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

Write today to the SEC to urge action on The Mess at STRS

From Edward Siedle's article SEC Intervention At Ohio Teachers State Pension Is Long Overdue: 

"It may seem like a long-shot to demand an SEC intervention. Nevertheless, I honestly believe that if enough STRS Ohio stakeholders, including reform-minded board members, petition the SEC to investigate, the federal agency may choose to take action.

"Better still, imagine if stakeholders in every state pension in America were to sign petitions demanding SEC intervention. In my opinion, such a national outcry would be impossible for the agency to ignore."

https://pensionwarriorsdwardsiedle.substack.com/p/sec-intervention-at-ohio-teachers?utm_source=profile&utm_medium=reader2&fbclid=Iw

AR04MAQnLaD-AK-X7GE1u0NG32Rlv6i1LBcCgSTLGETSeYaXWuxfnVpnvDQ 

Every teacher/retired teacher member of STRS Ohio needs to send a letter NOW to the SEC if we want them to take action on The Mess at STRS. 

Here's the contact information you will need:

https://www.sec.gov/contact-information/sec-directory 

DO IT TODAY! It's YOUR future that's at stake.

Letter to the SEC: Trouble at the State Teachers Retirement System of Ohio

Letter to the U. S. Securities and Exchange Commission (SEC) December 2, 2023

To the Securities and Exchange Commission:

Subject: Trouble at the State Teachers Retirement System of Ohio

If you are not familiar with the gross mismanagement that been going on at the State Teachers Retirement System of Ohio (STRS Ohio), I sincerely hope you will take a close look now  as the System has been bleeding its teachers for years, not fulfilling their promise of a secure retirement for all teachers, but instead using their hard-earned money to fill their own pockets with out-of-sight huge salaries, perks and bonuses of up to six figures. 

While this is happening, Ohio's active teachers are now being required to pay more into the system than their retirement is worth (14% of their salaries), and to work more than the customary 30 years to qualify for full retirement benefits. 

Retired teachers were promised a COLA years ago, and for many years they received at least a 3% COLA until it was unceremoniously snatched away from them in 2017. With their lower pensions and no protection against today's runaway inflation, many are hurting badly while the STRS staff is able to live a lavish lifestyle with our money.

Edward Siedle summed it up well in his article of December 1, 2023, when he wrote: 

"In June 2021, the damning findings of my expert forensic investigation of the pension commissioned by the Ohio Retirement for Teachers Association (“ORTA”) were released. Among the key findings in the 128-page report titled The High Cost of Secrecy:

 "1. The pension had long abandoned transparency, opting instead to allow Wall Street money managers to withhold key investment documents from public scrutiny;

 "2. Legislative oversight of the pension had utterly failed, as the Retirement Study Council had somehow failed to perform statutorily-mandated fiduciary audits over the past 16 years;

 "3. Wall Street had been permitted to pocket lavish fees without review;

 "4. Investment costs and performance had been misrepresented, i.e., dramatically understated; and

"5. Failure to monitor conflicts of interest had undermined the integrity of the investment process, as billions that could have been used to pay retirement benefits promised to teachers had been squandered."

STRS Ohio has over 500 employees, including over 80 "investment experts" who have received humongous bonuses, even in years when the system has lost billions of dollars. This year the investment staff was awarded $10 million in bonuses, then given a 30% raise in spite of failing to meet benchmarks and also losing $5 billion in the stock market. They also work in a virtual palace covering more downtown Columbus real estate than a football field, with huge amounts of wasted space costing teachers a fortune for heating, cooling and upkeep.

It's time for the SEC to step in and take a look at what's going on at STRS Ohio. The far-reaching and damaging result of the mismanagement there is only the tip of the iceberg. I cannot urge you strongly enough to investigate the situation and to please stop the bleeding of the teachers' funds. Thousands are hurting badly thanks to a pension system they had trusted most of their lives until they started learning the truth about where their money was actually going. 

Thank you for any attention you can give to this matter. I and thousands of other Ohio teachers would be most appreciative of any help you can give us.

