Rep. Miller calls for STRS Board to prioritize needs of retired teachers over investment associates

COLUMBUS- Today, State Rep. Adam Miller (D-Columbus) issued a statement after the recent news that the State Teachers Retirement System (STRS) pension fund lost an estimated $3 billion for the fiscal year ending June 30. Despite this significant loss, the STRS board is considering  nearly $10 million in performance-based bonuses to its investment associates at a meeting today. 

“Pensions aren’t gifts or bonuses.  They are earned benefits with the promise of paying less now for security in the future,” said Rep. Miller. “While I understand the markets ebb and flow and investment advisors navigate these waters, something is amiss when they, year after year, get bonuses while the people they are working for get no relief.  It’s time to take a tough, fair look at these compensation schemes.”

After five years of receiving no cost-of-living adjustment (COLA), only this year, despite rising inflation, did retired teachers receive a one-time COLA payment. Many of these teachers retired in the 1990’s or early 2000’s have seen their pensions eroded through increased inflation and flat lined COLAs.

Meanwhile, STRS investment associates continued to receive bonuses every year.