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

Bob Buerkle to STRS board August 18, 2026: How many of our retirees must die before the Ohio Attorney General and the Legislature will let the STRS Board perform their Fiduciary duties to deliver the annual COLAS that our retirees were promised at retirement and codified in ORC 3307.67? Is the number 70,000, 80,000 or maybe it is all current retirees?

 

Suzanne Laird to STRS board: A challenge to STRS employees to put their raises and their bonuses to compassionate use

Suzanne Laird's speech to STRS board

August 18, 2026

Good Afternoon, Members of MY Board:

Well, we saw quite a show last week at the ORSC meeting. I will reserve my comments regarding the Heritage Foundation journal article for another time, once the Math starts “Mathing.”

You may start your timer now.

Let’s set aside the manufactured outrage on that, and instead, focus on the comparison brief of the five pension systems in the state of Ohio: the one which stated that STRS retirees have the lowest purchasing power, without a dependable COLA, and that our purchasing power has degraded more than all others. Where was the outrage when it was revealed that our assumed future COLA rate is zero?!

As my 10 year old sign says: Do the Math: no 3% COLAs….. no bonuses. No matter how many times we drag ourselves and our tattered signs down here, we know you will still award the ridiculous raises and bonuses.

At the March meeting, one of the highest paid STRS employees approached me and said he’d done some investigating. Had I taught in the school district from which he graduated? We determined yes, while I had not taught him, I taught some of his siblings. I’d like to remind this employee, as well as all the overly-well compensated employees here, what our Worthington City Schools treasurer did, once.

This school treasurer won an award for having prudently managed the taxpayer’s money. The award came with a monetary bonus. Instead of pocketing that bonus, he anonymously donated it to the lowest-paid employee of the district.

Now, if you have attended any of the town hall meetings, you’ve heard that STRS is still paying benefits to some teachers over the age of one hundred years. No mention is ever made of their final average salary.

I challenge any of you in this building to donate this year’s raise to a one hundred (or more) year old retiree. How about one tenth of your bonus? Or how about your entire TWO hundred fifty thousand dollar bonus?

Who is really worthy of that amount? You, or a hundred year old teacher you purportedly work for?

Cathy Steinhauser to STRS board: "Shared sacrifice in this scenario should be applied…that’s called being ethical and it’s also legal. STRS reminds me of this line, “Money for me but not for thee.”…absolutely disgraceful!"

Cathy Steinhauser’s Public Participation speech August 18, 2026

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

Sorry to have disappointed you the last 3 board mtgs. (insert sarcasm here) by not attending, but when crisis occurs in families, you pay attention to what matters in life at that moment.  But I’m back and lucky for you I’m ready to dive head first into the ridiculous and absurd antics of STRS.

I listened to yesterday’s Zoom mtg., as well as the past 3 mtgs. I missed, and was amazed once again at the amount of self-serving entitlement within this pension.  This institution seems to feel that hired workers here deserve more than the teachers who through their blood, sweat and tears worked for 30-35+ yrs. in a classroom and are the entity that actually pay your salaries. You feel more deserving of up to 6 figure bonuses in past yrs. while teachers have had to wait for crumbs to be dropped by way of a COLA a handful of times in 13 yrs. It reminds me of Oliver Twist in “Oliver!” when he asks “Please Sir, I want some more.”

Teachers shouldn’t have to beg their own pension to restore a given right. We’ve had to tighten our belts to the point that there are no more holes left in our belts to notch while your belt seems to loosen more as the years go by.  Shared sacrifice in this scenario should be applied…that’s called being ethical and it’s also legal. STRS reminds me of this line, “Money for me but not for thee.”…absolutely disgraceful! 

You talked about board members who ask for information which may or may not need an outside person for clarity… i.e. pay someone to find that information one way or another.  Yet you have a budget that keeps increasing every year by millions!

Even the ORSC recommended you rein in your spending! You borderline-belittled a member of this board who wants to save time and asks for a listing of staff members and their specialty areas so that they can contact them directly instead of emailing several then waiting to see what information is offered.

Many pensioners are tired of how you throw around the word FIDUCIARY in a manner that neither begins to abide by what it actually means. I have spent countless speeches the past 5 years explaining what this word means and you still insist that it applies to the staff at STRS first. Nothing says frustration like saying the same things over and over again and you’re ignored.

Let’s try this again since it’s been a while:

FIDUCIARY: “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”.

NO 2% or 3% COLA, NO BONUSES!

Robin Beebe to STRS board: "According to the current Executive Director, "Our books are open. When you're running a state pension plan, your books are always open. We have nothing to hide." Well, two sets of books, per the Mendenhall report, seem to refute that. It is unethical at best, and at worst? You be the judge. "Something is rotten in Denmark...."

Robin Beebe's comments to STRS board

August 18, 2026

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 17 years. Denied my full 3% COLA's. Denied approximately $136,000+ and counting.

