It seems to me that the entire PBI enterprise is horribly broken.

Robin Rayfield addressed the STRS Ohio Retirement Board during Public Participation on August 18, 2026

Good morning. My name is Robin Rayfield. I am a member of STRS and the executive director of ORTA.

It's August, and just like every previous August, the controversy of PBI is upon us. Like each year, the members are concerned that STRS pays PBI when our pension delivers less than promised.

After listening to yesterday’s investment committee, one would be led to think that the investment returns were wonderful. However, after reviewing recent ACFERs I am underwhelmed with the performance. 

It seems to me that the entire PBI enterprise is horribly broken. Let me explain. For the last four years 23, 24, 25, and 26, the total fund blended benchmarks for STRS were not met. How is it then, PBI were paid in each of these years? I often hear of the added value STRS investment staff produce each year. For the last 4 years in a row, by my count, STRS has underperformed the total fund blended benchmark by 92 basis points or $920 million. 

This year the PBI faces continued controversy associated with the ‘Retirement at Risk’ paper. This paper alleges the returns to determine PBI are less than the verified or audited figures. STRS members want to know that the STRS staff are earning their bonus payments. Two actions would help to instill confidence in STRS:

• Delay PBI payments until the discrepancy in the GIPS returns and the audited returns can be explained. This would require engagement of a completely external consultant that has no ties to STRS staff and no inherent conflict of interest.

• Ensure any future PBI payment benchmarks are tied to the total fund blended benchmarks and returns are from audited return data.