

My name is Suzanne Laird.

I taught for more than 30 years in Ohio public schools and retired with a “guaranteed” 3 percent COLA. Thus far, I have been denied more than one hundred thousand dollars. I represent myself and thousands of others like me.

Good Morning, Members of MY Board:

(You may start your timer now.)

It occurs to me that we have so many new people in this room, many aren’t aware why we stakeholders feel it necessary to trek down here, month after month. I have only been attending 10 years; there are some seated behind me who have been attending for more than 20. The corruption back then was front page news, now, it is more insidious. Witnessing some of the testimony in court the past several months, it is apparent we have staff members concocting anonymous letters, slandering Board members who are merely asking for better investment returns, and colluding with ORSC bird-brains to reduce the number of teacher representatives on our own pension board.

Our voices should be welcomed here. Those of you new to our Board are likely unaware of how the staff have made it increasingly difficult to attend. During Covid, STRS claimed they did not know how to transmit a live feed, until we pointed out that every teacher in Ohio managed to figure out Zoom. They claimed they could not reopen to visitors until we reminded them all Ohio schools had reopened. When we were allowed back, they refused to let us sit in our own cafeteria, so we packed lunches and ate off our own laps. Now, they took down the glass wall, only to put up a body scanner and bring in bomb-sniffing dogs— all at our expense! We will endure these indignities; it will not deter us.

Our viewpoints should be welcomed. We have consistently provided solutions to the overstaffing issues, investment problems, and cost overruns. The few positive changes have all occurred after stakeholders suggested, sometimes repeatedly, a viable solution.

Our presence should be welcomed. Stakeholders who provide most of the revenue of a company are usually invited to the holiday party. My invitation must have been lost in the mail. Never fear: just let me know the date and I’ll bring my potluck dish! After a sniff, though, the dogs may not leave much for you.

I’m serious: why aren’t teachers welcomed to the table, welcomed to the Taj? 

Marvin Stotz to STRS board: What are the fees?

Marvin Stotz's speech to STRS board

December 11, 2025

Cathy Steinhauser to STRS board: There’s a certain mindset about who should get raises…pensioners should each year because that is what you do as a fiduciary. The rest of STRS gets taken care of afterwards!

Cathy Steinhauser's speech to STRS board

December 11, 2025

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

There must be something that is preventing the senior staff here along with the AG representatives & lawyers in understanding certain words like the definition of FIDUCIARY, which I’ve given over 30 times in over 4 years.  STRS staff were hired to take care of the pensioners first.  You exist because of the teacher’s hard work for 30-35 yrs and STRS got messed up along the way at no fault of the pensioners. People employed here got greedy because they forgot THEIR fiduciary duty.  We pensioners who speak spend a lot of time preparing our speeches as well as the travel time to and from Columbus not to mention the amount of time sitting and listening to the topics of discussion the Board engages in. The content of our speeches determines what’s still happening at STRS that has yet to be given serious attention to as asked by us pensioners and those issues that are currently unresolved by our court system.  What’s been done by suing 2 board members, who only wanted to help our pension grow because a staff lawyer wanted STRS to maintain the status quo, which isn’t working for pensioners. You weren’t protecting pensioners, you were protecting yourselves, the motive is deeper…maybe conspiracy-like.  

I attended the first day of trial on October 27, 2025.  It was an extremely long day. I thought Mr. Steen did well as well as the other current best fiduciary board member. I appreciated Mr. Steen calling out one, but not by name, a reporter/journalist, if you can call her that, and correcting the amount of $250M that was to be a ballpark figure as an investment starter and morphed into being $65B instead! How ridiculous, these men would never suggest in passive investing of approximately 75% of our pension!! Why?? Because they know their fiduciary duty. 

They are the best example of integrity and fiduciary responsibility pensioners know. I find it interesting that said reporter looked over to us retired teachers, after Mr. Steen made his statement, and at the same time I looked at her and gave her my best teacher stink eye!  She immediately looked away because she knows she’s the one being referred to. I’m appalled at her blatant lying in the media print and even after this trial ended, she continued to write her story using the same numbers she wrote in all her other articles in the past about this. Her journalistic integrity is sorely lacking. She doesn’t apparently check her information before writing to make sure it’s correct. How she can look at herself in the mirror every day and continue her misinformation is beyond me!

I will repeat my definition of a FIDUCIARY once again. “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  

There’s a certain mindset about who should get raises…pensioners should each year because that is what you do as a fiduciary. The rest of STRS gets taken care of afterwards!

STRS board meeting December 10-11, 2025; Public Participation scheduled for Thursday, Dec.11

From STRS

December 4, 2025

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, December 10, 2025

9:00 a.m. Disability Review Panel (Disability Reviews will be conducted in Executive Session)
10:30 a.m. Governance Committee
12:30 p.m. Investment Committee
3:15 p.m. Audit Committee

Those wishing to attend the committee meetings virtually may register using the link below: 

https://strsoh-org.zoom.us/webinar/register/WN_1CP8KjnXTSu4jpRUzU7gJQ

Thursday, December 11, 2025

8:30 a.m. Retirement Board Meeting

Those wishing to attend the board meeting virtually may register using the link below:

https://strsoh-org.zoom.us/webinar/register/WN_1_TN8jWSRjOT4nzoCrbVOw

The Retirement Board meeting will come to order on Thursday, December 11, 2025, and begin with Results of the Financial Statement Audit, followed by Report From the Member Benefits Department, Report from the Finance Department, Public Participation, Resolution for Teacher of the Year, Strategic Planning, Legal Training, Committee Structure Discussion, 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 on Tuesday before the meeting. Final meeting materials will be available approximately 30 minutes before the meeting starts.