     Well, it's August - PBI/Bonus Month. I would be remiss not to mention the Mendenhall & Sutter "Retirement At Risk" report. Basically, STRS has had two sets of books, one of which overstated the investment returns by $9 Billion over 2 decades resulting in the inflated Bonus/PBI SCHEME. You can try to put all the spin on this report you want. But this report is out there. It will not go away. The PBI's should be halted until this all gets rectified. A GIPS  verification based on "STRS SUPPLIED DATA" is not an audit. It is not an audit by a CPA. And there is no Fiduciary Duty to pay bonuses to Investment Staff.

     According to the current Executive Director, "Our books are open. When you're running a state pension plan, your books are always open. We have nothing to hide." Well, two sets of books, per the Mendenhall report, seem to refute that. It is unethical at best, and at worst? You be the judge. "Something is rotten in Denmark...."
     So...you've all heard the expression, "It's Not Nice to Fool Mother Nature". (Put on flower crown.) Well, it's not nice to FOOL active and retired Ohio teachers!!!
     So, here is an idea. And, no fooling, I am not an Investment Blue Suit. But here is one possible way forward. I get a publication called Bottom Line Personal which is a $39/year subscription. From the July 2026 issue, I want to share just a few Exchange Traded Fund suggestions. These are diversified and have minimal fees and a very lucrative and profitable track record. #1: Tech Stock ETF - Invesco QQQM with a 0.15% expense ratio and a five year performance of 17.82%.  #2: S&P 500 ETF SPDR Portfolio (SPYM) passively tracks performance of 500 of the largest US companies with an annual expense ratio of 0.02% and performance of 15.76%.  #3: US Large Cap ETF called Fundstrat Granny Shots (GRNY) with a 0.75% expense ratio and one year performance of 31.3%. With ETF's you won't need an Investment Staff of 110+. You won't need to award millions and millions of PBI dollars. 
     So, I repeat, "It isn't nice to Fool active and retired teachers. I wish there was a way forward for honest and good things to happen. Hmmm... if I only had a magic wand to make wishes come true.... (Wave and sound wand.)

STRS board to meet August 17 and 18; Public Participation will take place August 18

From STRS

August 11, 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:

Monday, August 17, 2026

1:00 p.m. Investment Committee Meeting followed by
Governance Committee Meeting

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

https://strsoh-org.zoom.us/webinar/register/WN_yzjj-R6rTiyaPM7ChZsrSA

Tuesday, August 18, 2026

9:00 a.m. Disability Review Panel (Disability Reviews will be conducted in Executive Session)
11:15 a.m. Audit Committee Meeting
12:45 p.m. Retirement Board Meeting

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

https://strsoh-org.zoom.us/webinar/register/WN_KZVI6cFnQ0mu2PyEhN5Hpw

The Retirement Board meeting will come to order on Tuesday, August 18, 2026, and begin with Public Participation, a Health Care Committee Discussion, Report from the Member Benefits Department, 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 before the meeting starts.

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

Dan MacDonald to STRS board: STRS’s fiduciary responsibilities are for actives and retirees. I am looking forward to restorations for actives and COLAs for retirees.

Dan MacDonald's speech to STRS board

June 25, 2027

THROWN UNDER THE BUS

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.

Back in March, during the Executive Director’s report, a proposed FY 2027 Budget increase of 8.5% was warned. In April, a month later, during Public Participation I spoke against the 8.5% but later in that Board meeting a 9.8% increase FY 2027 Budget was presented. Then May comes, sorry that I was not here but home recovering from another hospital bout; a 6.2% amended budget was presented and approved.  I would love to take credit for the change, but some of the Ohio Retirement Study Council board members have a death grip on our organization, STRS, with roughly a $110 BILLION-dollar general fund. Some of our Board members reacted very positively to the deflation even pointing out that next year’s budget should be even less and another, that we might have been too lenient on the Executive Director's 2026 budget. 

My reaction was guttural and immediate.  If in his heart and if we believe he has integrity and our Executive Director thinks STRS would be better served with more AI or personnel, he should be able to present a budget with say, a 20% increase, and OUR Board should be doing the whittling back. Would I react in Public Participation? Yes, for sure, but we need our visionaries.  The budget is addressing millions of dollars while the investment department, a part of the budget, is earning STRS - actives, retirees - billions of dollars. On the state and federal level, legislators are angling for control. There is more than one legislator in Ohio that desires to become an Elon Musk, a trillionaire, and control of STRS is a steppingstone. Seriously, does this Board have trust in our Executive Director? If yes, you did not show it at last month’s meeting. He was “Thrown under the bus!”

STRS’s fiduciary responsibilities are for actives and retirees. I am looking forward to restorations for actives and COLAs for retirees. 

