ORTA NEWS UPDATE
Earlier this month, an Ohio court held that pro-teacher board member Wade Steen should be reinstated to the STRS board. The court determined Mr. Steen was wrongfully removed by the Governor last year.
Despite the clear facts and law of the case, the Governor's office appealed the decision... further drawing out the judicial process and delaying the much-anticipated reinstatement of Mr. Steen.
The court scheduled a hearing for oral arguments for Tuesday, March 26 at 10:45am in Courtroom 23B, 373 South High Street, Columbus, Ohio. The hearing is open to the public.
With this latest delay, it will take even more resources to fight the Governor's appeal.
Robin Rayfield to STRS Ohio Board: Please stop the madness
Robin Rayfield addressed the STRS Ohio Retirement Board during Public Participation on February 15, 2024.
Good Morning. My name is Robin Rayfield, and I am a STRS retiree and the Executive Director of ORTA.
For over a decade now, STRS members have heard that ‘Reforms at STRS are working’. Each month the management team lets us know that the reforms put in place over a decade ago are doing what they are supposed to do and that, in time, the financial security at STRS will get stronger.
As we look at ‘Pension Reforms’ that have been in place for the past decade or so, what do we see?
ORTA advocates for the pensions and benefits of Ohio's educators, demands accountability from STRS Ohio, and lobbies Ohio's legislators to provide a strong and sustainable retirement system.
FOR IMMEDIATE RELEASE
February 6, 2024
COURT REINSTATES WADE STEEN TO STRS BOARD GIVING REFORM MEMBERS A MAJORITYCOLUMBUS, OH – Earlier this morning, the Tenth District Court of Appeals issued its much-anticipated Magistrate’s Decision holding that Wade Steen was improperly ousted as the governor-appointed investment member of the STRS board and is now reinstated.
The court held, “reasonable minds can only conclude the governor lacked the statutory, Constitutional, or inherent authority to remove relator [Wade Steen] from his position…”. Parties have 14 days to object to the magistrate’s decision.
The following statement may be attributed to Wade Steen:
“I am excited to serve the remainder of my term just as I have my first seven years – by doing all I can to ensure our pension fund is solvent, transparent and accountable. I look forward to rejoining my fellow board members in restoring trust with our active and retired educators. To the teachers who supported and encouraged me during this ordeal – and all those who contributed to the ORTA Pension Defense fund – I sincerely thank you.”
The following statement may be attributed to Dean Dennis, President, Ohio Retirement for Teachers Association:
“With today’s court ruling reinstating Wade Steen, there is now a majority of reform-minded members on the STRS board. Mr. Steen joins five other board members who each won election on the platform of reform, accountability and transparency. There is an overwhelming mandate for change. And change is what teachers expect. The restoration of trust between Ohio teachers and their pension fund will take actions and not just words. ORTA will continue its fight to ensure each teacher can retire with dignity and with the benefits promised.”
In his more than seven years on the STRS board, Wade Steen has been an advocate for Ohio educators. He uncovered millions in hidden fees paid to Wall Street hedge funds and fought against unearned “performance” bonuses for STRS staff.
Robin Rayfield
[email protected]
614-431-7002
Earlier this month, an Ohio court held that pro-teacher board member Wade Steen should be reinstated to the STRS board. The court determined Mr. Steen was wrongfully removed by the Governor last year.
Despite the clear facts and law of the case, the Governor's office appealed the decision... further drawing out the judicial process and delaying the much-anticipated reinstatement of Mr. Steen.
The court scheduled a hearing for oral arguments for Tuesday, March 26 at 10:45am in Courtroom 23B, 373 South High Street, Columbus, Ohio. The hearing is open to the public.
With this latest delay, it will take even more resources to fight the Governor's appeal.
Robin Rayfield to STRS Ohio Board: Please stop the madness
Robin Rayfield addressed the STRS Ohio Retirement Board during Public Participation on February 15, 2024.
Good Morning. My name is Robin Rayfield, and I am a STRS retiree and the Executive Director of ORTA.
For over a decade now, STRS members have heard that ‘Reforms at STRS are working’. Each month the management team lets us know that the reforms put in place over a decade ago are doing what they are supposed to do and that, in time, the financial security at STRS will get stronger.
As we look at ‘Pension Reforms’ that have been in place for the past decade or so, what do we see?
- Retirees have lost tens of thousands of promised benefits. Taken from their state guaranteed pension and transferred to Wall Street and to the pockets of our employees.
- Active contributors paying 40% more into the pension, working 15% longer (not collecting 5 years of benefits), with no inflation protection.
- Is it any surprise that the fund will have more money in it if we reduce the amount paid out by not paying our obligations to retirees? I have said many times, ‘Not paying your obligations is not Pension Reform. It is failing to make good on a promise to active and retired educators in Ohio’.
- Shared sacrifice from the staff at STRS. Everyone at STRS have received raises each and every year during ‘Pension Reform.’ Investment staff have been paid outrageous bonuses each year. Market up? Huge bonuses paid. Market down? Huge bonuses paid. The constant thing about Pension Reform is this… The members get less; the STRS staff get more.
- Any substantive changes in our approach to investing. We continue to play ‘beat the market’ and lose. Simply doing what we have always done, maybe doing it harder, does not yield positive results.
- Pass a policy that states something to the effect of ‘Each year that STRS does not pay COLA to retirees, there will be no compensation increase for any STRS staff. This would also eliminate any PBI payments.
- Begin the transition of active management portfolios to passive investment portfolios. The asset allocations could remain the same, but simply move our investments to passive indexes.
- Begin divesting from risky, illiquid alternative investments and real estate.
ORTA advocates for the pensions and benefits of Ohio's educators, demands accountability from STRS Ohio, and lobbies Ohio's legislators to provide a strong and sustainable retirement system.
FOR IMMEDIATE RELEASE
February 6, 2024
COURT REINSTATES WADE STEEN TO STRS BOARD GIVING REFORM MEMBERS A MAJORITYCOLUMBUS, OH – Earlier this morning, the Tenth District Court of Appeals issued its much-anticipated Magistrate’s Decision holding that Wade Steen was improperly ousted as the governor-appointed investment member of the STRS board and is now reinstated.
The court held, “reasonable minds can only conclude the governor lacked the statutory, Constitutional, or inherent authority to remove relator [Wade Steen] from his position…”. Parties have 14 days to object to the magistrate’s decision.
The following statement may be attributed to Wade Steen:
“I am excited to serve the remainder of my term just as I have my first seven years – by doing all I can to ensure our pension fund is solvent, transparent and accountable. I look forward to rejoining my fellow board members in restoring trust with our active and retired educators. To the teachers who supported and encouraged me during this ordeal – and all those who contributed to the ORTA Pension Defense fund – I sincerely thank you.”
The following statement may be attributed to Dean Dennis, President, Ohio Retirement for Teachers Association:
“With today’s court ruling reinstating Wade Steen, there is now a majority of reform-minded members on the STRS board. Mr. Steen joins five other board members who each won election on the platform of reform, accountability and transparency. There is an overwhelming mandate for change. And change is what teachers expect. The restoration of trust between Ohio teachers and their pension fund will take actions and not just words. ORTA will continue its fight to ensure each teacher can retire with dignity and with the benefits promised.”
In his more than seven years on the STRS board, Wade Steen has been an advocate for Ohio educators. He uncovered millions in hidden fees paid to Wall Street hedge funds and fought against unearned “performance” bonuses for STRS staff.
Robin Rayfield
[email protected]
614-431-7002