The following article from the media is yet another one-sided attempt to maintain the current management of the $90 billion in the STRS pension fund that has reduced promised benefits to the hundreds of thousands of public educators in Ohio. This reporter has repeatedly written articles critical of the ‘reform minded STRS board members’ efforts to bring transparency to the investment practices of STRS. These practices have resulted in draconian reductions to promised benefits of hundreds of thousands of retired educators in Ohio.
When challenged with the transparency issues by its members STRS has ignored the concerns of its members and continued the opaque investment practices. By ignoring its membership, the status quo board members have been replaced through the democratic process with reformers winning the last six elections. Now the media, and elected officials in Ohio have joined forces again to thwart the democratic process through threats to remove duly elected teachers from the STRS board.
Because the majority of board members have done their fiduciary duty and have asked questions about the alternative investment program, the elected leaders in Ohio have threatened to change the make up of the pension board. For over one hundred years teachers have had a majority of the seats on the STRS board. For over one hundred years these elected members have bent to the will of Wall St. and the politicians that are on the payroll of Wall St. Now that a few brave souls have asked too many questions, these people are in danger of having their voices silenced. With the media firmly in lockstep with maintaining the status quo much of the reporting must be taken with a grain of salt.
Although the most recent article does not provide any added information, and simply re-hashes what has already been reported, in the interest of providing any information to our members ORTA is providing this on our website. - Dr. Robin Rayfield, Executive Director
Read Morgan Trau's article at https://www.news5cleveland.com/news/politics/ohio-politics/ohio-lawmakers-may-remove-teachers-pension-board-voting-powers-as-chaos-continues
Watch the story on News 5 Cleveland below.
STRS Ohio Board member Rudy Fichtenbaum, and former Board member Wade Steen, are incurring legal fees, defending themselves against the lawsuit brought against them by A.G. Dave Yost. ORTA will use donations from the Pension Defense Fund to help them, if needed, pay their legal expenses. They have volunteered their time to support Ohio's teachers. Now it's time for us to show our support for them! Make a donation today to the ORTA Pension Defense Fund