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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.”

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Media Contact:

Mark Weaver

740-975-6060

mark@communicationscounsel.com

STRS Ohio Board member Rudy Fichtenbaum, and former Board member Wade Steen, are incurring legal fees, defending themselves against the lawsuit brought against them by A.G. Dave Yost. ORTA will use donations from the Pension Defense Fund to help them, if needed, pay their legal expenses. They have volunteered their time to support Ohio's teachers. Now it's time for us to show our support for them! Make a donation today to the ORTA Pension Defense Fund

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