Many members are not happy with the proposed changes. Since board members are supposed to serve the membership, shouldn’t they listen to their members and not make any changes?
The board and staff listen to the concerns and comments of STRS Ohio members and consider them in their deliberations. However, these same board and staff members have a responsibility to be good fiduciaries of the pension fund. Knowing that the pension fund will run out of money to pay pensions unless changes are made, the board and staff have the responsibility as fiduciaries to try and make changes that help ensure the long-term solvency of STRS Ohio. Early on, the board and staff recognized that there were no easy solutions and proposed changes would not be well received by many members. However, if no changes are made, there will be no STRS Ohio Defined Benefit Plan pensions within 30 years.
Related Questions
- Where changes in the membership of a Bidders Candidate Group are proposed, at what stage should they be notified to the Secretary of State in order to comply with paragraph 6.3.5 of the Notice?
- Would the proposed disclosure serve as a deterrent for improper accounting practices?
- How many members serve on the board?