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

From Dan MacDonald

June 27, 2026

HEALTH PREMIUMS RISE IN 2027

The June 25, 2026, STRS meeting opened with the approval of May’s minutes and right into the Member Benefits Department 2027 Health Care Plan Premium Rate discussion. The projected hour discussion turned 90 minutes. After much discussion by Board members and including the Board’s and A.G.’s lawyers, there were three voted motions. The first two voted down. The third was approved in a 5-4 Board vote with an abstention. The passed motion- a 10% increase of the 2026 cost plus a subsidy glidepath.  What does that mean? Aetna Medicare Plan medical/prescription monthly premiums of $214 [with 30 Years Of Service-$45]; Aetna Medical Basic Plan medical/prescription monthly premiums of $418 [with 30 YOS - $249] and Aetna non-Medicare Basic Plan medical/prescription monthly premiums of $1,495 [with 30 YOS - $387] and further approved a subsidy glidepath of reducing the non-Medicare multiple from 2.47% to 2.1% and the Medicare multiple from 2.17% to 1.8% starting in 2028 by reducing both multiples 0.03% per year until the end multiple is reached in 2040.

[Medical costs continue to rise faster than inflation and the STRS health plans experience 2026 reviews were high. STRS staff and some Board members desired Aetna Medicare Plan medical/prescription monthly premiums of $246; Aetna Medical Basic Plan medical/prescription monthly premiums of $458; and Aetna non-Medicare Basic Plan medical/prescription monthly premiums of $1,635. Other Board members, who prevailed, approach is a one year wait and see what happens. Remember that the STRS medical fund is closed. Moneys going into the fund are only monthly paid premiums and investment earnings. An increase of $407, monthly, in the non-Medicare plan was projected for the 2028 premium with the above choice chosen. Think $1,902 full monthly premium in 2028 if projections are accurate.  Retirees under 65, because they are not on Medicare, are extremely hard hit. Decisions are made. Your Board is working hard and attempting to weigh all input to do its best for you. If you need to vent, call me, Dan MacDonald, 440-564-1200.]

The Governance Committee then approved changes to seven Board Policies and added a new “Communication Policy.”  The Legislative Committee followed with a legislative calendar update, priorities, and timing. Basically, the politicians are at home campaigning and not due back until November 10. COLA was briefly discussed, particularly how to address different cohorts to keep purchasing power at 85% of initial retirement power.

The Investment Committee reported a May return of a positive 2.2%. The preliminary net total return for the fiscal year is a positive 14% [Remember the assumption is 7%; this is good.] Total assets $110.4 billion, higher by $9.8 billion in FY 2026. [The 2026 FY ends July 31, 2026.] Outside consultants Maketa and Callen each gave quarterly performance reviews through March 31, 2026. Both consultants praised the investment department and ranked the department high against its peers. The Fiscal 2027 Investment Plan was then presented by department heads for risk management, fixed income, domestic equity, international equity, liquid alternatives, real estate [doing better], private equity, and private credit. Each head did a 2026 review followed by a 2027 outlook and strategy. In summary, the staff forecasts near-trend but uneven growth, with a wide, negatively skewed distribution of outcomes with risks increasingly skewed downside, driven by persistent inflation, geopolitical conflict, and constrained monetary policy.Seven retirees spoke during Public Participation. Most spoke on COLA. [I was disappointed that no active spoke to their concerns.] After lunch, the Executive Director gave his report which addressed the Funston Fiduciary Performance Audit; AI and a strategic investment platform roadmap; an associate engagement survey [think teamwork makes the dream work]; and general updates including a Columbus Education Association town hall meeting. Routine Matters, Old/New Business concluded the day. The next Board meeting is scheduled for August 17 – 18, 2026, a Monday, Tuesday.

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

Trina Prufer's speech to STRS board

June 25, 2026

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

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

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

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

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

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

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

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

Dean Dennis' speech to STRS board

June 25, 2026

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

Tracey Galloway's speech to STRS board

June 25, 2026

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

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

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

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

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

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

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

The only fiduciary responsibility is to active teachers and retirees.

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

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

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

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

The June 2026 STRS board meeting, including Public Participation, is scheduled for one day: Thursday, June 25

From STRS

June 18, 2026

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:

Thursday, June 25, 2026

9:00 a.m. Retirement Board Meeting followed by
Governance Committee Meeting followed by
Legislative Committee Meeting 

11:00 a.m.

Investment Committee Meeting followed by
Retirement Board Meeting resumes

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

https://strsoh-org.zoom.us/webinar/register/WN_aA3KLfh7TvexoSv8ngN_Aw 

The Retirement Board meeting will come to order on Thursday, June 25, 2026, and begin with a Report From the Member Benefits Department, Executive Session, Public Participation, 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 before the meeting starts.

[Further details may be viewed here: https://www.strsoh.org/about/board-meetings.html ]

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)