Some of Ohio's current and retired teachers continue to ask serious question about the health of the State Teachers' Retirement System of Ohio, better known as STRS.
Teachers like Terry Caskey, who has worked 25 years with the Parma school system, told News 5 she appalled to learn state data indicated STRS posted a $5.3 billion fund loss in 2022, while issuing $10 million in staff bonuses.
“They explained to us moving the qualifying age to 35 years was more about the baby boomers and they were living longer so we had to kick in, but really I believe it has come down to mismanagement of funds over time," Caskey said. “STRS is a fiduciary and they have a responsibility first to the teachers, the actives and the retirees. If they’re not okay, then nobody should be receiving any bonuses.
“It’s is an unequivocal fact that Ohio teachers have the worst pension deal in America," Rayfield said. “The loss wasn’t $3 billion it was $5.3 billion. So we pay bonuses before the numbers have been verified, then numbers come and they’re always worse and the bonuses have been paid.” “Ohio retired teachers reached out to me because I had written this book called 'Who Stole My Pension,'" Siedle said. “These state and local pensions are not being transparent, they are misrepresenting their investment performance, making it look better than it really, and the risks that they’re taking are much greater than the teachers are aware.”"The benchmarks here are hysterical, because they’re not benchmarks at all," Siedle said.
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