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.

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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

David Pepper: Retired Teachers Standing Up To the Politicians

Retired Teachers Standing Up To the Politicians

Speaking Truth To Power

From David Pepper 

October 30, 2025

Lots of terrible things going on out there.

Let me shine a light on a good thing.

Yesterday, I was honored to greet and thank retired public school teachers as they boarded a bus to go to Columbus to speak truth to power.

These are the faces and the voices that the state’s most corrupt statehouse is so fearful of that they passed a law at 1: 30 am. in the morning without giving any notice to oppose it. That law stripped these retirees of their voice and vote over their own pension, which they built through decades of hard work and noble service to our state.

You see, in elections for pension board seats, these retirees and teachers had consistently voted for candidates demanding more transparency and accountability in the way their pension is managed and decisions are made. And once they gained a majority of that board (to finally get answers to their questions), the politicians simply eliminated most of the elected positions on the pension board. (Replacing them with their own political appointees). Someone clearly demanded that these politicians do so.

But these shady politicians knew stripping these retirees of their democracy would spark outrage and protest, so they snuck it through.

And out of their fear of these hard-working teachers and retirees, the politicians managed to violate the Ohio Constitution in the process. (That’s not me saying this, but a court).

Well, yesterday some of these retirees made the trek to Columbus to start speaking out against the paltry way they are being treated. They went to hearings and got briefed by their representatives. They talked to legislators.

For most, it was the first time they’d ever been to the statehouse (which is one reason the statehouse politicians get away with what they do).

And they got a lot out of the day:

One called it “informative, encouraging and life experience into the political world and definitely productive. I think we put them on notice.”

Another: “We were peaceful today…but next time we will take signs and bring more people.”

We need people’s movements all over America taking on the corrupt power in statehouses like Ohio’s. Everyday people speaking truth to power. The politicians and their backers count on people being too busy or distracted to care, or to even know what to do when it comes to statehouse shenanigans.

That’s when they win.

Thank you to retirees from around the state who made the trip yesterday.

This is how it starts.

And yes, we definitely want to bring more people.

David Pepper on Teachers Heading to Columbus Yesterday, 10/29/2025

From David Pepper

October 30, 2025

Write-Up on Retirees Going To Columbus Yesterday

“These are the faces and the voices that the state’s most corrupt statehouse is so fearful of that they passed a law at 1: 30 am. in the morning without giving any notice to oppose it. That law stripped these retirees of their voice and vote over their own pension, which they built through decades of hard work and noble service to our state.

You see, in elections for pension board seats, these retirees and teachers had consistently voted for candidates demanding more transparency and accountability in the way their pension is managed and decisions are made. And once they gained a majority of that board (to finally get answers to their questions), the politicians simply eliminated most of the elected positions on the pension board. (Replacing them with their own political appointees). Someone clearly demanded that these politicians do so.

But these shady politicians knew stripping these retirees of their democracy would spark outrage and protest, so they snuck it through. 

But these shady politicians knew stripping these retirees of their democracy would spark outrage and protest, so they snuck it through. 

And out of their fear of these hard-working teachers and retirees, the politicians managed to violate the Ohio Constitution in the process. (That’s not me saying this, but a court).

Well, yesterday some of these retirees made the trek to Columbus to start speaking out against the paltry way they are being treated.….”

For full write-up, go here: https://open.substack.com/pub/davidpepper/p/retired-teachers-standing-up-to-the?r=17y7a&utm_medium=ios

About that fictitious $65 billion; worth posting again!

Rudy Fichtenbaum exposes The Big Lie OEA has been spreading far and wide about that $65 billion

The Myth of Turning Over $65 Billion to Wall Street

Dr. Rudy Fichtenbaum

March 30, 2022

The OEA leadership and Board members running for reelection are desperate because they know that members are upset. Active members are finding out the truth that they have the worst deal in the country, paying $1 to get a pension that is worth $0.77. Retired members can see through the scam that is being run on them when they are given a one-time 3% “COLA” and told that the Board will look at another “COLA” next year i.e., 2024. The truth is the Board just approved an investment allocation that is expected to earn 6% while approving a discount rate – that’s the expected return on investments – of 7%. Why is this important? It is important because to reduce and eventually eliminate the unfunded liability, STRS needs to earn 7%.

The truth is that to fully restore a real COLA, one that gets paid every year rather than just once, the pension needs more money. When I campaigned for a Board seat, I recognized that the pension needed more money, so I said that I would support an increase in the employer contribution. None of the incumbents running or the OEA leadership have ever campaigned on raising employer contributions. When they get backed into a corner, they might say they don’t oppose an increase in employer contributions, but they have done nothing to try to make that a reality. What could they have done? For starters, they could have had the Board vote on a resolution calling for an increase in employer contributions and directed the STRS staff to start lobbying for an increase in employer contributions.