Are your Rx costs through the roof? Read this!

Canadian Rx - From a Cardiologist at Lima Memorial Hospital

From John Curry

November 23, 2025

By Dr. Mehran Arabpour

November 21, 2025

For the past seven or eight years, because of the extremely high cost of medications in the United States, I have referred many of my patients to pharmacies in Canada. Some of these medications are life saving and have no equivalence in generic form yet. these same medicines are sold in the United States for nine to ten times the price of what the exact same medication costs in Canada, despite being produced by American pharmaceutical companies.

Take an example: a medication designed to prevent stroke in a patient with atrial fibrillation, or another medication meant to prevent stent thrombosis after coronary artery stenting. These are essential drugs. In the U.S., they cost over $400 dollars per month. But the exact same medications can be purchased in Canada for about $145 for three months which is less than $50 a month.

Knowing this, and knowing my patients simply could not afford U.S. pricing, I created a form that I routinely give to them. I instruct them to contact these Canadian pharmacies online, register with them, review the prices, and once they agree, I was more than happy to send the prescription to Canada so they can receive their medications at a fraction of the cost ,without having to choose between eating, paying their mortgage, or staying alive.

For the past four months, however, many patients have told me that the cost in Canada has increased. The same medication that used to cost $135 for three months is now $200 for the same three month supply. On top of that, they are now paying an additional tariff to the United States government simply to import the medication for their own personal use.

Imagine someone living on seven or eight hundred dollars a month from Social Security. They were willing to spend $135 of that for a three month supply of a life saving medication because their insurance would not cover it. Now the same person has to pay forty or fifty dollars more, not for the medicine itself, but as a government imposed tariff.

Is this really a fair way to “fix” trade imbalances or prevent outsourcing of jobs and technology? By taxing a 70 or 80 year old grandmother who is already struggling to afford basic care? I have no objection to addressing trade issues. I welcome efforts to strengthen American industry. But imposing tariffs on life saving medications used by our most vulnerable citizens is not the way.

I wish more people could take off their polarized political lenses and stop viewing everything as Democrat versus Republican. If they looked at this simply as Americans, they would see the injustice not only in a healthcare system that already penalizes so many, but also in policies that further victimize those with limited resources.

ORTA is US, and ORTA NEEDS OUR HELP!

 

Weekly Update: November 22, 2025

Our members are doing their job. Our legislators are not. This should become a ballot-box issue.

ORTA is still awaiting a decision on the AG’s case against former STRS Board member Wade Steen and our current Board Chair, Dr. Rudy Fichtenbaum. We weren't expecting a decision before the Thanksgiving holiday.

On a positive note, our new STRS Executive Director, Steven Toole, has decided to hold semi-annual meetings with STRS “stakeholders.” The first of these meetings was held on November 20th, and Robin Rayfield and I attended. All major stakeholder organizations were represented, including our unions. Roughly 25 stakeholders were in attendance, and approximately 8 STRS staff members. STRS laid out an agenda covering topics such as diversification of our investments and active versus passive management. What was refreshing was that stakeholders could signal that they had a question at any time, and staff and stakeholders could engage in a discussion.

My impression was positive. It was a nice gesture that moved towards transparency and opened the door for frank discussion—a tip of the hat to Executive Director Toole for starting some honest dialogue.

My overriding takeaway from the two-hour meeting remains that the pain that members feel, and many of the investment allocations they are uncomfortable with, are a result of the Ohio Legislature's underfunding of our pension.

In a non-Social Security State such as ours, members rely upon their pension plan for inflation relief. This is why, in the other non-Social Security states, the combined Employer and Employee Contributions average 38%. Public pension plans in which employees do not participate in Social Security require higher employer contributions to provide inflation protection. In Ohio, the Employer side of the contribution is dropping the ball. Legislators control this.

In Ohio, the Employer Contribution is 14% and the Employee Contribution is 14% for a total contribution of 28%. Outside of Ohio, in the other non-Social-Security states, the average Employer Contribution is 30% and the average Employee Contribution is 8% for a total contribution of 38%. Ohio’s Employer Contribution rate is more than 50% behind other non-Social-Security states (14% compared to 30%). Legislative inaction has forced cuts to our benefits.

Our members are doing their job; our legislators are not. This should become a ballot-box issue.

My best, and I hope everyone has a nice Thanksgiving.

