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

Dan MacDonald's report on the October 2025 STRS board meeting

From Dan MacDonald

October 20, 2025

ROBUST STRS OCTOBER BOARD MEETING 

I had to again attend the October STRS Board meeting via Zoom since I was hospitalized the previous weekend.  [This really has to stop.] I was not able to Zoom Wednesday’s Investment Committee at 4 p.m.  since it never came into session at its announced time. Calling STRS, the meeting was held earlier in the day [Sunshine Law?] From slides, September’s preliminary net return was a positive 1.9% with the total net return for FY 2026 a positive 4.8%, total investment assets approximately $104.1 billion, up $3.5 billion during FY 2026. 

The STRS Board meeting was called to order Thursday, October 16, 2025, at 8:33 a.m. by Chair Dr. Rudy Fichtenbaum, the minutes were approved, and committee assignments amended to include elected contributing Board member Chad Smith. The Finance Department report then took up the remainder of the morning. Concerns were shared. Defined benefit retiree count was up significantly from last year’s eligibility changes, 32 years full pension. Approximately 1,500 more actives retired than the “expected” additional surge of 700.  As a result of higher retirements total active count is down 1.1% from last year and there is a slow, steady increase in Define Contribution participation. {There was discussion around the DC Plan and whether “increasing” was correct.]  Bottom line, there is a significant negative cash flow, from a negative 4.6% to a negative 4.8%. The amortization period increased from 10.2 years to 11.8 years [think years to 100% fully funded.] The funded ratio is now 80.31% down from 82.03%. One presentation slide was titled “Plan and assumption changes are significant to UAL” (Unfunded Actuarial Liability). Much discussion. State treasurer appointed Board member Falls summary implied that the elected Board member changes hurt the fund while elected Board member Davidson pointed out that even if no changes were made this would be a year of loss because of four-year smoothing which removed the substantial FY 2022 general fund return.  Cheiron admitted this was true. Davidson further pushed that unless this FY is a disaster the fund will spring back next year. According to Cheiron, “True.”  I do not want to imply that Davidson was the only push back on these numbers, but he did lead the way. Additionally, “Retiree Mortality” exceeded expectations and was a $123.6 million gain for the fund.  Retirees died off more than expected in FY 2025. [Stay alive retirees; enjoy your retirement; commit yourself to showing up at a Board meeting.] 

Cheiron then did a presentation on the Healthcare Plan. The plan’s funding dropped from 158% to 128.3% funded, from green all is ok to red, action needed. Why? Prescription cost increases for Medicare and non-Medicare plans exceeded trend assumptions plus Medicare added a fee in its inpatient utilization management program. The expansion of eligibility to 32 years for full retirement also impacted changes by adding more people than expected into the plans. “Further expansion of retirement eligibility for active teachers (including making existing temporary permanent will continue to put stress on the Health Plan” was on a slide. Again, much discussion. [Think Fed and Congress’s actions on healthcare and the Big Beautiful Bill.]  Any plan changes will be in 2027 since the healthcare plans for 2026 happens January 1st and it’s too late for changes, BUT outside actuary consultant Cheiron will present “levers” to consider next month [Think changing subsidy, increasing premiums, changing co-pays, deductibles, plan coverages.]  Again, your elected Board members presented pushback at the mention of “levers” to solve. The Board’s attorney pushed back on elected Board members on what they can and maybe cannot do. [Interesting to me since adding to the healthcare fund has been brought up in the past without comment.] 

Public Participation. Six retirees spoke. One did not worry by legislative appointees because of the quality of appointees and STRS mission. ORTA’s Rayfield challenged the use of unaudited end-of year data to determine Performance-Based Incentives eligibility instead of a fully audited version [Great point]. 

After Executive session/lunch there was a presentation on Succession Planning, 58% of STRS leaders [64] are eligible for retirement in 5 years. 45% [213 associates] are eligible for retirement in 5 years. There is concern about institutional memory and skilled people fulfilling tasks. Management has a plan, and it sounded like AI additions will be in future budgets. 

Outside consultant GGA, Global Governance Advisors, then had a “Board Governance Discussion.” After a few slides on the importance of Strategic Planning, the presenter, in my opinion, became a “circus barker.” He shared that 89% of all Canadian funds are in a surplus position, 59% above 120%. The presenter thinks STRS is on the edge of similar success because of the way the investment department is/could be further structured. The presenter even brought up our real estate investments and nationwide offices. [Google “Maple 8” and think STRSOH.] It was a very interesting 100-minute presentation which I encourage you to watch by going to STRSOH.org, then ABOUT then Board meetings, then October’s. The presenter’s enthusiasm was met by skepticism, but he addressed all concerns to include fitting outside consultant Meketa’s asset allocation and state house buy-in. Truly, he was a salesman extraordinary, a circus barker. 

