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

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

Suzanne Laird's speech to STRS board

December 11, 2025

My name is Suzanne Laird.

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

Good Morning, Members of MY Board:

(You may start your timer now.)

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

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

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

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

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

Marvin Stotz to STRS board: What are the fees?

Marvin Stotz's speech to STRS board

December 11, 2025

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

Cathy Steinhauser's speech to STRS board

December 11, 2025

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

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

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

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

I will repeat my definition of a FIDUCIARY once again. “A person who acts on behalf of another person or persons, putting their client’s interests ahead of their own, with a duty to preserve good faith and trust. Being a fiduciary requires being bound both LEGALLY AND ETHICALLY to act in others' best interests” *The Merriam-Webster Dictionary  

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

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

From STRS

December 4, 2025

PUBLIC MEETING NOTICE

The State Teachers Retirement Board and Committee meetings currently scheduled at the STRS Ohio offices, 275 East Broad Street, Columbus, Ohio 43215, are as follows:

Wednesday, December 10, 2025

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

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

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

Thursday, December 11, 2025

8:30 a.m. Retirement Board Meeting

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

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

The Retirement Board meeting will come to order on Thursday, December 11, 2025, and begin with Results of the Financial Statement Audit, followed by Report From the Member Benefits Department, Report from the Finance Department, Public Participation, Resolution for Teacher of the Year, Strategic Planning, Legal Training, Committee Structure Discussion, Executive Director’s Report, routine matters, old business, new business and any other matters requiring attention.

Preliminary meeting materials will be available on the STRS Ohio website on Tuesday before the meeting. Final meeting materials will be available approximately 30 minutes before the meeting starts.

Are your Rx costs through the roof? Read this!

Canadian Rx - From a Cardiologist at Lima Memorial Hospital

From John Curry

November 23, 2025

By Dr. Mehran Arabpour

November 21, 2025

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

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

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

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

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

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

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

ORTA is US, and ORTA NEEDS OUR HELP!

 

Weekly Update: November 22, 2025

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

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

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

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

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

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

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

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

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

Dean Dennis, Chair

ORTA Executive Council

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

Click HERE to donate to the Pension Defense Fund.

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

From John Curry

November 19, 2025

Here they are......

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

From Dan MacDonald

November 17, 2025

ELECTIONS TO BE HELD; NO 13TH CHECK!

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

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

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

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

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

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

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

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

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

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

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

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

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

Want a summary of what's happened at STRS? Read on!

John Curry provides a summary of what's happened at STRS for new members of "MOF" (Ohio STRS Member Only Forum, a 43,000+ member [and still growing] private group on Facebook) who may be wondering. A more detailed summary could easily require book-length documentation; maybe a whole library of volumes. Why it would take so many words is anyone's guess. Stick around long enough and you'll see for yourself. And thank you, John, for even attempting such a herculean task in a few words.

From John Curry

November 16, 2025 

From time to time our new members ask for a summary of what has happened as they just joined us. It is difficult for one person to sort through all the past data and create a brief history to give them an answer. Thankfully, Artificial Intelligence is capable of doing this task and......in usually a very complete and concise manner. HERE IS ONE OF THOSE SUMMARIES THAT ANSWERS AN OFTEN-ASKED QUESTION ABOUT STRS AND INVESTMENT DOCUMENTS:

A doctor's view of what may be down the road for health insurance, and it isn't pretty for doctors or patients

Aetna and Cigna have announced that they may unilaterally “downcode” some types of care — and pay physicians less than what patients’ conditions would ordinarily warrant.

Toledo Blade (Opinion)

November 15, 2025

Big health insurers declare war on doctors, patients

By DR. DAVID EAGLE

TWO OF America’s largest health insurers are trying their hand at a different profession — the practice of medicine.

Aetna and Cigna have announced that they may unilaterally “downcode” some types of care — and pay physicians less than what patients’ conditions would ordinarily warrant.

The new policies are particularly significant in Ohio, where Cigna controls over one-fifth of the state insurance market. In Toledo, Cigna is the dominant insurer, with one-quarter of the market.

The two insurers are effectively overruling physicians’ clinical judgment and lining their pockets in the process. Patients will pay a steep price. By squeezing independent physicians’ finances — and forcing them to go through arduous appeals processes to claim just reimbursement — Aetna and Cigna could soon make it more difficult for Americans to find timely, affordable care.

Here’s how this downcoding scheme works. Aetna and Cigna have claimed for themselves the right to decide that a patient’s care was less complex than what that patient’s own physician determined after actually providing service.

If the insurers “downcode” the claim in this way, they pay the physician at a lower rate for what they claim should have been less complex care. And if physicians disagree, they need to provide supplemental documentation and go through an appeals process to contest the lower payment.

