"A few years ago, I stated in public participation that everyone involved with STRS gets rich except the people that put the money in." - Robin Rayfield
Robin Rayfield addressed the STRS Ohio Retirement Board during Public Participation on September 20, 2024.
Good morning. My name is Robin Rayfield. I am an STRS retiree and the Executive Director of ORTA.
I would like to take this time to share my congratulations to Wade Steen as he completes his service to STRS members. Despite attacks by the governor, the A.G., and STRS leadership, Mr. Steen has served with integrity and always placed the interests of educators first. His support of STRS members has come at a high cost. Attempting to do his fiduciary duty has resulted in him being targeted by the two biggest political figures in Ohio.
What is so difficult to understand is ‘WHY’? Mr. Steen has objected to bonuses paid to employees that he was not convinced had been earned. He has attempted to increase transparency regarding fees and expenses and the benchmark calculation. Instead of supporting his transparency efforts as an elected official should do, the governor and A.G. of Ohio, with the support of the people responsible for the lack of transparency, have attacked board members that seek reform. I think the lawyer that successfully demonstrated that Governor DeWine had acted inappropriately provided the answer to the why ‘Follow the money’.
A few years ago, I stated in public participation that everyone involved with STRS gets rich except the people that put the money in. The consultants, the management team and investors, Wall St. external investment managers, and politicians all get rich. The only people that get shafted are the people that paid in to the system.
I also reminded you all that each election is a referendum on the STRS board members, consultants, and STRS management. We all know the results of those referendums. Change is coming. The decision on the consultant and discussion yesterday is yet another example. It is so clear to the members that STRS management are deathly afraid of having a consultant that provides advice to the board that provides a perspective that doesn’t place management’s interests over the interests of the membership management team. It is past time that leadership at STRS and the consultants that advise the management experience change as well.
Robin Rayfield, Executive Director
Ohio Retirement for Teachers Association (ORTA)
September 20, 2024
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