FOR IMMEDIATE RELEASE
November 16, 2022
STRS BOARD MEMBER STEVEN FOREMAN CALLS FOR VOTE TO CLAW BACK $10 MILLION IN UNEARNED STAFF BONUSES
Newly Released Financial Data Show that STRS Lost $5.3 Billion Last Year and not the
$3 Billion Previously Reported to the Board by Staff
COLUMBUS, OH – State Teachers Retirement System of Ohio (STRS) Board Member Steven Foreman today announced his intention to call for a vote to claw back the much criticized $10 million in staff performance bonuses at tomorrow’s board meeting.
In a letter to the Chair and Vice Chair of the board which Foreman posted online, he states that the board “rushed the approval of $10 million in staff bonuses in August” and that “[w]e owe it to our membership to make it right.” To view the letter in its entirety, click here.
In August, over the objections of their board colleagues and teachers, STRS awarded $10 million in staff bonuses for last year despite reported investment losses of $3 billion. STRS justified the bonuses by saying that investment losses could have been billions of dollars worse.
But newly obtained year-end asset values from STRS show losses last year of $5.3 billion instead of the previously reported $3 billion. This means that the $10 million in staff bonuses paid to nearly 100 bureaucrats were actually given after STRS had lost $5.3 billion.
Testifying at last month’s board meeting, ORTA Executive Director Robin Rayfield called for the unearned bonuses to be returned to Ohio teachers stating, “that money should go to teachers, not staff… the money is for benefits, not bogus performance… I don’t care how you get it back, just get it back.”