Dean Dennis, Chair

ORTA Executive Council

ORTA needs your help. Please make a donation to the Pension Defense Fund to help pay legal fees to defend and protect our pension and retirement benefits from current and future legal attacks. We are seeking 1,000 members to contribute $10 per month to the fund. This would enable us to pay attorney fees and rebuild the Pension Defense Fund

Click HERE to donate to the Pension Defense Fund.

John Curry: "Educators and Retired Educators, We Have a Few Pols Who Are On Our Side....Darn Few!"

From John Curry

November 19, 2025

Here they are......

Dan MacDonald reports on the November 13 STRS Board Education and Planning meeting

From Dan MacDonald

November 17, 2025

ELECTIONS TO BE HELD; NO 13TH CHECK!

I attended the STRS Board Education and Planning meeting on November 13th. I could not attend the Governance Committee meeting on November 14th because of an occupational therapy session.

This was not a regular Board meeting. No Public Participation, no Director’s Report, no Investment Report, no Routine matters or Old/new business. The meeting was called to order by Chair Dr. Rudy Fichtenbaum at 9:01. After some minute approval and small tasks, the meeting started with reports from the Finance Department. Outside consultant Cheiron presented the cost of COLAs [1%, 2%, 3%] for 2027 and the cost of reducing permanently the number of years of service, eligible at 30, 31, 32, 33. [Actives and retirees should not get their hopes up.] Although under the Sustainable Benefit Plan (SBP) there should be some de minimis money available for FY 2027, the cost of most of these is more than the money available. The fund is still approximately 21 billion dollars below being fully funded. Although the fund experienced a return on investments of 10.4% for FY 2025, it experienced a loss of basically 749 million dollars because of salary increases, retirement experience, new entrants and retirees. Much discussion around earning 10.4% and still experiencing an overall loss. [When given time and explained, and then re-explained, and then numbers shown, it begins to make sense against original assumptions.] A de minimis amount will be presented in April 2027 and could be used in the 2027 Budgeting process to maybe make some changes.

[What might this mean? A COLA might be possible for FY 2027; 33 years might be made permanent at a projected cost of 695 million; or nothing happens around benefit changes. I know this is confusing, but your current elected Board members are doing their best to balance actives/retirees while appointed Board members want to “slow things down” and “let time pass” before any additional benefit changes.

Remember there is a lawsuit regarding the Board’s composition and another that Dr. Fichtenbaum didn’t fulfill his fiduciary responsibilities and should be removed from the Board.]

A Supplemental Benefit Payment was discussed and dismissed. No motion was made.  [Think 13th check that would have been paid to retirees in February]

Actuary outside consultant Cheiron [think SBP and de minimis] contract is ending. A new RFP (Request for Proposal) must be issued. The Board motioned, agreed, and the request will be made.

Before lunch and an Executive Session, outside consultant Global Governance Advisors had a strategic planning session where the Board went over mission and vision statements along with guiding principles, themes, risk management and objectives, observations and oversight with proposed objectives, engagement and objectives, and sustainability and objectives. The Board was reminded that “Bad execution is where good strategy dies.” [This is the company that I accused of having a circus barker in my last report. This month when push-back came from Board members on certain wordings or items, Global fell back on “their years of experience” and a whole we know better, which might be true, but, to me, very arrogant, and at times, demeaning.]

After lunch/executive session, Executive Director Toole shared that market researcher Saperstein and Associates will be conducting a survey of actives and retirees and their thoughts, feelings and general impressions of STRS. [Please, if you get an email or call, be truthful and share your feelings, thoughts and concerns.] Surveying is to be completed before Christmas.

Also announced, there will be Spring elections held for a retiree seat and a contributing member seat [think active]. Depending on court rulings and appeals, the elected might never be seated, but the election proceeds because of court’s current ruling. A petition and information to run is available by calling STRS, 614-227-4090. Signatures must be presented to STRS by February 2026.

A benefit comparison was made with Ohio against 8 other non-social security states regarding contribution rates, net cash flow, 10-year investment returns, investment return assumptions, and new member eligibility: multiplier, FAS, age, COLA, Unreduced age/YOS. [Think California, Connecticut, Illinois, Kentucky, Louisiana, Massachusetts, Missouri, Texas.]  STRS was all over the place, as were they all.

The STRS Disability Program was then discussed in relationship to ORC (Ohio Revised Code).  According to STRS’s interpretation of the law, you are disabled until you are not. You are disabled under a specific disability.  Even after 25 years, your specific disability might suddenly become terminated from your doctor's reporting follow-up.  Elected members had issues with this. For instance, the “act of teaching” means if you are disabled do not teach Sunday School, professional development, gardening instruction, etc. We’re talking volunteer or paid. [What district desires to hire a teacher after years of disability?] There is much more to this sad situation in which elected members become dismayed of consultant doctors' and STRS staffs’ conclusions. [The answer must be something other than to start the process over with a new disability and proving it.] Follow-up discussion is to occur in December.

The meeting adjourned after Global Governance Advisors went over the 2022 Funston Audit Recommendations and Board decisions. As appointed Board member Allison stated, when can we put this to “bed?” [He is correct.] Many decisions were thrown into standing committees or challenged.

The meeting adjourned about 4:50 p.m. Next meeting dates December 10, 11, 12, 2025.