A poster using the initials of the State Teachers Retirement System of Ohio to spell out “Stealing Teachers’ Retirement Savings” hangs on the wall during a board meeting at the pension fund’s headquarters in Columbus, Ohio, on Wednesday, May 15, 2024. The headquarters of the State Teachers Retirement System of Ohio is pictured on Wednesday, May 15, 2024, in Columbus, Ohio.
Teachers, who are generally ineligible for Social Security and so rely heavily on the fund in retirement, are particularly upset at the dearth of cost-of-living adjustments and market losses that the fund has seen over the years, even as STRS investment professionals have collected large bonuses. They have called for more transparency into the fund’s investment and pay practices.
“As public pensions are taking on both risky and complicated assets, it’s important that they’re being transparent about those investments: what the returns are on their performance, what they’re paying for them, and what the risks are,” he said. The fund’s then-board chair issued a statement after DeWine’s referral saying that STRS was cooperating, but reassuring beneficiaries that the fund was safe, secure, well-run and in “sound financial position.”
Neither Metcalf nor Tremmel returned calls seeking comment on their statements to STRS. In his lawsuit, Yost told the court, “The owner of this shell company continues to peddle to STRS a secretive and untested investment scheme while his own condominium is in foreclosure.” The attorney general accuses Steen and Fichtenbaum of ”backdoor ties” to QED.
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