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

STRS Ohio Watchdogs: a public Facebook group you can join

STRS OHIO WATCHDOGS

by Cindy Murphy

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

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

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

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

Use this link to join our pack on Facebook:.

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

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

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

Click image to enlarge

Angel of Grief

Garrison Keillor

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

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

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

More here (Akron Beacon Journal, 2003)

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

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

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Find your state representative and senator here.

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

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

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

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

STRS Board.....STRS website

Board calendar

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

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

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

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

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

Charts: PBI (bonus) payments

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

$TR$ Inve$tment $taff $$$ (old)

SPECIAL (must read):

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

Dennis Leone: "Catcher of Thieves"

Dennis Leone's STRS Report to ORTA, March 2007

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

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

Historic PBI vote, January 16, 2009

Charts: PBI (bonus) payments

CURRENT POSTS BELOW

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

From Dan MacDonald

August 23, 2026

FISCAL YEAR ENDS 

August’s STRS Board meeting was a Monday and Tuesday, August 17/18, 2026. It opened with the Investment Committee. June closed the 2026 Fiscal Year [FY]. The net return for June was a positive 0.2%. The total net fund return for the FY was a positive 14.2%. Total investment assets ended June about $110.2 billion, higher by $9.5 billion in FY 2026. Total fund benchmark return was a positive 14.6%. Total fund net return annualized for the past five years was a positive 7.6%. [Note that there is still a $4 billion cash flow concern with actives and employees’ contributions into STRS and benefit payments out from STRS.] A slide pointed out that the Investment Department ‘s aggregate investment net value added over 5 years was $868,138,381 while the aggregate Performance Based Incentive [PBI] was $40,448,435. Ratio to PBI : 21 x. Outside consultants Callan and Meketa then basically praised the department on their excellent quarterly returns with comments like we are “living currently in a streak we may never see again,” ‘Super, super year.” Multiple charts were presented for quarter, year, 3 years, 5 years, and 10 years. The meeting concluded with a review of security compliance policies and procedures.  

The Governance Committee then met. Much time was spent determining the definition of risk for the policy booklet. Consensus was reached on a definition. Following, Executive Director Toole presented language around Board members request to staff and vendors/consultants. He presented language changes as governance, transparency, and cost concerns. Much discussion amongst all Board members and both the AG lawyer and the Board’s lawyer. It became clear that Board members can have discussions with the consultants about clarification, options, suggestions, etc. The conclusion, Board member request process will remain the same. The committee concluded with brainstorming topics for the October Board’s Education and Planning session.

Tuesday began with the Audit Committee meeting. The internal audit team was introduced and closed and open audits were reviewed. Outside consultant ACA then presented its GIPS review of STRS. STRS has been verified by GIPS and in compliance since 2006. GIPS is the “gold” standard in accountancy. Outside consultant Crowe, outside auditors, presented their current audit of STRS which will conclude in December. Crowe was chosen by the Ohio Auditor of State and is in its 1st year of a second 5-year audit contract. A brief executive session concluded the session. 

The actual Board meeting followed. Public Participation had 8 speakers, all retirees. Dean Dennis presented ORC 3307.07 giving copies to the Board members. Dennis asked why a full COLA was not being paid since money was available. Board member Allison responded, VERY UNUSUAL, thanking Dennis for his comments and commitment and reminding Dennis that pending litigation at the STRS meeting is not the correct forum. Lunch followed.

After lunch, the Health Care Committee voted for an ad hoc sub–Health Care Committee over future health care providers and staff doing a study of alternatives to STRS present approach, even mentioning PERS’ HRA program as an example. [I think the Board wants to stay balanced and aware with staff ideas.]  Christina Elliott presented Members’ Benefits Update sighting accomplishments, member experience surveys, health care insights, forces shaping future member benefits and strategic priorities.

The Executive Director's Report was different. It was his 1st anniversary with STRS. He addressed the Heritage Foundation study with his concerns about the state legislature and the STRS Board composition. He warned of Defined Benefit attacks and that actives, retirees, and STRS staff are all in, together. He emphasized strsoh.org website, trust, and verification of facts. He also commented on a national conference he attended with Board member Chad Smith. 

Routine Matters followed. Harkness was voted 2027 Board chair. Davidson was voted 2027 Board Vice-Chair. Bills were paid, and committee reports were given. Under Old/New Business Jones had an expense covered, and Smith gave his report on the national conference.

The next Board meeting will be October 21 and 22; no meeting in September.

Dan MacDonald to STRS board: "As always, put actives and retirees first. Restore actives and retirees and stop putting staff enhancements a priority."

Dan MacDonald's speech to STRS board

August 18, 2026

FROSTED GLASS

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.

Frosted glass is a translucent material created by scattering light through sandblasting, acid, etching, or applying a specialized film. It blurs visibility to provide privacy while still allowing natural light to pass through making it popular for windows, shower doors, and office partitions.

Recently, the Heritage Foundation produced Retirement at Risk: The Political Economy of Public Pension Governance. Their reporters reviewed STRS from 2003 to 2022. The article stated that STRS’s financial numbers fell short of the audited numbers 19 out of the last 20 years.

STRS replied. A report was recently published with misinformation about our investment reporting. Here’s the verified truth: [Whatever the hell Verification means]

The report confuses the total fund and valuation returns. These measurements answer different questions and are calculated in completely different ways. [True]

The authors cite an “audited return” based on their own calculations. That number is not audited and appears in no STRS Ohio audit. [True]

The claim of a multi-billion-dollar discrepancy in reporting is incorrect and is based on the authors’ flawed analysis and unaudited calculations. [Probably True]

STRS Ohio takes the extra step of independent GIPS® verification because accurately calculating investment performance is critical to the State Teachers Retirement Board’s oversight responsibilities.

The STRS reply is all frosted glass. GIPS is not an auditor; they verify. They verify the numbers given. This is stated yearly. Many years ago, the PBI payment date was moved closer to the end of the fiscal year before a finalized accounting of the just closed fiscal year.  Totally close the fiscal year’s book, THEN determine PBI, pay later, not earlier, change the PBI policy. Cancel GIPS, save some money. [Not sure of canceling GIPS anymore because of CPA Ms. Falls comments.]

As always, put actives and retirees first. Restore actives and retirees and stop putting staff enhancements a priority. 

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.