The audit believes that a supplement to the state pension system of teachers should be considered

Fourteen months after his office announced it, Ohio auditor Keith Faber finally released a special audit of the state’s over $90 billion teacher pension system that found no fraud but suggested that lawmakers be more transparent about the fund’s investment strategy. and a process in which $10 million was paid out. incentives this year, although the fund lost $5 billion.

Retired teachers, concerned about the lack of cost of living increases for five years, hired forensic investigator Ted Sidle to look into STRS.

His report, which heavily criticized the foundation for its lack of transparency and oversight, led to a special scrutiny by the state. Siedle is pleased with the report, but notes that legislators need to make the proposed changes to increase transparency and public scrutiny.

“It was worth the wait. But then again, I don’t think the public should have waited, and I think the delay was typical electoral official policy.”

In a statement, STRS chief executive Bill Neville said that the thoroughness of the audit belied many inaccurate information and that STRS “remains unwavering in our commitment to the sustainability of the pension fund.” The fund lost $5 billion this year but paid out $10 million in incentive payments.

In September, the pension fund board awarded 90 of its investment managers nearly $10 million in bonuses.

STRS suspended adjustments to teachers’ pensions for the cost of living in 2017. Retired teachers have been given a 3% increase in the living wage since July this year, but this has not kept pace with inflation.

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