Scenarios, we’ve gotten two versions since October. Director Nehf’s scenario is that STRS go to the state legislators and lobby for an increase in employer contribution which has been stagnant for decades while former Board Chair Robert Stein has put out the scenario that the red flowing from the State of Ohio budget directs the legislators to enact legislation to reduce employer compensation so active salaries might be enhanced. Which scenario is each Board member willing to speak to and pursue as we struggle to reach 100 percent funded?
Hi, happy holidays, I am Dan MacDonald a 38 year STRS retiree from CH-UH City Schools [Cleveland Heights-University Heights City School District]. I am the Executive Director of Local 279-R, NEO AFT Retirees, 1,000 dues paying members strong.
You got to be kidding me. Mr. Nehf makes a suggestion and within weeks Mr. Stein destroys the very concept, meanwhile the Board members are SILENT. So truly, actives and retirees are working for STRS Ohio by their sacrifices through Board enforced policy. STRS OH continues to pay salary raises beating cost of living increases and allowing performance based incentives in the millions through Board policy and vote.
During last month’s Educational and Planning meeting I was informed that our general fund has a greater than 25% chance of being under 50% funded in the next ten years. STRS estimated that there is a 38% chance that the funding period will exceed 30 years within the next ten years.
So Board what is your thinking? Anyone have a game plan? Anyone on this ship have any course corrections that won’t lead to being fully funded, with no COLA, with crappy retirement benefits for actives, with employer reduction in contributions, with continued growth of STRS locations throughout the county, I am thinking Chicago, plus continued merit-based STRS pay raises and PBI’s even if the market crashes which will fulfill the 25% chance of being under 50% funded?
As I said in my opening, happy holidays, start putting your ideas into public conversation at these Board meetings and tell us what your thoughts are on these scenarios. Silence is agreement with disaster for actives and retirees. If the state considers reducing employer contribution, what’s STRS’s plan to push back?
You all need to do more than sit quietly and talk behind closed doors. Once the state starts, it is too late to develop a game plan. Actives need a better benefit package at retirement and retirees need the return of COLA.