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

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

Columbus Dispatch on Bill Neville's suspension from STRS

Director of Ohio’s teachers' pension fund placed on leave by board members

Laura A. Bischoff
Columbus Dispatch

November 17, 2023

The State Teachers Retirement System of Ohio voted on Friday to place the pension fund's director on administrative leave and begin an investigation.

Bill Neville, who could not be reached for comment, has run the pension fund since July 2020.

A spokesman for the pension system issued a written statement on behalf of STRS Board Chairman Dale Price, which said, in part, that an outside third party has begun investigating Neville for personnel related matters.

An anonymous letter purporting to be from STRS staff alleged that Neville has been verbally abusive toward staff and prone to violent outbursts, according to a report from NBC4, a television station in Columbus.

STRS is the fifth largest public teacher pension system in the U.S. and is governed by an 11-member board that is a combination of elected and appointed people. It serves 528,000 teachers and retirees. It has roughly $90 billion in investments.

Lynn Hoover, the pension fund's chief financial officer, will serve as interim director.

Read the rest of the article here. 

STRS director suspended after allegations of sexual harassment, verbal abuse and aggression

From ORTA's Blog

November 17, 2023

STRS director suspended after allegations of sexual harassment, verbal abuse and aggression

By Sarah Szilagy, Colleen Marshall 

NBC4 Columbus 

Posted: Nov 17, 2023 12:24 PM EST

COLUMBUS, Ohio (WCMH) — The director of Ohio’s $90 billion teacher pension fund has been suspended following allegations of sexual harassment, verbal abuse and threats of violence against staff.

The State Teachers Retirement System board voted to place Director Bill Neville on administrative leave at a Friday meeting, citing an anonymous letter from STRS staff alleging a pattern of harassment since the board appointed him in 2020. Staff also called for an investigation into Neville’s conduct, which the board indicated will occur.

On Thursday night, NBC4 obtained the anonymous letter, which was also sent to the Ohio Ethics Commission and the Ohio Attorney General’s Office. The board made the move in consultation with the Attorney General’s office, Chair Dale Price said at the meeting.

The letter alleges that Neville verbally abused staff and had violent outbursts on a “regular basis,” at some points throwing furniture and office materials when he became upset. Staff also claimed Neville threatened his direct employees with physical violence.

“It does not take much to trigger an upsurge and staff truly fear for their physical and emotional safety when Director Neville behaves in this way,” the letter reads.

Lynn Hoover, deputy executive director of finance CFO of the STRS, will serve as interim director.

Neville has also made sexual comments about his previous relationships and people’s physical appearances, including female staff members, the letter claims. The letter said Neville “favors men he likes” when making decisions and is “degrading towards women.”

“Director Neville is not equipped to lead this organization and should receive whatever assistance he needs as determined by an investigation,” the letter reads. “He does not have the best interest of the members at the forefront of his decision making.”

The STRS is one of the largest teacher pension funds in the country with 500,000 active, inactive and retired public educators. Members have blamed Neville for apparent failures of the pension fund to provide for retirees, including the elimination of automatic cost of living increases while investment staff has received hefty bonuses.

Multiple STRS members told NBC4 they are relieved that Neville has been suspended, and they hope it signals a new day for the pension fund.

Neville has been at the center of controversy regarding the pension fund long before the allegations against him came to light. In February, the board rejected a motion to declare confidence in Neville, with one board member saying the fund needed a leadership change. Before that, an audit of the fund commissioned by retirees found “serious deficiencies” in STRS’s finances. A review by the state auditor last December found no evidence of illegal conduct but called on the fund to increase transparency.

Since July, the letter continued, Neville allegedly threatened to retaliate against staff whose family members testified against him in STRS board meetings. Staff members are seeking employment elsewhere due to Neville’s conduct, the letter claimed.

The staff members cited fear of physical violence should they have come forward publicly.

In May, Gov. Mike DeWine replaced a progressive board member whose election tipped the balance of the board toward those favoring reform. 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.

Read Colleen Marshall's report online at NBC4i.com. 

John Curry: Train derailment in Franklin County November 17, 2023!!

From John Curry

November 17, 2023

The anonymous STRS staff letter outlining their issues with Executive Director Bill Neville (we didn't see it coming!)

 

 
https://www.nbc4i.com/news/politics/strs-director-suspended-after-allegations-of-sexual-harassment-verbal-abuse-and-aggression/

From NBC4 Columbus

November 17, 2023 

COLUMBUS, Ohio (WCMH) — The director of Ohio’s $90 billion teacher pension fund has been suspended following allegations of sexual harassment, verbal abuse and threats of violence against staff.