Link to Edward Siedle's article SEC Intervention At Ohio Teachers State Pension Is Long Overdue:  https://pensionwarriorsdwardsiedle.substack.com/p/sec-intervention-at-ohio-teachers?utm_source=profile&utm_medium=reader2

Sincerely, 

Katherine B. Bracy

STRS Ohio 25-year Retired Member

[Address]

kbb47@aol.com

Blog about STRS history since 2004: https://kathiebracy.blogspot.com/ 

--------------------

Sent to the Chairman and Commissioners: 

https://www.sec.gov/contact-information/sec-directory 

CHAIRMAN AND COMMISSIONERS

• Chair Gary Gensler  202-551-2100  Chair@sec.gov
• Hester M. Peirce  202-551-5080  CommissionerPeirce@sec.gov
• Caroline A. Crenshaw  202-551-5070  CommissionerCrenshaw@sec.gov
• Mark T. Uyeda  202-551-2700  CommissionerUyeda@sec.gov
• Jaime Lizárraga  202-551-2800  CommissionerLizarraga@sec.gov

Copy sent to esiedle@aol.com 

Edward Siedle: SEC Intervention At STRS OHIO Pension System Is Long Overdue

SEC Intervention At Ohio Teachers State Pension Is Long Overdue

Mismanagement of investments, skyrocketing undisclosed fees paid to Wall Street, growing secrecy, and, most recently, suspension of the Executive Director, have all created a crisis of confidence. 

By Edward Siedle

December 1, 2023

The board of the $90 billion state teachers pension, along with stakeholders—including participants and taxpayers—should join together and demand an intervention by the nation’s premier securities regulator. 

Recently, the board of the $90 billion State Teachers Retirement System of Ohio reportedly suspended its executive director after staffers accused him of violent behavior and sexual harassment. The STRS board suspended Bill Neville and called for an investigation after an anonymous letter from staff accused him of throwing furniture, making comments about his past relationships and about people’s appearances, and threatening staff whose family members spoke against him at board meetings. In February, the board rejected a motion to declare confidence in Neville, with one board member saying the fund needed a leadership change.

Before assuming the role as director in 2020, Neville served as the fund’s chief legal counsel since 2004. He had been at the center of controversy regarding the pension fund long before the recent allegations against him came to light.

Over the past few years, criticism of STRS has mushroomed as scrutiny of the pension has intensified. 

Public pensions, solely by virtue of their size, are considered by regulators to be “sophisticated investors” who can fend for themselves. In reality, these pensions are overseen by lay boards—utterly lacking investment expertise—who are hoodwinked all the time by Wall Street. Worse still, participants whose retirement savings are at risk—teachers, firefighters and police—are not even permitted to see the prospectuses and other documents related to the investments.

 •  June 2021 Forensic Investigation

In June 2021, the damning findings of my expert forensic investigation of the pension commissioned by the Ohio Retirement for Teachers Association (“ORTA”) were released. Among the key findings in the 128-page report titled The High Cost of Secrecy:

1. The pension had long abandoned transparency, opting instead to allow Wall Street money managers to withhold key investment documents from public scrutiny;

2. Legislative oversight of the pension had utterly failed, as the Retirement Study Council had somehow failed to perform statutorily-mandated fiduciary audits over the past 16 years; 

3. Wall Street had been permitted to pocket lavish fees without review; 

4. Investment costs and performance had been misrepresented, i.e., dramatically understated; and 

5. Failure to monitor conflicts of interest had undermined the integrity of the investment process, as billions that could have been used to pay retirement benefits promised to teachers had been squandered.

Due to the serious investment management and securities issues identified, a copy of the damning preliminary findings were provided to Ohio legislators, state and federal securities regulators, law enforcement and later the State Auditor of Ohio. 

The Ohio Retirement Study Council had somehow failed to perform statutorily-mandated fiduciary audits of the massive state pension over the past 16 years.

•  Growing Board Support for Reform of Pension 

Immediately upon the release of the above forensic report, one STRS sitting board member and one member-elect indicated their agreement with the findings. In the months following release of the findings, three more candidates supported by ORTA were elected to the STRS board, for a total of 5 in support of reform of the pension.

•  Special Investigation by State Auditor 

Spurred by participants sending the High Cost of Secrecy report to the Ohio State Auditor which, in his opinion, provided a “reasonable basis” for a special investigation, he launched a year-long review  of the pension. His findings were released to the public in late 2022. Notably, the State Auditor called on the pension to increase transparency.

Ohio Governor Mike DeWine openly agreed with the Auditor that the pension should be more transparent. 

In 2022, the Ohio State Auditor and Governor DeWine agreed the state pension should be more transparent.

It seemed that the long-awaited pension reform was imminent. 

Not-so-fast.

When pension reform seemed imminent, Ohio Gov. Mike DeWine stepped in to thwart the effort. 

