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Rep. Lightbody calls for STRS Board to prioritize needs of retired teachers over investment associates

August 17, 2022
Mary Lightbody News

COLUMBUS- Today, State Rep. Mary Lightbody (D-Westerville) issued a statement after the recent news that the State Teachers Retirement System (STRS) pension fund lost an estimated $3 billion in investments for the fiscal year ending June 30. Despite this significant loss, the STRS board will consider approval of almost $10 million in performance-based bonuses to its investment associates during a meeting on Thursday. 

“Our retired teachers worked tirelessly for years to ensure our children received the best education possible. They deserve to know their hard-earned retirement funds are being well managed. In light of recent fund losses, I urge STRS board members to exercise prudence and transparency in determining whether bonuses are appropriate at this time,” said Rep. Lightbody. 

Many teachers who retired in the 1990’s or early 2000’s are living on very little money – some as low as $1,700 a month. After five years of receiving no cost-of-living adjustment (COLA), only this year, despite rising inflation, did retired teachers receive a one-time COLA payment. 

Meanwhile, STRS investment associates continued to receive bonuses every year.

Representative Lightbody is a member of the Ohio Retirement Study Council, which provides legislative oversight, and advises and informs the state legislature on all matters relating to the benefits, funding, investment, and administration of the five state retirement systems in Ohio.