STRS Ohio was granted transparency
For the third consecutive year, Ohio State Comptroller Keith Faber awarded STRS Ohio Highest Achievement in the Open and Transparent Government Award. For program details, please visit https://ohioauditor.gov/open/stars.html.
Separately, the National Congress of Civil Service Retirement Systems (NCPERS) also recognized STRS Ohio for its Transparency Certificate. The certification recognizes his STRS Ohio efforts to promote public disclosure, expand the scope of available data, and contribute to the public’s understanding of the public retirement system. After monthly Retirement Committee meetings, STRS Ohio posts financial reports and expenses on its website.
Board continues discussion on possible sustainable benefit enhancement plans
The Retirement Committee considered enhanced benefits at its April meeting. An actuarial consultant to the board, Cheiron presented several options for the board to consider. Before implementing any benefit enhancements, Cheiron must determine that the changes will not materially compromise the financial integrity of the retirement plan.
The board requested Cheiron to return additional analysis in May.
Proposed operating budget reflects 2.8% increase and headcount reductions
The STRS Ohio Department of Finance has presented a proposed budget for fiscal year 2024 (July 1, 2023 through June 30, 2024). The proposed operating budget will provide STRS Ohio public educators with quality membership services, the ability to meet laws, regulations, and other requirements, and implement numerous fiduciary audit recommendations. The proposed operating budget totals $115.6 million, up 2.8% from this year. This budget reflects 17 headcount reductions at STRS Ohio. Retirement plans have eliminated more than 200 jobs since 2002.
The proposed capital budget for the system for fiscal 2024 is $8.3 million. Much of his 6.1% increase in this budget is due to information processing and computer software needs.
The proposed operating and capital budgets have been submitted to the Ohio Retirement Research Council, and the board plans to vote on the 2024 budget in June.
Board Vote To Award Curran Alternative Investment Consulting Contract
The Retirement Board’s Investment Committee will hear presentations from two potential alternative investment consultants at its March and April meetings and will negotiate and execute a contract with Callan LLC to provide these services. decided to Callan is currently a general investment consultant for STRS Ohio.
Retirement Allowance Approved
The Retirement Committee approved retirement benefits for 73 active members and 74 non-active members.