•   Ohio Governor Intervenes In Board Election to Thwart Reform 

This past May when Pat Davidson, a reform-minded teacher, was elected to the board in a landslide vote, tipping the balance of power 6-5 to progressive reformers, Gov. Mike DeWine stepped in to thwart the effort.

The night before the election results were announced, he summarily removed a board member he had previously appointed who supported the reforms. That would-be member’s dismissal is being challenged in court at this time. Weeks before, the board mulled over a 30% bonus for investment staff,  a move highly criticized by teachers who pointed to the fund’s $5.3 billion in losses  the year before.

•  Why the SEC Needs to Intervene When State Pensioners Are Harmed 

While state pensions are not regulated by the SEC, the money managers and investment consultants these retirement funds hire, are. When public pensions are scammed, Wall Street prospers. Therefore, it is fitting that the SEC should intervene to protect these retirement plans—public pensions regarded as “the dumbest investors in the room” by Wall Street.

The SEC should intervene to protect these retirement plans—public pensions regarded as “the dumbest investors in the room” by Wall Street. 

Historically, the SEC has looked the other way when the victims of Wall Street are public workers and pensioners. Public pensions, solely by virtue of their size, are considered by regulators to be “sophisticated investors” who can fend for themselves. In reality, these pensions are oversee by lay boards—utterly lacking investment expertise—who are hoodwinked all the time by Wall Street. Worse still, the participants in these funds whose retirement savings are at risk—teachers, firefighters and police—are not even permitted to see the prospectuses and other documents related to the investments. 

•  Who Would Oppose SEC Intervention? 

Who would oppose SEC intervention? Well, naturally Wall Street. Also, state politicians who receive substantial campaign contributions from money managers for steering public pensions into costly, underperforming investment contracts. By the way, my forensic investigations regularly reveal the following obvious truth: long-term damages resulting from hiring corrupt money managers always far exceed any kick-backs or bribes paid to politicians, or influential middlemen. For example, a $1 million bribe in connection with a $100 million asset management contract can easily result in $10 million in underperformance losses over time.

Long-term damages resulting from hiring corrupt money managers always far exceed any kick-backs or bribes paid to politicians or influential middlemen. For example, a $1 million bribe in connection with a $100 million asset management contract can easily result in $10 million in underperformance losses over time.

It may seem like a long-shot to demand an SEC intervention. Nevertheless, I honestly believe that if enough STRS Ohio stakeholders, including reform-minded board members, petition the SEC to investigate, the federal agency may choose to take action. 

Better still, imagine if stakeholders in every state pension in America were to sign petitions demanding SEC intervention. In my opinion, such a national outcry would be impossible for the agency to ignore.

https://pensionwarriorsdwardsiedle.substack.com/p/sec-intervention-at-ohio-teachers?utm_source=profile&utm_medium=reader2

Thoughts and reports from Tom Curtis

From Tom Curtis

November 28, 2023

11.28.23

To the STRS memberships’ chagrin, the OEA/STRS/ORSC are willing to go as far as they possibly need to stop six (6) elected reform Board members from gaining control of Ohio educators mandated 28% contributions. Governor DeWine's action in May 2023 of removing Wade Steen from the Board is a very clear indication of that.

The OEA/STRS/ORSC have all looked at educators' contributions as their money to handle anyway they desire for over 30 years and have wasted multi-billions. STRS is bleeding 10-15 million dollars every business day. That has to be drastically reduced immediately.

The administration and the six (6) status quo Board members, Chair Dale Price, Co-Chair Carol Correthers, appointees G. Brent Bishop, Claudia Herrington, Dr. Scott Hunt & Allison Lanza Falls all refuse to significantly cut costs as any business would be required to do by its stakeholders. WHY not STRS?

This is exactly why I rightfully call the OEA a traitorous association. The OEA does not deserve teacher’s dues, because they did not protect them in retirement. The OEA has not looked out for our futures. They have lied to us about the liquidity of STRS and have left their retired members without a promised COLA. They have accumulated huge debt and are making the actives pay for that debt by requiring them to pay the second highest contribution rate of 14% in the nation and making them work until age 34 to get full retirement, the highest requirement in the nation. This is a horrible scenario. The OEA should close its doors and hid their heads in shame. Traitors, they are all traitors! 

11.28.23 

What would it cost to put up several billboards asking, "Where is Wade Steen". Why has he not been reinstated on the STRS Board of Directors? With his picture on it.

11.24.23

Educators Must Make a Stand or Lose Their Pension System to Outside Criminals

Educators must understand that our STRS pension system has been under siege by criminals outside of education for over 30 years and there is absolutely no one of authority in our government or judicial system that is trying to stop the looting.