Our Executive Director, Steven Toole, then shared his report. He addressed the bomb-sniffing dog in the foyer [safety of staff and visitors], showed a video of Ohio State Representatives Bird and Brennan and their visit to STRS, addressed town hall meetings and strategic communications plus automating more of STRS.  

Routines matters and the election of Rudy Fichtenbaum to Chair and Pat Davidson to Vice Chair rounded out the meeting. Next Board meeting November 12-14, 2025 

As of now, 11:15 a.m. Monday, October 20, 2025, I have not received STRS October  e-Update. 

Cathy Steinhauser quotes Chris Tobe to the STRS board with his conclusion on STRS as "A System [That Is] Rigged for Staff, Not Teachers"

Cathy Steinhauser's speech to the STRS board

October 16, 2025

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

Huge Court Win For Teachers and Retirees by David Pepper was the headline for yesterday. Yes, the teachers did their due diligence by researching our situation, strategizing and filing a lawsuit. Judges saw the ridiculousness of this act by Rep. Adam Bird and Brian Stewart by sneaking the takeover of the STRS Board into the State budget at 1 a.m. June 30th to remove all but 3 teachers and give authority to choose political appointees.  Gov. DeWine then refused to veto the STRS section and signed it all into passage.   After a TRO was filed, the judge allowed it to stand until hearing both sides. And so we teachers win once again when we were granted a preliminary injunction yesterday in a lawsuit against the STRS Board. The takeover of OUR pension board is halted immediately! When DeWine was asked by a reporter about violating the Ohio Constitution with this unconstitutional power grab by the legislature, he said “I don’t think it’s unconstitutional”…really?? DeWine is a lawyer, former AG and current Gov.!! How can a politician stand there and lie like that??

This STRS pension Board is OUR retirement board. We have the right to democratically vote on teacher candidates of OUR choice whose ideals align with what we were promised. Former teacher board members voted the majority of the time AGAINST us, so a change was needed. All of you employed here have no skin in the game because you belong to a different pension system.  We teachers would like you to butt out of trying to take control by micromanaging every aspect of what we pensioners desire for OUR own pension. We would NEVER put our pension in danger as you all have.

You have a handout by Chris Tobe written August 25, 2025.  He is an expert in this area especially with the Kentucky pension system and has analyzed STRS.

I appreciate his Conclusion of STRS…A System Rigged for Staff, Not Teachers (in your handout)

1.  STRS investment staff are compensated like hedge fund stars without delivering hedge fund returns.

2.  Their excessive salaries and bonuses are out of line with the Columbus market rates, out of line with 

      peer pensions, and out of line with the mission of serving teachers.

3.  Reform trustees who fail to demand independent advisors and transparent contracts risk becoming

     complicit in perpetuating this system. 

And whoever gave Rep. Bird and Brennan the tour of this building surely gave them a glossed over account and look see around when they got their tour. Pulleezzz! The cafeteria was mentioned and IS losing money. (In your handout)

A reminder once again…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” *The Merriam-Webster Dictionary

Mary Gierhart shares her observations and pointed questions regarding the lopsided structure of the STRS pension system at the October board meeting and urges the board to make the necessary changes

Mary Gierhart's speech to the STRS board

October 16, 2025

Suzanne Laird to STRS board: What will it take for STRS to see the light? It is now time to stop the subterfuge and begin working with us, the very teachers who belong on this Board. There is strength in numbers, there is strength in truth.

From Suzanne Laird

October 16, 2025

Speech to STRS board 10/16/2025: What will it take to move forward?

Good Morning, Members of MY Board:

I wonder, what will it take?

What will it take until all members of my Board and all 500 employees begin taking us seriously? We have quite a few new people in this room who seem to continue to promote the false narrative that we present “misinformation.” For example, despite actual physical proof, vanity town halls are claiming that the COLA was never guaranteed. Is this simple ignorance or willful ignorance?

What will it take? Your own governance advisors (GGA, p. 25, last month), suggest transparency on fees and cutting costs, yet later today I notice you will discuss continuing to replace retiring staff, instead of cross-training and downsizing.

If you won’t listen to your own advisors, how about the magistrates, judges and courts?

Colluding with senior research advisors, lobbyists, and legislators to violate constitutional law borders on more than ignorance, it implies arrogance.

I, myself  (and my famous sign), have been attending these Board meetings for more than 10 years and am fortified by the recent joining of OFT, OEA, and AAUP in current and upcoming lawsuits.

What will it take for STRS to see the light? It is now time to stop the subterfuge and begin working with us, the very teachers who belong on this Board. There is strength in numbers, there is strength in truth.

What will it take to move forward?

From David Pepper: Breaking! Ohio Statehouse Caught Violating the Constitution....Again

Caught Stealing Teachers' Pension Fund in the Dead of Night

By David Pepper

Oct 15, 2025

It’s as egregious and lawless of a power grab as I’ve ever witnessed.