They could have directed the staff to tell the truth: without more money there will never be a restoration of a real COLA. Instead of going around the state telling everyone what a great job they are doing, they could have started meeting with active teachers and retirees and telling them that if they want a real COLA and a pension that is at least worth what they are contributing, they need to start organizing and putting pressure on the legislature and the Governor. Active teachers and retirees vote. Their family members and friends vote, too. If teachers and retirees were showing up by the busload at the statehouse, organized by OEA and STRS working with ORTA, the Watchdogs, OFT, and AAUP, we could start creating the kind of pressure that is needed to get an increase in the employer contribution and make sure it is funded by increasing taxes on the wealthiest Ohioans who have been getting tax cuts for years.

But we should never put all our eggs in one basket. If there are other ways the pension could earn more money, we should explore them openly and honestly. That is why Wade Steen, former board member Bob Stein, and I tried to make a proposal at the November meeting to explore an option that we thought was promising and could earn more money for STRS.

We never got to make our presentation because the staff and STRS consultants, with the complicity of the Board, lied and disrupted our presentation. Then they started telling the big lie that we proposed to give $65 billion to a firm without a track record.

What did we propose? We proposed hiring a specialty law firm to negotiate a contract to create a partnership that would implement a pilot program, a proof of concept that would start with $250 million. Once the partnership agreement was negotiated, we proposed it would come back to the Board for a vote. That is what we proposed.

We never proposed -- as leaders of OEA and incumbent Board members constantly repeat -- that we turn $65 billion over to a firm without a track record. That is lie. But we all know the power of a big lie. If you say it repeatedly, some people begin to believe it.

None of these OEA leaders, incumbent Board members, or staff seemed to have a problem when STRS lost $525 million on Panda Energy, a company that used our money to buy a professional wrestling league. None of these people thought it was a problem when STRS invested $50 million in Infinity Q, whose former CIO and founder was just charged by the SEC with overvaluing its assets by $1 billion, while pocketing tens of millions in fees. None of them were outraged or thought it was a problem when Ted Siedle found widespread failures and mismanagement at STRS. In fact, when an STRS staff member was asked recently about the Panda loss, he said “STRS absorbed it.” What does that mean? It means the members paid for it with our money.

So why the problem with negotiating a contract that the Board would have to vote on before it was implemented for $250 million? That was our proposal! I believe that OEA leaders, incumbent board members, and STRS staff were afraid it would be successful. That would have meant that instead of us continuing to pay an investment staff to send billions of our dollars to Wall Street, Wall Street might have been sending STRS members a check that could help pay to restore a real COLA and help give active members a pension that is worth what they are contributing.

Dr. Rudy Fichtenbaum is Professor Emeritus of Economics at Wright State University and an elected member of the STRS Ohio Board since September, 2021.

A Bombshell Explanation of the Situation at STRS by Chris Tobe

Ohio Media’s Complicity: How a Fake Scandal Hid the Real Teacher Retirement System Corruption

August 22, 2025/ ChrisTobe

I. Introduction

Ohio educators and retirees have been betrayed not only by their pension system but also by much of their state’s press corps. While the State Teachers Retirement System (STRS) funnels hundreds of millions annually into secret no-bid private equity contracts, the Ohio media—with rare exceptions—has amplified a manufactured scandal around “QED,” a firm with no assets, no SEC registration, and no role in managing STRS money.

Instead of asking why billions in opaque contracts remain hidden, much of Ohio’s press corps acted as enablers for Attorney General Dave Yost and Governor Mike DeWine, echoing their narrative and distracting from the real corruption.

II. The QED Distraction

QED was a concept firm, never SEC-registered, with $0 in assets and $0 in fees from STRS. Yet Yost’s office pushed QED into headlines as if it represented a major scandal. Media outlets latched on, running story after story about a phantom firm while ignoring the forensic audit’s findings that STRS pays nearly $1 billion per year in opaque fees through secret contracts with private equity managers.

This strategy—spotlighting a harmless decoy while burying the billion-dollar issue—is straight out of the FirstEnergy HB 6 playbook: focus public attention on a side-show while dark money flows in the shadows.

III. The Toledo Blade: A Lone Voice for Transparency

Amid this landscape, the Toledo Blade stood out. Its editorials and reporting consistently called for:

•  Full transparency of STRS private equity contracts.

•  An end to excessive bonuses for staff tied to opaque performance benchmarks.

•  Alignment with teachers’ interests, not Wall Street’s.

The Blade connected STRS to Ohio’s broader pay-to-play culture, warning that without transparency, the system was vulnerable to the same type of scandal that exploded with FirstEnergy. Their editorials declared plainly: teachers want indexing, transparency, and no bonuses—and that is what the board should deliver.

                 _    _    _    _    _

IV. Columbus Dispatch & Cincinnati Enquirer: A Different Agenda

Contrast this with the Columbus Dispatch and Cincinnati Enquirer, both owned by Gannett, which itself is controlled by Apollo Global Management—one of the largest private equity managers in the world and a major STRS contractor.

Instead of scrutinizing the hidden fees or Apollo’s role, the Dispatch and Enquirer often:

•  Echoed Yost’s QED talking points, portraying the phantom firm as the scandal.

•  Downplayed or ignored the forensic audit, which documented real abuses.