The OEA is and has been the problem for 30 years. Only one of their traitorous members, Carol Correthers remains, though Dale Price is OFT, his voting record has been fully in support of the OEA majority and will hopefully be voted off of the Board in April.

The OEA-supported Board members for the past 30 years, which had held the majority of the seats until recently have been traitors by allowing the system to be operated far beyond budget, when it is the Board’s fiduciary responsibility to demand a balanced budget. Those people have failed us miserably! Ohio teachers have the worst pension system on the nation and that is directly the result of the OEA being able to purchase every Board seat for 30 years.

This is not a conspiracy theory; it is proven fact that STRS funds have been and are to this very day being looted by people from outside of our membership, and most infuriating, by people paid with educator’s funds to manage the system.

This is not going to be stopped until the membership bans together and demands reform ASAP.

The voting process that has permitted 5 reform Board members to be seated has been assaulted by the Governor by removing Wade Steen, the current day patriarch of reform that was on the Board, to be removed from the Board, thus taking away a 6 person reform Board and our judicial system is in no hurry to right that illegal action and reinstate Wade Steen to the Board to finish his term of appointment.

Does the STRS membership need to call for a statewide strike by teachers to get Wade Steen rightfully reinstated? It clearly looks that way.

The STRS Board should have as of September had a majority (6) reform Board in place, but government interfered and caused reform to be set aside until another reform candidate can be elected in April. That is too far away, because that person elected will not be seated on the Board until September of 2024.

The criminals operating STRS need to be removed ASAP. The 6 status quo Board members have to be dealt with. These 6 people that are holding up reform of the system under the guise of being fiduciaries need to be held accountable for their failure to stop the looting.

What needs to be done for reform has been brought to the Boards attention monthly, for in excess of 20 years by those that take the time to attend monthly Board meetings and speak to the Board, the only problem is, the status quo Board ignores them.

When and how are these people going to be stopped! STRS members, this is in your hands alone, for there is no other help.

11.24.23

Educators Must Make A Stand or Lose Their Pension System To Outside Criminals 

Educators must understand that our STRS pension system has been under siege by criminals outside of education for about 30 years and there is absolutely no one of authority in our government or judicial system that is trying to stop the looting. The OEA is and has been the problem for 30 years.

The OEA-supported Board members for the past 30 years, which had held the majority of the seats until recently have been traitors by allowing the system to be operated far beyond budget, when it is the Board’s fiduciary responsibility to demand a balanced budget. Those people have failed us miserably! Ohio teachers have the worst pension system on the nation! 

This is not a conspiracy theory; it is proven fact that STRS funds have been and are to this very day being looted by people from outside of our membership, and most infuriating, by people paid with educator’s funds to manage the system.

This is not going to be stopped until the membership bans together and demands reform ASAP. 

The voting process that has permitted 5 reform Board members to be seated has been assaulted by the Governor by removing Wade Steen, the current day patriarch of reform that was on the Board, to be removed from the Board, thus taking away a 6 person reform Board and our judicial system is in no hurry to right that illegal action and reinstate Wade Steen to the Board to finish his term of appointment.

Does the STRS membership need to call for a statewide strike by teachers to get Wade Steen rightfully reinstated? It clearly looks that way. 

The STRS Board should have as of September had a majority (6) reform Board in place, but government interfered and caused reform to be set aside until another reform candidate can be elected in April. That is too far away, because that person elected will not be seated on the Board until September of 2024.

The criminals operating STRS need to be removed ASAP. The 6 status quo Board members have to be dealt with. These 6 people that are holding up reform of the system under the guise of being fiduciaries need to be held accountable for their failure to stop the looting. 

What needs to be done for reform has been brought to the Boards attention monthly, for in excess of 20 years by those that take the time to attend monthly Board meetings and speak to the Board, the only problem is, the status quo Board ignores them. 

When and how are these people going to be stopped! STRS members, this is in your hands alone, for there is no other help.

11.21.23

I have sent the following out to over 100,000 active teachers on Linkedln over the past 1-1/2 years.

“Most STRS members are unaware of the 30 years of gross misspending, collusion and corruption perpetrated by the OEA/STRS/ORSC.”

“To help educate you about this and what needs to be done, I invite you to connect with me and learn what you can do to help.”  

Sadly, I have just under 2900 connections as of today; the rest of the members simply ignore it. Does this indicate to you that educators are concerned and want to get involved? This is why STRS has been able to loot the system for over 20 years.