Here and elsewhere, I have detailed the saga of how Ohio’s always lawless lawmakers have spent years attempting to steal the power of teacher and retirees over their own ($100B) pension fund. And how a number of their attacks have been in clear violation of Ohio law and the constitution.

Ohio lawmakers set to remove majority of educators from retired teachers' pension fund board

A few years back, it was the Governor himself who was found to have violated the law in how he replaced one pension board member with another—egregiously skirting Ohio law in the way he did so.

Well, just hours ago, a Court confirmed yet another egregious law violation.

This time, as I’ve written previously, it was the lawless way that the legislature replaced almost all the members of the pension board that teacher and retirees elect with…you guessed it…appointees by the politicians themselves. Essentially, the politicians stole the board majority from teachers and retirees and gave it to themselves.

But since they tried to pull off this undemocratic coup in the early morning hours of the final day of the budget process—giving no opportunity to have a hearing on such a sweeping (and non-budget related) change—it turns out they violated the Ohio Constitution in several ways.

I argued this a few weeks back HERE.

There I walk through the painful history of illegality and backroom shenanigans that culminated in the 11th hour (actually 1:00-am hour) stripping of the pension board from control of the teachers and retirees who built it.

And today, a Court agreed.

Its key findings:

•  throughout the entire budget process, the makeup of the teachers pension board had not once appeared in any version of either the House or Senate version

•  this isn’t a surprise, since no part of Ohio’s budget appropriates dollars to the teachers pension or its operation or management (because the system is entirely self-funded by the pension itself—either contributions, or investment income)

•  nonetheless, the non-budgetary amendment replacing most of the elected members of the board first appeared at 1:00 a.m. of a conference committee on the final day of the budget— “introduced and approved without prior hearings, public notice, or deliberation.” There were no hearings, testimony or debate on the proposed change at any point of the budget process.

•  It was approved several hours later by the Senate and House.

•  * Specifically, the changes altered the board makeup from being seven to three members elected by teachers and retirees, to be replaced by four political appointees (from 7-4 to 3-8). Not only would teacher and retirees now be confined to a permanent superminority, but those they elect would also be barred from serving as the board’s president or vice president.

The Law

As I explained in my prior post, to forbid maneuvers like this, Ohio’s Constitution requires that all bills be:

1) presented as a single subject

and

2) be up for consideration on three different days.

The facts above are pretty clear that both were violated by the lawless legislature, and the Court didn’t mince words in confirming this was the case:

•  Single Subject Rule Violation: the amendments to the pension board “have no logical nexus to the roughly 3,000 surrounding pages of the appropriations bill”—“Simply put, the [pension] amendments are a mere second-subject, non-appropriations rider wrongly grafted onto the otherwise wholly separate single-subject appropriations bill.”

•  Three Considerations Violation: “it would be impossible to argue that this second, freestanding subject received three considerations on three separate days by each house. To the contrary, the bill…received no further deliberation in either house after 1:00 a.m.”

The Court ordered that any implementation of the takeover of the board be halted immediately.

Boom!

Now let me summarize in plain speak: because this gerrymandered statehouse was so afraid of the blowback from teachers and retirees for a blatant political takeover of their pension, these feckless politicians tried to pull it off at 1:00 a,m. in the morning and give no opportunity for those retirees and teachers to speak out against it.

But in their fear of teachers and retirees from across Ohio, the country’s most corrupt legislature once again broke the law. Egregiously.

Their plan, for now, is stopped.

But….if this gets appealed to higher courts, and the Ohio Supreme Court in particular, keep showing up and speaking out.

And please give a big shout out to Ohio Federation of Teachers, the Ohio Education Association, and the American Association of University Professors, for coming together to challenge this lawless takeover.

OEA letter to members: update on the attempted takeover of the STRS board by Ohio legislators

From OEA

October 16, 2025

Dear KATHERINE, 

We want to inform you of a significant legal development in the ongoing case involving the State Teachers Retirement System Board (STRS). 

On September 16, 2025, members of the Ohio Education Association, the Ohio Federation of Teachers, and the Ohio Conference of the American Association of University Professors filed the lawsuit in the Franklin County Court of Common Pleas, challenging legislation passed in the 11th hour of the state budget process that would add more politically-appointed members to the board and then gradually eliminate four elected positions. The State filed an appeal of the temporary restraining order, to try to ram through the changes to the STRS Board now, while the court process continues to unfold and on September 30, 2025, the State’s appeal was denied. Judge Aveni of the Franklin County Common Pleas court entered an order formally extending the TRO until Wednesday, October 15, 2025. 

And today, Wednesday, October 15, 2025, a judge granted a preliminary injunction in the case brought against the STRS. This decision temporarily halts specific actions by the Board while the legal process continues. The injunction represents an important step in holding the STRS accountable and ensuring that transparency, responsible governance, and the protection of your retirement benefits remain a top priority. 