These new rules apply to certain Evaluation and Management services — which include everything from preventive visits to the doctor to hospital visits and home services. In these cases, any time a doctor deems a patient’s needs to be either level 4 (moderately complex) or level 5 (highly complex), the health insurer says it has the right to ratchet the level down — without reviewing the patient’s medical record.

That means the insurer is basing its decision solely on the claim form — a document that includes only billing codes and brief descriptions and lacks the detailed information needed to determine the proper E/?M code level of care.

In other words, the insurer isn’t even attempting to make an accurate assessment.

This downcoding is guided not by expert physician judgment but by blind algorithms. It happens without any review of patient medical records — a direct contradiction to guidelines from the American Medical Association.

Second-guessing doctors as a matter of policy is not just an inappropriate assault on physician autonomy but also at odds with the data. A 2024 Medicare audit found that just 0.13 percent of claims for two of the most frequently billed E/?M codes were incorrect.

More worrying, however, are the implications for patients. These downcoding policies will force doctors out of the exam room and onto the phone and computer, where they’ll have to defend their original assessments against insurers’ automatic revisions. And that will leave them with less time to see patients.

Even in cases where physicians successfully defend their original assessments, the resulting delays in payment could stretch practices to a financial breaking point.

Some may respond by leaving independent practice. For years, physicians have responded to their mounting administrative burden by selling their practices to larger entities, including hospitals and health systems. Between 2019 and 2024, hospitals acquired 7,600 physician practices. Today, more than half of all physicians work for hospitals or large health systems. That figure has more than doubled since 2012.

Such consolidation gives large health-care organizations enormous power to determine not only the cost of care but also where and when patients can receive it.

A recent study published in JAMA Health Forum found that prices for office visits with hospital-affiliated primary care doctors were 11 percent higher than at unaffiliated practices. A study of childbirth claims data published earlier this year by the National Bureau of Economic Research found that physician prices had increased 15 percent two years after a hospital acquired an obstetrics practice.

Aetna and Cigna’s new policies will only exacerbate the consolidation fever that has gripped the health-care market. In the end, patients will find it harder to get timely care from a physician of their choosing — and at a reasonable price.

These insurers aren’t just interfering in the medical decisions of trained physicians. They’re jeopardizing access to care for millions of Americans. And they are doing so under the assumption that doctors aren’t to be trusted.

Such behavior isn’t just indefensible — it’s dangerous. Until these insurance behemoths roll back their outrageous policies, both the integrity and the availability of medical care in this country will remain under needless threat.

Dr. Eagle is a board-certified hematologist-oncologist and president of the American Independent Medical Practice Association.

The original article may be read here or here. 

Toledo Blade Editorial: Lavish Pay Wrong

Toledo Blade

November 14, 2025

There is a Grand Canyon-sized gap between the benefits for State Teachers Retirement System investment staff and the pension beneficiaries they serve.

Retiree resentment will be the outcome of exorbitant raises averaging more than 17 percent to staff while retirees received a meager 1 percent cost of living adjustment.

The big raises average more than $32,000 because STRS investment staff is highly compensated with an average salary of $200,000.

The average annual bonus paid in September was more than $95,000.

At the top of the scale STRS Chief Investment Officer Matt Worley got an $82,816 raise to $465,816 base pay and a $287,729 bonus.

By managing their funds using 91 staff members, STRS reported that it earned a return of 7.5 percent in 2022. Simple math suggests that the same money invested in a low-cost S&P 500 index fund would have earned 14.9 percent.

The STRS Board of Trustees has consistently approved bonuses totaling millions of dollars for achieving investment performance benchmarks that are ridiculously low.

If STRS investment staff does not outperform an index fund they’ve added no financial value and deserve no bonus. The STRS Board approved $11 million in bonuses for 2023.

STRS is seeking a 22-percent rise in pension contributions from school districts, which would cost taxpayers more than $500 million.

The Ohio Public Employees Retirement System and the Ohio Police & Fire Pension are also after big boosts in taxpayer support that would take the annual total to more than $1 billion (“Pension bailout sought,” Oct. 24).

State lawmakers have contributed to the looming pension disaster with legislation allowing the pension funds to invest in complex financial instruments that have elevated the importance of the staff, to the detriment of beneficiaries and taxpayers.

The General Assembly should eliminate the possibility of bonuses before asking Ohioans to pay more into the pensions.

State Auditor Keith Faber has recommended as much.

Amateur and STRS

From John Curry

November 10, 2025

But...but.....but I thought we had lots of security at STRS with all those LE officers and bomb sniffing dogs!

Another Chris Tobe Must-Read; STRS Ohio cited as an example

Why Private Equity Sees Katie Porter as a Strategic Threat as California Governor

November 8, 2025 / ChrisTobe

You may view the original article here.

Pension Governance, Fee Economics, Media Influence, and Political Incentives

View the original article HERE.

Who is Chris Tobe? Find out here!

