The state is opening another investigation into the STRS pension fund

COLUMBUS, Ohio (WCMH) – Another investigation into STRS has been launched one day before the results of the latest election for the state teacher pension system board were announced.

The governor and attorney general have already announced they are addressing governance issues at STRS. Now, Secretary of State Frank Larose said his office is investigating whether candidates for STRS board seats who are teachers failed to report campaign contributions as required by state law.

The video shows a mile-long chase that ended with a crash at Cooper Stadium

“Anyone running to serve on this board and seeking the votes of their STRS colleagues must disclose their campaign contributions and campaign expenditures if they raise and spend more than $1,000,” LaRose said.

LaRose said he began his investigation based on a tip from a concerned citizen. The governor and attorney general said an anonymous letter warned of a hostile takeover of STRS through board elections, prompting their investigation.

But no one addressed retirees’ complaints about a lack of investment transparency, hefty bonuses for investment staff and an end to promised cost-of-living adjustments. They say that’s why they tried to elect reformers to the board.

“We have a governor and now apparently an attorney general and a secretary of state who are even saying, ‘Oh, I’m sorry, all the things you voted for were wrong and we’re not going to let them be wrong.’ I will make sure it comes to fruition,” said David Pepper, a law professor at the University of Cincinnati.

NBC4 asked LaRose if he found it strange that multiple state leaders are investigating STRS at the same time while retirees have been begging for an investigation for six years.

“Well, as you know, the State Department has no role in investigating the STRS other than whether a candidate spends money on the STRS,” LaRose said.

But teachers and retirees said the investigation appeared to be an obstacle.

The current election is expected to appoint another reformer to the board. The reformers already have a majority following a court order returning Wade Steen to his seat. The governor kicked the investment specialist off the board last year.

“Mike Dewine broke the law, not because I said so, or because a teacher said so, because the court said so,” Pepper said. “So my question is: When someone breaks a law as powerful as the governor, where is the investigation?”

The Ohio Retirement for Teachers Association (ORTA) supports reform candidates and said there was nothing hostile about it.

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“The democratic process is never hostile,” said ORTA’s Robin Rayfield. “I am confident that Mr. Yost was elected to office. I am sure the governor was elected to office. Neither of these were hostile takeovers. Voting people in a fair, democratic election is never hostile. What makes America great is the fact that we get to choose our leaders and the members of STRS. Both active and retired members have selected their leaders, and we are ready to move forward with our chosen elected leaders.”

The results of the STRS board election are scheduled to be released tomorrow.

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