The Ohio Education Association has long advocated for reforms at STRS that prioritize the interests of active and retired educators. We view this ruling as a positive development in that fight. It underscores the seriousness of the issues raised in the case and reflects the court’s recognition that immediate relief was necessary to prevent potential harm while the case proceeds. 

We will continue to monitor this situation closely and keep you updated as more information becomes available. In the meantime, we remain committed to advocating for retirement security, transparency, and accountability on your behalf. 

Thank you for your continued support and for all you do for Ohio’s students and communities. 

Please click here to send a message to your members of the Ohio General Assembly today! 

In solidarity, 

Jeff Wensing, OEA President

STRS Gravy Train

 

Dean Dennis' message to Ohio legislators:

Please know that if you support this attack on our right to manage our own finances, we will devote our efforts to voting you out of office.

September 18, 2025

ORTA: The Attack To Reconfigure Our Pension Board: What's Happening?

ORTA-Update October 4, 2025

By Dean Dennis

The Attack To Reconfigure Our Pension Board: What's Happening?

On June 25, in the early morning hours, Ohio Retirement Study Council Chair Adam Bird slipped an amendment into the Ohio biennial operating budget bill, Ohio House Bill 69. This amendment reportedly bypassed everyone who would vote on the 3,000-page document later in the day. Governor DeWine signed the Bill into law despite the amendment not being vetted by the appropriate legislative bodies.

The Governor’s action didn’t surprise ORTA, which has been involved in a couple of STRS pension lawsuits, one of which involved Governor DeWine's misapplication of the Ohio Revised Code in removing a board member. ORTA prevailed in this lawsuit. The other lawsuit pertains to defending the integrity of former Board Member Wade Steen and current Board Chair Dr. Rudy Fichtenbaum. This lawsuit was brought by the Ohio Attorney General and was triggered by an “anonymous” letter crafted by STRS staff, which contained innuendos that would prompt an investigation.

The Governor’s signing into law HB 69, containing the Adam Bird amendment, left unchallenged, would change the composition of the STRS Pension Board from seven elected pension members and four political appointees to three elected pension members and eight political appointees. This is unacceptable.

The major organizations, OEA, OFT, OCAAUP, and ORTA, communicated with each other and united around a plan of action to oppose this undemocratic amendment. Ultimately, the OFT, OEA, and OCAAUP filed a lawsuit that had two main components. The first was a Temporary Restraining Order (TRO) to stop the new board configuration. The second was a Preliminary Injunction that challenged the legality of the process. The lawsuit was filed on September 16, 2025.

Upon filing the lawsuit, the State of Ohio appealed to the 10th District Court of Appeals in an attempt to block the TRO. On September 30, the court ruled in favor of the plaintiff (our members) and granted the TRO.

Next, the court will rule on the Preliminary Injunction. Was it legal to slip the amendment into the Ohio biennial operating budget when essentially no legislators were even aware of Representative Adam Bird’s actions? This hearing will be held before the court on October 10, 2025, at 9:30 a.m.

Ohio Tenth District Court of Appeals: 

https://www.youtube.com/live/71amwEn9g94 

Toledo Blade Editorial: Shift pension reform target

The Blade Editorial Board

From ORTA

Sep 30, 2025
Updated: Oct 1, 2025

Blade Editorial: Shift pension reform target 

The Ohio General Assembly and Gov. Mike DeWine have united educators in anger over the attempt to take over the State Teachers Retirement System. It’s a preview of the disgust ahead when taxpayers get asked to put more money in the state pensions.

Ohio’s budget that took effect in July included a last-minute insertion to cut active and retired teachers from seven of 11 seats on the pension board to three.

The Ohio Education Association, Ohio Federation of Teachers, and the Ohio Conference of the American Association of University Professors have combined to sue for reversal.

Judge Andy Miller of Franklin County Common Pleas Court issued a temporary restraining order blocking the takeover while he considers the teachers’ claim that the state takeover is unconstitutional because it was done through the budget and discriminatory because only teachers are reduced to minority status on their state pension board.

The teachers say they are under attack by state government. The politicians responsible for the board makeover say they are protecting taxpayers.

Lawmakers and the governor point to a failed attempt in 2021 to move funds to a Columbus startup investment company as reason for the STRS reform.

But it was only when elected teachers took majority status on the STRS board that the dubious proposed investment was addressed.

Moreover, the idea that the people who appointed and approved the PUCO chairman behind the FirstEnergy bribery scandal, despite knowing that he was paid millions of dollars as a consultant for FirstEnergy, are competen to safeguard the pensions is contemptuous of history and experience.

Ohio’s appointed oversight boards are mostly lobbyists and campaign contributors, selected to follow instructions from the governor. When STRS appointee Wade Steen veered to an independent course he was illegally fired by Governor DeWine.