11.19.23

“STRS Ohio will continue its unwavering focus on Ohio’s public educators and their families to protect their financial security,” Price was quoted as saying in a newspaper article. Sadly, Dale Price's actions sure doesn't mirror this statement by his recent voting for outlandish raises and bonuses for staff, while retirees receive a meager 1% cost of living raise. Dale Price is one of the status quo Board members that have consistently rebuked any progress by the 5 reform Board members and will hopefully be voted off of the Board this coming April and replaced by reformer Michelle Flanigan. When that occurs, the membership will see a Board focused on providing a safe and secure pension system that will uphold its promises to its members, something Dale Price has no concept of.

11.14.23

11.14.23 Norton Town Hall Meeting

Bill Neville had another of his Town Hall meetings (dog and pony shows) in Norton on Tuesday 11.14.23. There was a crowd of about 40-45 members in attendance. Seven (7) full-time STRS staff members and Board Vice-chair Carol Correthers were in attendance. Carol did not speak to the crowd. The meeting was recorded and should be available on the STRS website soon.

I provided the attendees with 2 handouts, the 2-page Mess at STRS flyer and a 2-page copy of the 11.14.23 Toledo Blade article concerning the lavish pay raises recently given to the investment staff, and included the STRS listing showing who received the raises, the payout amounts and percentage of increase for each employee. The minimum increase was 5.14%, the highest was 48.7%, with the average being 17.23% increase in pay. The average increase was $32,000 per employee. In comparison, retirees received a 1% increase this year.

One female retiree told me that it made no difference to her how much they paid the investment staff because they had such quality people. I asked her a few questions about the investment staff and investments they made, and she had absolutely no idea what I was talking about, but she was firm on her thought that the STRS investment staff were the greatest and should be paid well. This brief communication with this member would indicate to me that she simply believes all of the propaganda STRS publishes without any real knowledge of how well the investment staff truly are doing. In my opinion, this is a prime example of why the pension fund has been looted of billions of dollars, because the vast majority of the members have no knowledge what is truly being done with actives’ contributions. The membership has been lied to and Bill Neville keeps the lies alive at every town hall meeting he holds.

There were many questions about HC coverage, retirement and the COLA. Neville blames the fact that we are only receiving a 1% COLA on Cheiron, the company that performs the STRS valuation. Cheiron can always find money for the staff, but not for the members.

The STRS staff is the highest paid staff in the nation and yet the actives have the worst retirement deal in the nation. STRS is the only Ohio pension system that has failed to provide their members with a promised COLA for 7-10 years. STRS has saved multi-millions by not paying the promised 3% COLA for all of those years, yet is still not funded well enough to provide the promised 3% annual COLA today and Neville says he has no idea when it might return.

Neville was asked what he was doing to reduce costs. He said they had reduced the staff from a high of 720+ to just under 500 but gave no time span for having done so nor gave any indication that more cuts would be made. The high of 700+ employees were in 2003 and had not been near that number for at least a decade. Neville is in essence taking credit for a reduction in staff that he had little to do with. Why in the world do they need a staff of 500? No budget cuts were mentioned. Neville indicated that they had now cleared out the original portion of the office building and are looking for someone to rent it, but said it is a very difficult market and gave no indication when that might happen or possible revenue that might be derived. Massive expenditure cuts are needed at STRS and Bill Neville obviously has no thought of reducing costs, for he mentioned no other cost cutting plans.

Neville was asked why he gave the investment staff 11 million in bonuses this year, he said it was only 8.6 million and that the Board were the ones to give the bonuses, not him, but offered no explanation.

Neville indicated in one of his slides that from 2001-2021 the investment department outperformed the S & P 500 by 47%. I asked a question about the graph the Auditor of State published in 2022 showing that from 2009-2021 the investment department underperformed the S & P 500 index fund by 90 billion dollars, that is a 50% underperformance. He claimed that could not be compared because it was not for the same time period and that the S & P 500 value would need to be taken back to zero and started over again in 2009 and continued to explain it away in Bill Neville fashion by responding in a manner that no one could understand. He cannot be held responsible for anything; it is always someone else’s fault. Once a question was asked a follow up question was not permitted.

A school union president indicated that her school is in the process of cutting 5 teachers because their levy did not pass. She said she is very worried that if STRS was successful in getting a 4% increase in the employer contribution, that would lead to massive numbers of teacher lay-offs. Neville said that the employer contribution has not been changed from 14% since 1983 and that it is time that it be raised. Nevill offered no compassion or empathy for what the school union president was concerned about.