The State Teachers Retirement System board voted to place Director Bill Neville on administrative leave at a Friday meeting, citing an anonymous letter from STRS staff alleging a pattern of harassment since the board appointed him in 2020. Staff also called for an investigation into Neville’s conduct, which the board chair later said has started and is being conducted by an outside party.

On Thursday night, NBC4 obtained the anonymous letter, which was also sent to the Ohio Ethics Commission and the Ohio Attorney General’s Office. The board made the move in consultation with the Attorney General’s office, Chair Dale Price said at the meeting.

Former teacher accused of rape won’t be sex offender with plea deal, victim says

The letter alleges that Neville verbally abused staff and had violent outbursts on a “regular basis,” at some points throwing furniture and office materials when he became upset. Staff also claimed Neville threatened his direct employees with physical violence.

“It does not take much to trigger an upsurge and staff truly fear for their physical and emotional safety when Director Neville behaves in this way,” the letter reads.

Neville has also made sexual comments about his previous relationships and people’s physical appearances, including female staff members, the letter claims. The letter said Neville “favors men he likes” when making decisions and is “degrading towards women.”

Since July, the letter continued, Neville allegedly threatened to retaliate against staff whose family members testified against him in STRS board meetings. Staff members are seeking employment elsewhere due to Neville’s conduct, the letter claimed.

The staff members cited fear of physical violence should they have come forward publicly.

“Director Neville is not equipped to lead this organization and should receive whatever assistance he needs as determined by an investigation,” the letter reads. “He does not have the best interest of the members at the forefront of his decision making.”

The STRS is one of the largest teacher pension funds in the country with 530,000 active, inactive and retired public educators. Members have blamed Neville for apparent failures of the pension fund to provide for retirees, including the elimination of automatic cost of living increases while investment staff has received hefty bonuses.

Multiple STRS members told NBC4 they are relieved that Neville has been suspended, and they hope it signals a new day for the pension fund.

Before assuming the role as director, Neville was hired in 2004 to be the fund’s chief counsel — responsible for preventing the very behavior he is now accused of. He has been at the center of controversy regarding the pension fund long before the allegations against him came to light.

In February, the board rejected a motion to declare confidence in Neville, with one board member saying the fund needed a leadership change. Before that, an audit of the fund commissioned by retirees found “serious deficiencies” in STRS’s finances. A review by the state auditor last December found no evidence of illegal conduct but called on the fund to increase transparency.

In May, Gov. Mike DeWine replaced a progressive board member who would have tipped the balance of the board toward those favoring reform. That would-be member’s dismissal is being challenged in court. 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.

Lynn Hoover, deputy executive director of finance and CFO of the STRS, will serve as interim director. In a statement, chair Price said the fund is “cooperating fully” with investigators and that daily operations of the fund should continue uninterrupted.

Read the rest of the story here. 

Michelle Flanigan, Active Teacher and Strong Reform Candidate for STRS Board, April Election, 2024

 

 

James Carr: The bank robbers don't care who the money belong to, they are equal opportunity thieves.

From James Carr

November 15, 2023

We, as teachers, are quite literally surrounded by people and entities that have done great harm to our retirement system. We need to cling to each other because ultimately, we have no chance to rescue STRS unless we do it ourselves. Just look at what we have to contend with:

• Politicians, the state-controlled operation that includes DeWine, his cabinet members, and most of the General Assembly.

• The OEA hierarchy.

• The STRS hierarchy, including Neville, his administrative assistants and the entire staff of investors who are bleeding our funds dry.

• The Wall Street money managers who are colluding with our investors.

• Last, but not least, the non-reform STRS Board members who let it all happen.

Every public school teacher in Ohio needs to focus on what we share in common. We are all being preyed upon by the same predators. It doesn't matter what our personal politics are; the people who are robbing us want our money, and all of our money is locked in the same STRS bank. The bank robbers don't care who the money belong to, they are equal opportunity thieves.

Tom Curtis' report on the Norton Town Hall Meeting: 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.

From Tom Curtis

November 15, 2023

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 was 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. Neville 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.

James Carr on the 91 STRS investment staff members who receive raises that average out to more than $32,000 per member

From James Carr

November 14, 2023

When 91 STRS investment staff members receive raises that average out to more than $32,000 per member, you would think that they must be doing an unbelievable job. Actually, it is unbelievable, they aren't even coming close to beating an S&P index fund. We don't even know what kind of hidden fees are associated with those investments. All that we really know is that we are forking out millions of dollars a year to support an investment staff that is rewarding SOME OF US with a one time, 1% COLA. I'm not a financial expert, but that doesn't sound like the kind of results that merit 5-digit raises and 6-digit bonuses.

They are definitely making people prosperous; unfortunately, it's them, not us. Please, active teachers, elect reformer Michelle Flanigan to the STRS Board next spring. We need to end the insanity.