The reforms promised by the elected STRS board members have never been fully implemented. The move to make teachers a permanent minority on their pension is simply protection against a group that could actually get it done.

The current STRS board just approved bonus payments to their investment staff totaling more than $6.7 million. The benchmark for payments between $7,280 and $354,729 was not a market index but instead an internally created measure that the STRS always seems to beat.

Despite this purported investment success, STRS is one of three Ohio pension funds, along with the Ohio Public Employees Retirement System and the Ohio Police and Fire Pension, asking lawmakers to force taxpayers to contribute more than a billion dollars a year above the current rate.

Rather than worry about the composition of the STRS board, Ohio lawmakers should be forcing reforms that produce better investment returns. The 10-year cumulative return for the S&P 500 is 290.76 percent, more than double STRS’ assumed rate of return.

Additional dollars from taxpayers would not be needed if Ohio was matching market returns, showing where state pension reform should focus.

https://www.toledoblade.com/opinion/editorials/2025/09/29/editorial-shift-pension-reform-target/stories/20250928054 

ORTA stands firm in its assertion that STRS investments must be transparent in their net returns, and the fees paid to achieve the net returns.  ORTA stands firm that STRS membership will be best served by a majority asset allocation of passive indexed investments. And most importantly, ORTA stands firm that STRS cannot make up its annual $4 billion dollar deficit by investment improvements alone, and is significantly underfunded by the Ohio legislature.

Dan MacDonald reports (in absentia) on the September 18, 2025 STRS board meeting

From Dan MacDonald

September 26, 2025

COULDN’T ATTEND LIVE, STRS BOARD SEPTEMBER SUMMARY

I was unable to attend the September 18th STRS meeting in person or via streaming, but I do want to share that our newly elected active seat was filled by Chad Smith from Columbus City Schools, Franklin County.  Chad replaced Carol Correthers who did not seek re-election. His term extends through Augst 31, 2029.

The Investment Department reported a preliminary net total fund return for August of a positive 1.8%.  Total investment assets ended August approximately $102.5 billion; that is $1.9 billion up for FY 2026 which started July 1, 2025. The Legislative Committee also met.

Board member Pat Davidson presented a document, Possible Five-Year Goals for STRS SAP Process, which addressed actives, retirees, and the future state of STRS before the legislative changes of next month. Davidson’s suggested these restoration goals: Make 32/27 Permanent; Contribute to Health Care fund to solidify Health Care at 32/27 permanent; Implement fractional year for application for reductions in YOS 27-31.99; Bring member accounts where the original factor is lower than the current factors up to 6/1/25 levels for retirement from 8/1/15 - 5/1/25; Provide inflation relief that is equivalent of a 2% COLA per year for all retirees; Provide targeted inflation relief to retirees whose benefit is currently below 85% of their original purchasing power; For any SBP budget and/or de minimis amount that is given, the Board will allocate a minimum of 10% to strengthening the STRS fund. [Bravo, Davidson for trying to address everyone, even legislators.]

There was much discussion by many Board members, but no motions.  A push by an appointed member was to address concerns through a new Strategic Plan, to be completed by February 2026. [No way in HELL could that be accomplished in 5 months and be good for actives and retirees. Next month 4 appointees are to be added to the Board making an 8 appointed to 7 elected Board, thus flipping the voting power on the Board from teachers to government appointees AND also stripping any elected retiree or active Board members from being Chair or Vice-chair.]

Twelve persons spoke during Public Participation, 1 active, 11 retirees. One speaker addressed the growth of the general fund over the past 5 years while all others addressed the Republican takeover of the STRS Board and/or COLA.

These are the items I chose to highlight from the meeting. The next meeting will take place over October 15 to 17. 

William Boone to the STRS board: Why have Republican leaders in this state declared war on Ohio’s educators, and what will become of our pensions under their newly appointed control?

William Boone's remarks to the STRS board

September 18, 2025.

Why have Republican leaders in this state declared war on Ohio’s educators, and what will become of our pensions under their newly appointed control?

Good afternoon. I'm William Boone, an active teacher, President of the Berea Federation of Teachers, and the proud Chair of the Ohio Federation of Teachers' Retirement Committee. I stand before you reflecting the deep concern and palpable anxiety felt by educators across Ohio. We are asking: Why have Republican leaders in this state declared war on Ohio’s educators, and what will become of our pensions under their newly appointed control? 