•  Dismissed reform trustees and teacher groups as disruptive or politically motivated, rather than whistleblowers.

It is no coincidence: media outlets owned by private equity have a structural incentive to protect private equity’s reputation and suppress stories that could threaten their fee streams.

_    _    _    _    _

V. Have Ohio Media Learned Nothing from FirstEnergy?

The FirstEnergy HB 6 scandal should have been the media’s wake-up call. For years, Ohio outlets treated HB 6 as just another political fight, underestimating the depth of corruption. It took federal prosecutors to expose that dark-money entities had funneled tens of millions to secure favorable legislation.

Now history repeats itself:

•  Dark money + opaque contracts + complicit officials.

•  A press corps (outside Toledo) unwilling to follow the money.

•  Ownership structures that align major newspapers with the very private equity firms extracting fees from STRS.

The question is not whether STRS corruption is real—it is whether Ohio’s media will expose it, or repeat the mistakes of HB 6 by shielding political and financial power until federal indictments force their hand.

_    _    _    _    _

VI. Conclusion

Ohio teachers deserve better than a pension system riddled with conflicts and a press corps that enables misdirection. The Toledo Blade has set the example, insisting on transparency and reform. The rest of Ohio’s media must decide whether they stand with educators and retirees, or with politicians and private equity firms.

Until then, the “QED scandal” will be remembered not as a revelation, but as a cover-up—engineered by officials and amplified by a complicit press—to protect the real scandal hiding in plain sight.

Key Contrasts

1. Toledo Blade – Only paper to frame STRS as a transparency and fiduciary crisis, consistently supporting teachers. Editorials directly linked STRS secrecy to potential corruption and called for reform.
2. Gannett Papers (Dispatch & Enquirer) – Amplified the QED distraction while burying the story of $900m+ in hidden fees. Their ownership by Apollo Global Management (a major STRS contractor) creates an unavoidable structural conflict of interest.
3. Other Ohio Papers – Often echo official statements and lack resources for deep financial investigations, leading to coverage that reinforces the AG/Governor narrative rather than challenging it.

---

Lessons from FirstEnergy HB 6

• Just as most Ohio media failed to follow the money during the FirstEnergy scandal—until federal prosecutors forced the issue—so too with STRS.
• The same dark-money channels and conflicted law firms are at play, but the press (outside Toledo) is not connecting the dots.
• Ownership conflicts (Apollo → Gannett) raise questions about editorial independence when covering private equity’s role in STRS.

View article here. 

Link to the Wade Steen/Rudy Fichtenbaum Trial:

https://www.fccourts.org/486/Live-Stream

Steen and Fichtenbaum Trial, October 27, 2025

From ORTA Blog

October 28, 2025

https://www.orta.org/post/state-of-ohio-dave-yost-ohio-attorney-general-v-wade-steen-and-rudy-fichtenbaum

STATE OF OHIO, DAVE YOST, OHIO ATTORNEY GENERAL, V. WADE STEEN AND RUDY FICHTENBAUM

Writer: ORTA

The bench trial began on Monday, October 27, and is expected to continue throughout this week.

The courtroom has limited seating so you are encouraged to watch the livestream of the trial on Judge Karen Held Phipps' website.

Click here to watch the livestream of the trial.

ORTA is continuing to collect donations for our Pension Defense Fund  to pay for the ongoing lawsuit brought against current Board Chair Rudy Fichtenbaum and former Board member Wade Steen by Ohio Attorney General Dave Yost.

ORTA needs your help. Please make a donation to the Pension Defense Fund  to help pay legal fees to defend and protect our pension and retirement benefits from current and future legal attacks.

Action at Franklin County Municipal Courthouse in Columbus

Testimony begins in Ohio teachers’ pension trial

by: Colleen Marshall

October 27, 2025 

COLUMBUS, Ohio (WCMH) – Testimony got underway Monday in a case that calls into question the ethics of two leaders of the state teachers’ pension fund.

The chairman of the State Teachers Retirement System board, Rudy Fichtenbaum, and former board member Wade Steen are accused of teaming up to improperly move control of most of the fund to a private investment firm known as QED.

Ohio drivers most likely to watch sports behind the wheel, survey finds

As was clear from the opening statements, the state is accusing Fichtenbaum and Steen of failing to act in the best interest of Ohio’s 500,000 active and retired teachers, but the defense’s case relies on questioning whether the STRS staff itself is properly handling the $90 billion pension fund.

Testimony got underway in Franklin Common Pleas Court in a case that could bring to light investment strategies for the embattled state teachers’ pension fund. In opening statements, Fichtenbaum and Steen were accused by the prosecution of backing a risky investment scheme in what is alleged to be a “backroom deal.”

Both men claimed to be looking out for Ohio’s teachers.

Powell bookstore ‘Escape Into Fiction’ opens after years in the making
Steen was the first witness called to the stand by the state.

Attorneys are asking the court for an injunction that would remove Fichtenbaum from the board and prevent both men from ever serving again on the STRS board.

The article and video may be viewed here.

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?