FOR IMMEDIATE RELEASE
October 20, 2022
NEW FINANCIAL PERFORMANCE DATA SHOWS THAT STRS AWARDED $10 MILLION IN STAFF BONUSES AFTER LOSING $5.3 BILLION LAST YEAR INSTEAD OF THE PREVIOUSLY REPORTED $3 BILLION LOSS
COLUMBUS, OH – Newly obtained year-end asset values from the State Teachers Retirement System of Ohio (“STRS”) show losses last year of $5.3 billion instead of the previously reported $3 billion—a more than 75% increase in the loss. This means that the $10 million in staff bonuses awarded for last year were actually given after STRS had lost $5.3 billion.
“It was bad enough that STRS rushed to award $10 million in staff bonuses after only losing $3 billion last year,” ORTA Executive Director Robin Rayfield said. “With this new data, we know now that STRS actually lost $5.4 billion last year and still awarded millions of dollars in bonuses to almost 100 bureaucrats.”
At today’s STRS board meeting, Mr. Rayfield will speak on behalf of all active and retired teachers to demand a return of the $10 million in bonuses seemingly approved on misleading and incomplete financial data.
“Everyone in the world knew that the numbers STRS used were way too good to be true and didn’t justify these bonuses,” Rayfield continued. “But given that the real financial loss was more than 75% bigger, some of these board members owe Ohio teachers an apology and a return of their money.”
STRS Ohio board members who approved the bonuses did so over the objections of their board colleagues and teachers. Among those who requested a delay was STRS board member-elect and Cincinnati Federation of Teachers President Julie Sellers. Ms. Sellers gave testimony urging the board to wait until more financial information was known.
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