For decades, the teaching profession was a career built on a promise: despite comparatively lower annual compensation, we were assured a solid pension to provide security in our retirement. After years of tireless advocacy, we, the educators, worked to elect reform-minded members to the STRS Board to restore that promise. And our efforts paid off with tangible results! Our reform-minded board members delivered, bringing much-needed change and stability. After a decade-long drought, retirees finally saw multiple cost-of-living adjustments approved, including a permanent 1.5% COLA effective July 1, 2025, putting more money in our pockets to keep up with inflation. For active educators, the years of service required for full retirement benefits were significantly reduced from 35 years to 32 years. These fiscally responsible reforms also led to the STRS funding ratio improving dramatically and the amortization period for unfunded liabilities decreasing. These actions have occurred while our pension fund expands to 100 BILLION.

But then, in one "sleazy political stunt in the dead of night," a last-minute amendment was inserted into the state budget bill, effectively "stealing our voice". Without meaningful transparency, without stakeholder input, and without the careful vetting a change of this magnitude demands, they pushed through a structural overhaul of our board. They are gutting our democratically elected majority, phasing out four of our seven elected teacher and retiree seats and replacing them with newly appointed members. By 2028, eight appointees, hand-picked by politicians, will control our pension fund, leaving us with only three elected educator voices. This is a "power grab". Lawmakers justified this alarming move by citing a "chaos-ridden system" while manufacturing false allegations of public corruption schemes and mishandling of funds. Isn’t that ironic?!?

We have every reason to be deeply suspicious. The Ohio Republicans have displayed a pattern of behavior that raises serious questions about THEIR integrity and intentions based on THEIR record. The very Republican leaders who orchestrated this takeover have been accused of being part of a "political scheme" themselves. One of our own teachers openly stated she "doesn't trust DeWine at all" and believes the investigation into alleged corruption at STRS was a "ruse," even suggesting he's "covering up for his Wall Street friends". This contradiction between publicly stated positions and enacted legislation, combined with the fact that this amendment was inserted "in the dead of night" into the state budget, completely demonstrates a shocking lack of transparency and a disregard for democratic process. Given this record of questionable motives and secretive maneuvers, it is clear that we cannot trust our future to those now in control of our "lifeline" pension.

This action was "unconstitutional and discriminatory," as our unions have argued in a recent lawsuit, because it specifically targeted STRS while the other Ohio public pension funds retained their elected majorities. Governor DeWine himself stated in April that he was "not advocating anything change" regarding the board composition, yet he signed this provision into law in July. This feels like part of a larger, systemic "long line of attacks against educators" in Ohio, from underfunding our public schools to rolling back our collective bargaining rights and eliminating our elected State Board of Education. Our pension is not just money; it is our "lifeline". It is our FUTURE.

We are left feeling isolated, unheard, and deeply troubled. We cannot afford to be silent. We will stand together, demand transparency, and fight to restore our voice in how our hard-earned retirement is managed. This is about our dignity and the respect we deserve as Ohio's educators.

Thank you for the opportunity to speak.

Elected members can't be removed from Ohio teachers retirement board, judge rules

Posted on FB by John Curry

September 19, 2025 

Click this link to access the story: https://www.youtube.com/watch?v=6AtXdZLOd_U 

Dean Dennis' speech to STRS board 9/18/2025

September 18, 2025

Dean Dennis-35 years CPS, ORTA Exec Chair

ORTA wants to publicly thank OFT, OEA, and the OC- AAUP for their collaboration and leadership in the filing of the lawsuit that sought to minimize the voices of our members.

We understand that the vast majority of legislators had no idea that the middle-of-the-night amendment to change the makeup of our Board was even in the annual budget bill. However, now that legislators are aware, please know that if you support this attack on our right to manage our own finances, we will devote our efforts to voting you out of office.

Now, let’s clarify what our elected board members have achieved over the last couple of years. They have completely revamped opaque and misleading Benchmarks that governed investment staff performance bonuses into transparent Benchmarks that are tied to indices. They have worked with our actuary, Cheiron, and developed a responsible three-tier Sustainable Benefit Plan to restore benefits. This plan accounts for shocks to the market and takes into account market recovery time. It is likely the most sophisticated benefit plan of Ohio’s five pension plans. Speaking of which, our pension plan is the closest to being fully funded of any of the five pension plans. There’s an old saying, “if it ain’t broke, don’t fix it.”

Now, here is what is broken: the Ohio legislature. They fail to fund our pension system adequately while diverting money away from public education. I’ll share that recently, ORTA didn’t publish two press editorials due to misleading information; the editorials conveniently ignored one of the main problems, which is the lack of funding. Instead, the editorials attempted to alarm the public by stating their property taxes could increase if an Employer Contribution rate were enacted, blaming the need solely on reckless STRS mismanagement. ORTA disagreed with this singular narrative, as our board has moved towards more transparency and investment accountability. The numbers speak for themselves: STRS pays out nearly $8 billion in benefits but takes in $4 billion in contributions. This puts too much strain on investments.   

While we’re on the topic of transparency, the Board’s consultants are consistently telling the STRS board, the STRS staff, and STRS members that the main problem is the Ohio Legislature. Simply put, Ohio legislators are, and have been, underfunding the pension system. 