Toledo Blade on the unconscionable raises at STRS

Toledo Blade 

November 14, 2023

James Carr: Until we have a reform-controlled Board, we have no chance for a better future. It is a simple choice, either Michelle Flanigan is elected as our next reform Board member in the spring or we live like peasants for another year while the STRS fat cats continue to feast on our money.

From James Carr

November 13, 2023

 If you are planning to spend your Golden Years basking in the sun as a member of STRS, plan wisely. The promised gold you see in the future is fools gold. STRS, will tell you that your retirement is secure, even as they pull the rug out from under you.

When you see 70 and 80 year old retired teachers working at Walmart or Kroger's, there's a very good chance they're not there because they are bored. There are a lot of other places they'd rather be; they just can't afford to be there. They put their faith in the promises made by STRS. This is the "real story" you don't see on the STRS Reflections series. There's not a pot of gold at the end of the STRS rainbow; just a rusty bucket filled with broken promises.

Until we have a reform-controlled Board, we have no chance for a better future. It is a simple choice, either Michelle Flanigan is elected as our next reform Board member in the spring or we live like peasants for another year while the STRS fat cats continue to feast on our money.

James Carr: As far as I'm concerned, any Board member who voted in favor of these raises is a criminal and any employee who accepts these raises is a criminal.

From James Carr

Friday, November 10, 2023

There is a difference in receiving a justified raise and outright theft. When you look at the scope of the raises recently handed out by STRS to employees who are already receiving 6-figure salaries, the word "outrage" comes to mind. How can raises of 20%, 30%. 40% and even higher be justified? There are exhausted teachers being drained of 14% of their incomes paying for these raises! There are retirees who are being denied their promised annual COLAs paying for these raises!

As far as I'm concerned, any Board member who voted in favor of these raises is a criminal and any employee who accepts these raises is a criminal. No, they might not have broken the law, but not all crimes are encoded in the law books. Some crimes are based on moral deficiency and these raises are criminally immoral.

James Carr: A suggestion to STRS. If you really want your "Reflections" series to be realistic and relevant, replace Ed with Fred, an 83-year-old STRS retiree who had to go back to work because he could no longer make ends meet.

From James Carr

November 9, 2023

Just a suggestion to STRS. If you really want your "Reflections" series to be realistic and relevant, replace Ed with Fred, an 83 year old STRS retiree who had to go back to work because he could no longer make ends meet. Just ask for volunteers, there's plenty of people like Fred out there.

Let him talk about the some of the difficulties he had to deal with after he went 5 straight years without a cost of living adjustment. You might even ask him to mention how grateful he is for the one time, 1% COLA he was recently "granted" by STRS.

ORTA Blog: Lavish unearned bonuses and ridiculous salary increases at STRS Ohio

From Robin Rayfield, 

Executive Director of ORTA

November 9, 2023

https://www.orta.org/post/lavish-unearned-bonuses-and-ridiculous-salary-increases-at-strs-ohio

Lavish unearned bonuses and ridiculous salary increases at STRS Ohio 

While retirees have watched their purchasing power erode by nearly 25% over the last 7 years, and while active members continue to pay more in retirement contributions than the value they receive in benefits, the people responsible for the problems at STRS continue to receive lavish unearned bonuses and ridiculous salary increases.

After the STRS budget was passed in August 2023 by a 6-5 vote (Fichtenbaum, Sellers, Jones, Foreman, and Davidson voting NO), Executive Director Neville increased the salaries of the investment staff by an average of 17%. Several of the ‘fattest cats’ received salary increases of over 45%!

Talk about tone-deaf leadership.

It is time for major change at our pension!

Click here to view the PDF version of the list of STRS Ohio investment staff raises in 2023. (Partial list below)

ORTA's Blog: For Your Knowledge and Enlightenment About the Continuing Shenanigans at STRS Ohio

Find it here:

Ohio Retirement for Teachers Assn. (ORTA) Blog

https://www.orta.org/blog

Or go to ORTA'S Home page: https://www.orta.org/

Your Glorious Pension System As They Have Proudly Referred to Themselves Over the Years (updated to reflect the current status)

 Click for better view 

Congratulations to Michelle Flanigan for a well-deserved honor!

 

James Carr: While the Fat Cats who inhabit the Palace on Broad Street are living the high life, thousands of our most vulnerable members ran out of time waiting for help that never came from an STRS that doesn't care.

From James Carr

November 6, 2023

As Fall approaches Winter and the year draws near its end, I look back fondly at many of the veteran teachers I had the privilege to know when my career first began in 1974. Some are still around, but sadly, many are not.

I am reminded that some, near the end of their lives, were forced to survive without the COLA they were promised. Those that retired in the 1980's and 90's were elderly by anyone's standards.

