If the figures posted by Radazzo, the pension watchdog, are correct, STRS’s was by far the biggest loss of any public pension system — almost 32% greater than the next highest, the California Public Employees Retirement Fund.
At least 200 of the retirement system’s 500 employees make more than $100,000 a year. And, with bonuses, in the 2021-2022 fiscal year 33 of the system’s employees made more than $300,000. Nine made more than $500,000. Meanwhile, retirees last year got just a 3% cost-of-living increase — their first since 2017. An STRS spokesman has explained that the freeze was due to new rules set down by the legislature in 2012.
Two months later, the actual numbers for alternative investments came in and losses were 77% higher than original estimates —. Instead, it deadlocked 5-5.“STRS fund mismanagement has resulted in years of no cost-of-living increases for Ohio retired teachers and current teachers are being forced to pay more and work longer for less benefits,” the Ohio Retired Teachers Association said in its statement.
Whoa....someone was asleep. Not coins this time?
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There's plenty wrong with Ohio STRS, but this isn't it. Even if they lost a full $40M, that's a 0.04% loss on $90B. I guarantee they 'lost' exponentially more than that just because of market fluctuations TODAY alone. Love you guys, but you're trying too hard with this one.
No bail outs.
I never planned to retire anyway. Teaching keeps me off the streets.
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