However, it seems lately that when someone speaks truth to power in Ohio, Ohio’s power brokers pull out the artillery and try to silence them. A message to Ohio’s legislators: don’t underestimate the power of the voting booth.   

Mary Gierhart's speech to STRS board 9/18/2025

STRS Public Participation

9/18/2025

Hello. My name is Mary Gierhart, and I am a retired school psychologist. I worked in Delaware City Schools and then the Olentangy Local School District during my career in central Ohio. I also consulted as a school psychologist for eight years in a central Ohio charter school after my retirement. I am speaking out today because I am very upset and fearful with chronic feelings of frustration and anger. As a psychologist I know it is not healthy to keep these negative feelings inside. OUR pension needs to be restored. STRS is not in chaos or turmoil because of its members.

I’m upset because it seems like very few people really care about what is happening to the members of STRS. The general public, our legislators, the STRS staff, the ORSC, our union, and even some board members seem to believe all is well with our retirement system.  However, all is not well. It is very difficult for members to plan for retirement due to the changing rules regarding needed years of service and lack of our guaranteed COLA.  How would you feel if you retired and then one day, seemingly out of the blue, you got a letter from Social Security or OPERS stating that you would not be getting a COLA that year, or for five years, or for an unknown number of years?  How would you feel if you were an 85-year-old retired teacher and you were in poverty, really needing that COLA to help pay your bills or get your medicine? I fear that that could be me and many others in the future since no COLA means a fixed income with yearly rising prices and inflation. And do not blame teachers for not planning for the future. Many members have planned well, but many others have had life situations that have impacted their savings and/or investment opportunities such as a death of a spouse, working in a poorer school district, rising inflation, and many other unseen circumstances.

I am frustrated and angry with the feeling that we have been misled and even lied to.  I understand that the solvency of the pension is the primary focus. However, I feel like we are constantly being thrown under the bus by our legislators and investment staff with no one at STRS, the ORSC, some of the STRS board, or our union going to bat for us. Would you not be angry, upset and frustrated with the following occurrences?

    1. Loss of a written guaranteed 3% COLA and increase in the number of years required for unreduced retirement. A current preliminary Global Governance Advisors (GCA) guiding principles goal for retirees is staying informed about health care and COLA changes. The goal of STRS should be reinstating the COLA! Any life coach knows if you write your goals down on paper, they are more apt to be successfully attained.

    2. Town hall meetings not addressing members’ concerns but spewing questionable information about the premier retirement system.

    3. Loss of a half of a billion dollars from an investment in Panda Power Funds, and then not disclosing the loss for quite some time.

    4. Hiring and paying two consulting companies to advise our investment staff. Why then do we have so many investment staff on payroll?

    5. Investing in private equities with high fees, illiquidity, and lack of transparency.  I believe the private equity firms even got our board to sign off on allowing the fees to remain secret.

    6. Noncompliance with the court order for transparency, also related to number 5 above.

    7. Lack of a fiduciary focus on the members when staff bonuses are given even during years of poor investment outcomes (see #3 above.)

    8. Extravagant staff perks while members are hurting.

    9. The governor illegally removing an appointed member from the board, requiring a lawsuit, ultimately ending up in reinstatement.

    10.  In the middle of the night, passing the Ohio budget with changes to the STRS board (possibly illegally) after members had voted in a majority of reform/restore candidates. The new board will be mostly politically appointed people.

    11. Singling out only STRS for legislative changes to the board.

I could go on and on, but my time is waning. How can STRS allay my fears and gain my confidence? Try addressing some of the above concerns.

Trina Prufer’s speech to STRS board 9/18/2025

My name is Trina Prufer. I am a retired school psychologist and my late husband was a college professor. Between us, our careers in public education spanned 70 years. Today I thought I would read a somewhat edited version of a post I wrote a few years ago after having watched my first STRS board meeting. The title of my talk is: “The Tyranny of the Bar Graph”

I watched some but not all of the proceedings yesterday. Missing from the presentations were discussions on the long term effects of STRS policies on retirees, which a decade ago sacrificed retirees’ financial security to the altar of the “unfunded liability”. What happens to retirees in the future is apparently of no concern. We are just the unfortunate casualties of the bar graph, which projects how well STRS will be doing in 10 years.

The reality is that there are 500 thousand members of STRS, and no other teacher retirement system in the nation has harmed its constituency to this degree. You would never know that by listening to the speakers.

Because we are invisible and left out of the discourse, there is no urgency to find equity for members. STRS has been defining the COLA as an “enhancement” . That is exactly the problem. Instead of facing the issue, its name was changed. Now that was simple.. all done, no problem anymore. Why aren’t teachers grateful when a 1% COLA is bestowed on them?