I hope our hijacked annual COLA will be reinstated by the Court, or perhaps returned through the efforts of a new Reform-dominated Board in the future. Regardless, too many of our fellow teachers will not be around to see it happen. While the Fat Cats who inhabit the Palace on Broad Street are living the high life, thousands of our most vulnerable members ran out of time waiting for help that never came from an STRS that doesn't care.

From ORTA

November 6, 2023

Michelle Flanigan: ORTA Member of the Month

ORTA is proud to honor Michelle Flanigan, ORTA's first Member of the Month!

Michelle has demonstrated an unwavering commitment to the field of education and a true passion for inspiring the next generation. Her contributions to the Ohio educational community have not gone unnoticed, and it is only fitting that we recognize her exceptional work. Beyond her remarkable dedication to teaching, Michelle has also emerged as a steadfast leader in safeguarding our pension funds at the State Teachers Retirement System (STRS).

Michelle's tireless efforts to protect the financial security of Ohio's educators have been truly commendable. She has been a vocal advocate for transparency and accountability within the STRS, ensuring that the hard-earned pension money of Ohio's educators is managed with the utmost care and responsibility.

Still photos below; click here for video: https://www.youtube.com/watch?v=X2HCkLUbhUg

Trina Kay Prufer: The Current Strategic Goals - How they Harm Teachers and Damage Public Education

From Trina Kay Prufer

November 5, 2023

The Current Strategic Goals - How they Harm Teachers and Damage Public Education

Neville is very good at choosing words to hide the ugliness of intent. One of his favorites is “sustainability” or “sustain”, which means propping up the STRS system by harming teachers. Every one of the STRS goals contains platitudes, which sound fine, but in reality support the excesses and basic rot of the STRS system. 

Below is my interpretation of what the goals really mean. 

1) Financial Health - This means STRS, not teachers. To STRS, benefits are a zero sum game. We lose, they win. Their aim is 100% funding… which is absurd, because it is not needed, will take another 11 years, and puts many retirees into poverty. There is no sense of fairness or a modicum of caring about the well-being of teachers. 

2) Engaged Customers - This means more money pumped into the  Department of Propaganda. Given goal #1, there are, and will be, an ever increasing number of very unhappy, desperate retirees. Best to try to convince them that all is well, and their loss of buying power does not exist. This is the very definition of gaslighting. 

3) High Quality Workforce - The sky is the limit in terms of number of hires, their salaries, bonuses and perks, and having a facility that outshines the statehouse and many Fortune 500 companies. Nothing is too good for employees … brick pavers, waterfall, heated sidewalk, vast building and expensive artwork. 

4) Operational Excellence - This seems to me just another rationale for spending vast sums of money on the STRS system. They can hire lots of consultants, lobbyists, investment experts to write impressive reports and give presentations at board meetings supporting the lie that STRS is a premiere retirement system. Yes, they do provide benefit counselors…  but it now takes 3 months to get an in-person appointment 

What‘s missing from the goals?  Anything that has to do with providing financial security for teachers. The entire point of a solid retirement system is to bring the children of Ohio a high quality workforce. Why would the best and the brightest want to become teachers? Just read the goals...they tell us the answer.

Ted Siedle: NEA Rakes In Millions Selling Annuities To Teachers

From ORTA

November 4, 2023

EDWARD SIEDLE

NOV 2, 2023

NEA Rakes In Millions Selling Annuities To Teachers

For over half a century, NEA has been in the business of selling financial and investment products to teachers.

NEA members sit on the boards of many state teacher pension funds which oversee the investment of hundreds of billions in retirement savings.

Less well-known is the fact that NEA has long been in the business of providing investment advice to teachers through an investment management affiliate registered with the U.S. Securities and Exchange Commission, NEA Member Benefits. That is, the powerful union is also an investment adviser that profits from selling certain retirement products to teachers.

The fact that NEA rakes in millions from selling variable annuity and mutual fund investments to teachers is troubling to Dean Dennis, President of the Ohio Retirement for Teachers Assocation. Dennis has two concerns:

“First, I question whether NEA, which claims to have conducted extensive due diligence and selected a variable annuity firm as the exclusive program provider to its members, is really up to the task. Should NEA even be involved with picking winning and losing investments for teachers? 

Second, since NEA-sponsored state organizations are involved in selling investments and share in the related compensation, their members serving as trustees overseeing public pension investments may be conflicted in fulfilling their fiduciary duties.” 

Finally, investment consultant Chris Tobe has concerns about annuities in retirement plans: 

“The Biden Administration and U.S. Department of Labor, just yesterday,  questioned the high risks and high hidden “junk fees” related to annuity products in retirement plans. So, it’s clear, teachers should demand transparency and low-cost investments in their retirement savings plans.”

Read Ted Siedle's full article on SubStack.