Meet Chris Tobe

      CHRIS TOBE, CFA, CAIA, is a seasoned professional in the field of pension investment consulting, recognized for his expertise as an author, consultant, and expert witness. As the Chief Investment Officer for the SEC Registered Investment Advisor Hackett Robertson Tobe, also known as the Hackett Group, based in New Orleans, Chris plays a pivotal role in guiding investment strategies and decisions. Additionally, through his firm Tobe Consultants, headquartered in Louisville, Kentucky, Chris offers his wealth of experience to advise on various ERISA class action legal cases, having consulted on over 70 cases to date.?

With a focus on advocating for investor protection and prudent investment practices, Chris has authored several impactful books, including “401k Investments – Target Date and Stable Value” and “Kentucky Fried Pensions”. His writings serve as valuable resources for investors, shedding light on critical aspects of pension investments and regulatory issues.

Throughout his career, Chris has demonstrated a commitment to ensuring the financial well-being of investors and pension beneficiaries. His multifaceted roles as a consultant, expert witness, and author underscore his dedication to advancing transparency, accountability, and sound investment practices in the pension industry.

•  From 2008-2012 he served as a Trustee and on the Investment and Audit Committees for the $14 billion Kentucky Retirement Systems.

•  From 2008-2009 he was a Sr. Consultant with New England Pension Consultants and worked with a number of public pension plans in Oklahoma, Missouri, Michigan and the District of Columbia.

•  Former VP in 401k investments with AEGON 2001-2008.

•  From 1999-2001 he was an investment consultant to University foundations and endowments at Purdue University, Indiana State, University of Memphis, Creighton University.

•  From 1997-1999 with the Kentucky State Auditor he published a 40-page report on the investments of both major Kentucky Pension plans.  From 1987-1997 he worked as a Bank Trust Investment Officer in the Louisville area. 

Chris and his wife Lisa Scott Tobe, a Nurse Practitioner with the University of Louisville Hospital, reside in Anchorage, KY. Together they have six children, two grandchildren, and attend the Church of the Epiphany.

Recognition, Involvement, & Awards

Chris Tobe is not only recognized for his expertise in institutional investment consulting but also for his extensive involvement in public speaking engagements, writing, and community service.

Public Speaking Engagements:

•  Chris has been invited to speak at prestigious national events and institutions, including the National Council on State Legislature, National Association of State Treasurers, and the Public Pension forum at the Ohio State Law School.

•  He has also spoken at DePauw University for Truth in Accounting in Chicago and the National Press Club for Governing Magazine, sharing his insights and expertise on public pension management and investment strategies.

Authorship and Media Presence:

•  Chris has authored five books and numerous articles on investment management and public pension issues.

•  His expertise has earned him quotes and features in respected publications such as the Wall Street Journal, New York Times, Forbes, and Bloomberg, solidifying his reputation as a thought leader in the industry.

•  He was interviewed as an expert on the Kentucky Pension system by PBS Frontline, which aired in October 2018.

Educational Background and Professional Affiliations:

•  Chris holds a BA in Economics from Tulane University and an MBA in Finance & Accounting from Indiana University – Bloomington.

•  He completed the Program for Advanced Trustee Studies at Harvard Law School and Fiduciary College held at Stanford University, showcasing his commitment to continuous learning and professional development.

•  Chris has served as the past president of the CFA Society of Louisville and has taught finance and accounting courses at various universities.

•  He obtained the CFA Charter in 1990 and CFA certificate in ESG investing in 2023.

•  He obtained the CAIA Charter in 2008 and CAIA micro credential in Private Debt in 2023.

Community Involvement:

•  Chris is actively involved in several community organizations, including serving as an assistant coach in Special Olympics and being involved in FEAT (Families for Effective Autism Treatment) alongside his wife Lisa.

•  He previously served as a Boy Scout Leader for the Anchorage Troup for four years and currently serves on the Investment Committee of the Delta Tau Delta Educational Foundation and as the Treasurer of COPES, a non-profit drug prevention education organization in Louisville.

•  Chris is also active in the Social Responsibility group of the Catholic Church of the Epiphany, demonstrating his commitment to making a positive impact in his community.

Awards and Recognition:

•  Chris was awarded the US Transparency award by the London based Transparency Task Force in 2019.

•  Chris has received several awards for his professional achievements and community contributions, including being named one of the top 40 Business Leaders in Louisville by Louisville Business First’s 40 under 40.

•  He was selected as a Bingham Fellow in the Leadership Louisville Program and received the honor of being named a Kentucky Colonel by Governor Brereton Jones and a Sagamore of the Wabash by Indiana Governor Frank O’Bannon..

•  Chris has previously held leadership positions in organizations promoting Downtown Louisville and served on the board of the Salvation Army’s Portland Boys & Girls club, further highlighting his dedication to civic engagement and community development.

ChrisTobe.com is educational and highlights his numerous publications & investment knowledge.

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