My takeaway from what I experienced, Bill Neville continues to present propaganda and lies to the membership at these meetings and cannot be held accountable for anything he states or says because he refutes anything that is asked of him about his wild claims. He defends everything STRS does and no one is allowed to ask a second question. Neville totally controls the meeting and attendance is of minimal worth for the huge expense that it costs to put each meeting on. The propaganda machine roars ahead full steam. 

10.30.23 

Questions: Do the 500,000 Ohio educators really care about their retirement system? How many cares to understand that the OEA/STRS management have been systematically allowing the looting of their pension system for over 30 years, thus Ohio educators have the worst retirement deal in the nation. 

After personally contacting over 10,000 Ohio educators over the past year and a half, I am finding that the vast majority have little concern about their future retirement, and I just do not understand this. How can that be? What is so lacking in an educator's extensive educational background that permits this lack of concern for themselves and all future educators?  

Educators are failing to educate themselves about their future retirement and thus the criminals that have been operating STRS for the past 20 years are being paid 3-4 times what the members ever hope to make in education. The STRS staff is the highest paid staff in the nation, yet Ohio educators have the worst deal in the nation.

It is imperative that the active educators elect a 6th reform candidate to the STRS Board this coming April to ensure a reform majority and stop the gross misspending.

10.25.23 

Hello Educators,

A vast number of STRS members are unaware of the 30 years of collusion and corruption perpetrated by the OEA/STRS/ORSC. To help educate you about this corruption and what needs to be done, I invite you to connect with me.

While teachers are paying in one of the highest rates in the nation and retirees have lost billions in lost COLA’s, the STRS status quo Board pays investments staff millions in bonuses. It is very disturbing to me that this rip-off of contributions continues unchecked, because no political office will do anything about it.

It is imperative that the active teachers elect a 6th reform candidate to the STRS Board this coming April to insure a reform majority.

Tom Curtis, STRS Retiree, Advocate for STRS Reform since 2003

The Wizard of Taj?

Yes, we were ALL naïve and kept in the dark all during our active years and beyond. Anyone else see a resemblance between the Taj on Broad Street in Columbus being run by Bill Neville and the mysterious green castle in The Emerald City at the end of the Yellow Brick Road being run by a fake Wizard? Aren't we just now reaching the end of our Yellow Brick Road, with all the obstacles we've encountered along the way, only to discover massive chicanery behind the curtain by our own fake Wizard, thanks to our own Toto - our group of people who have doggedly pursued the truth and exposed The Wizard of The Taj/STRS? At least the story of Oz had a happy ending. But where are OUR ruby slippers?

Lost: One pair of Ruby Slippers

Reward: A secure retirement once promised to thousands, then stripped away when we weren't looking

From John Curry

November 28, 2023 

Once again STRS management has successfully bought their way out of trouble! This time their attorneys screwed us by postponing this jury trial yet another time! Friends, do we need any more reasons to have a "reform" STRS Board elected?

Robin Rayfield: What's wrong with STRS? Darn near everything!

From ORTA  Blog

November 19, 2023

What's wrong with STRS? Darn near everything!

"It doesn't surprise me that something like this could happen because of the lack of oversight for decades at STRS. There has been minimal, zero essential, oversight in the years at STRS. What's really important is that STRS needs to be reformed, and Bill Neville cannot do that. It is his program, as it is currently organized, and he doesn't think there's anything wrong. We stand in direct opposition to that. We think darn near everything's wrong!." 

~ Robin Rayfield, Executive Director, ORTA

Click here to watch and share Colleen Marshall's report on NBC4. 

Ohio Retirement for Teachers Association

250 E Wilson Bridge Rd #150

Worthington, OH 43085

(614) 431-7002

https://www.orta.org/

publications@orta.org

Welcome to Michelle Flanigan's Campaign Website!

https://www.michelleflaniganforstrs.com/michelle-flanigan

Active Ohio teachers will decide in the Spring 2024 STRS Board election if they favor real reform, which has been badly needed for years, for STRS. Michelle Flanigan is a strong Reform Candidate who will let no individuals or groups stand in her way in her determination to bring reform to STRS that will benefit active teachers and retirees alike. She has the background and knowledge to bring real reform to fruition along with her research and outreach to teachers and experts on the matter. You are urged to learn more on her website. There is no one who knows better the problems teachers face because of requirements forced on them by STRS, or who will work harder to bring change at STRS  that will benefit all teachers. 

https://www.michelleflaniganforstrs.com/michelle-flanigan