The Ohio Retirement Study Council’s (ORSC) May 12 meeting included a review of all five retirement systems’ investment returns by the Council’s investment consultant, RVK, along with fiscal year budget presentations by STRS Ohio and the Ohio School Employees Retirement System.

ORSC Chair Phil Plummer (R-Dayton) took the opportunity to address a number of questions regarding STRS Ohio that he and ORSC staff had received. These included false allegations that STRS Ohio members receive only 77 cents for every dollar they contribute, that STRS Ohio staff is receiving a 6% raise, that STRS Ohio investment returns are among the worst in the nation and there is a lack of transparency. ORSC staff provided detailed information correcting each of those claims by informing the Council that:

• STRS Ohio retirees receive benefits equal to their contributions within two to three years of retirement, depending on when they retired.

• The increase in the STRS Ohio personnel cost is due largely to the fact that there are 27 pay periods in fiscal year 2023, instead of the usual 26 pay periods, which is true every 10 to 11 years for any employer that pays its employees on a bi-weekly basis.

• Despite efforts, ORSC staff has not seen data to support the claim that STRS Ohio investment returns are the worst in the country — and the RVK report directly refutes that allegation.

Chair Plummer questioned Director Bill Neville about criticisms of a lack of transparency at STRS Ohio. Director...

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