STRS, the system, conveys denial, disinformation and nonsense: Examples include:  “the COLA was never guaranteed” “STRS is a premier retirement system” and “membership is satisfied with the performance of STRS”. Instead of acknowledging that retirees are heading off a financial cliff,  STRS produces FLUFF …and lots of it.

STRS is a failure, not because it was 49% underfunded a decade ago. It is a failure because there is no moral core to the institution itself. There are no long term solutions for sustainability other than harming teachers. It is not fighting FOR US… it is fighting FOR US to take the financial hit of past institutional mistakes, with a dose of profiteering on the side. To the victor belong the spoils. That is exactly what  “reform” legislation was designed to do.

The success of a retirement system is not measured by a column on a bar graph, but by the quality of the lives of its retirees. Using this standard, how well is STRS doing?

Cathy Steinhauser's speech to STRS board 9/18/2025

 

Karen Loeffler's speech to STRS board 9/18/2025

STRS Board Meeting 09/18/2025

My name is Karen Loeffler. I retired in July 2012 from Pickerington Local School District, with 30 years experience as a high school classroom teacher and as a middle school counselor. I also spent countless hours as a volunteer in Pickerington, in a variety of capacities.

Democracy is not a spectator sport. It requires, and demands, an educated populace, one that is engaged and participatory. As educators, at any grade level, from kindergarten through high school, and beyond, we teach, beyond letters and colors, beyond numbers and shapes, critical thinking and processing skills. Beyond content, we teach not what to think, but how to think. Not just how to recognize problems, but how to brainstorm possible solutions, and work with others on choosing and then implementing solutions. We also teach our students that failure is not the end of a process, but part of the learning process. What went wrong? What could we have done differently? What are the next steps? Giving up, quitting, are not options. Instead, we  continue on.

This, then, applies to our own experience, here, in this board room. Some of us are physically present, many participate virtually, and many more by following through various forms of media and communication. But the common thread is that we are engaged in the process. We are not disinterested observers. We have worked hard to immerse ourselves in the process, and supported, through our votes, board candidates who we felt would be good representatives, and take their fiduciary responsibilities seriously, with fidelity and integrity. We don’t ask for perfection, but commitment to the best interests of the members.

And now, the legislature, with the support of the governor, has ripped away, indeed stolen, our voting rights. We will now be ruled by political appointees, in control of the board. For those who might think that these appointees will operate in our best interests, adhering to the same fiduciary duties as our duly elected board members, I would like you to recall an incident from last summer. In July, 2024, at a special board meeting, there was a discussion about whether or not to award the usual staff bonuses. Many opposed the awarding of bonuses in light of the continuing lack of COLA’s for the members. An attorney at the board table, a political appointee, informed the board members that if they did not award the bonuses to the investment staff, they would be violating their fiduciary duty to said staff. So, you will forgive my skepticism, and the skepticism of many of my colleagues, in regard to the supposed commitment of the appointees to their fiduciary duties to the members of STRS. They need to be reminded, in the strongest possible terms, that STRS is the State TEACHERS Retirement System, that exists for the benefit of the members. And this fight is not yet over!

Robin Rayfield's speech to STRS board 9/18/2025

Good morning,

My name is Dr.Robin Rayfield, Executive Director of ORTA and a retired member of STRS.

As the chapter of democratic control of the STRS pension system is on the verge of ending, I think that it is important to stop and think about where we are and how we got here.

Several years ago, ORTA leadership met with the chair of the ORSC and asked for help in making reforms to STRS. Our concerns at that time remain today.

1.  Transparency with regards to fees, costs, and expenses, especially with the investment program at STRS.

2.  Investment philosophy at STRS. ORTA believed and still believes that a passive approach to investing our money would produce much greater returns and at a mch lower cost. Historical data prove these beliefs to be accurate.

The chair of the ORSC was adamant that the legislative bodies were not the answer to STRS’ member concerns. His advice was simple. Since STRS has a majority of board members elected by the membership, reform must come through electing reform-minded individuals to the STRS board. Through several election cycles, and despite interference by the governor and STRS leadership, the reform movement has been successful. However, reform that is sustainable has to be incremental and takes time. Unfortunately, one party rule in Ohio has reared its ugly head once again and is threatening the democratic process. Educator voices are being silenced.

My hope is that public educators across Ohio will become engaged in this fight for democracy. Public education is the foundation upon which our society is built. Without a healthy public school system comprised of dedicated and well represented teachers, our society is threatened.

This fight has morphed from a ‘fight for inflation protection’ for retired teachers to a fight for what is right and just for people. Instead of eliminating opposing points of view, our elected officials should develop solutions or better responses to the challenges we face.

To the elected members of this board… Thank you for your service.

To the appointed members of this board… I hope that you are able to see opposing perspectives and work to develop solutions. The lives of over 300,000 people depend on you.

Bob Buerkle's speech to STRS board 9/18/2025