Fedor Calls for Cost of Living Adjustment for Retired Teachers
August 23, 2021
Today, state Senator Teresa Fedor (D-Toledo) released the following statement after virtually attending the August 19 State Teachers Retirement System (STRS) of Ohio board meeting. The STRS Board that over sees the $90 Billion Pension has 11 members, assisted by over 500 individual staff members, who are tasked with serving the more than 500,000 active, inactive and retired educators in the system.
“Just like an elected official, the members of the STRS Board work for the people they represent – in this case, the retired teachers of Ohio. These educators were promised that when they retired, they would receive a cost of living adjustment (COLA) each year. For many, that promise was the only reason they chose to retire in the first place. That promise has been broken, and the situation for many retired teachers is becoming dire.
“Even though one has been scheduled for the coming months, years have gone by without a required independent audit taking place. I was shocked that the Board blamed the Covid-19 pandemic, even though an audit should have taken place in 2016. In the meantime, retirees have seen their COLA disappear while STRS staff and those managing the funds have received bonuses on top of their salaries. Retirees want real answers to their important questions. These former teachers deserve transparency and to have their voices heard.
“I urge the Board to reinstate the COLA immediately, and make cuts to salaries and bonuses if that is what it takes.”