Excerpt from the Dayton Daily News
A coalition of retired teachers raised $75,000 to hire an outside auditor to comb through the books of the State Teachers Retirement System of Ohio.
The Ohio Association of Retired Teachers will hire Edward Siedle, a former Securities and Exchange Commission attorney, to conduct a forensic audit of STRS.
ORTA member Dean Dennis, a retired teacher, said Siedle will examine STRS business practices, fees and bonuses paid to money managers.
“They are so arrogant in their operation that they’re not going to get away with it anymore,” Dennis said.
ORTA Director Robin Rayfield said, “We just don’t trust what they’re telling us.”
In 2017, STRS trustees eliminated the cost of living allowances for retirees but pledged to re-visit the decision within five years.
STRS spokesman Nick Treneff said state law requires each pension system undergo a fiduciary audit every 10 years, which STRS will begin this year. This audit will give a critical review of the system’s business practices, structure and organization. Separately, STRS will undergo an actuarial audit this year.
