Ohio's STRS Trustees are not representing their members. Most state pension systems provide a cost-of-living increase so their retired teachers can live out their lives without falling too far behind from inflation.
Ohio's STRS Trustees have eliminated the COLA for their retirees and now do not want to provide one again until the year 2034, when they reach the unnecessary goal of being 100% funded. Keep in mind this would mean having enough monies set aside to pay for both retirees and active teachers. Active teachers are in the process of working their way through the system and still have decades of contributions to make to fund their pension. The goals of the STRS Trustees are ridiculous! By 2034, nearly 40% of Ohio's retired teachers will be dead.
Ohio's funding level for teacher's pension is considered financially sound being 75% funded. This above most states who are 69% funded. Being 75% funded for a public pension system is good.
While Ohio's STRS Trustees are not representing or taking care of their own members, they are certainly taking care of the people who work at STRS. While withholding retiree's COLA, trustees have increased the STRS 2020 operating budget by 2.6%. Additionally, last year STRS trustees rewarded STRS investment department employees who were already making six figure salaries, individual bonuses as large as $783,834. The top ten in the investment department pulled in over $5 million.
Contact the STRS Trustees. If you are a retiree, tell them how you are doing without your COLA and how it feels to wait until 2034. If you are not a retired teacher, share your thoughts on if you think it's fair retired teachers will have to go most of their lives without a cost of living increase. Here is how you can contact the STRS Trustees:
Robert Stein, Chair: steinr@strsoh.org
Carol Correthers, Vice Chair: correthc@strsoh.org
Taiyia L. Hayden: haydent@strsoh.org
Dale Price: priced@strsoh.org
Rita Walters: waltrr@strsoh.org
Wade Steen: steenw@strsoh.org
Robert McFee: mcfeer@strsoh.org
Jeffrey Rhodes: rhodesj@strsoh.org
Yoel Mayerfield: mayerfey@strsoh.org
David Gruber : gruberd@strsoh.org
Paolo DeMaria: superintendent@education.ohio.gov