Keeping the Promise
- STRS Ohio Watchdogs
- 8 minutes ago
- 2 min read
By Rudy Fichtenbaum
At the last Investment Committee meetng of STRS, I was glad to hear Representative Bird
say that the pension should keep its promises. However, having been on the Board, I understand
why the Board cannot currently provide a 2% ongoing COLA. In order to provide that COLA,
STRS would need additional funding. The employee contribution is already one of the highest in
the country and the employer contribution, which has not increased in 40 years, is among the
lowest. So, had I been at the meeting, my response to Mr. Bird would have been, the burden is
on you and your fellow legislators to increase the employer contribution so that STRS can
keep its promises.
Here is what I was promised by STRS, when I retired on April 30, 2015.
So, where is my 2% COLA, which should have started in 2020? It is being given away! The wealthiest Ohioan’s have repeatedly had their taxes cut, while at the same time the legislature
and the governor choose to give vouchers that go disproportionately to students who were already atending private schools. I have nothing against private schools. If parents want to send
their kids to private school they should pay for it. Meanwhile, if Ohio increased taxes on the
wealthiest Ohioans and gave school districts and higher education the money they need to
provide every Ohioan with a high-quality education, school districts and institutions of higher
education would also have the money to pay for an increase in the employer contribution. That
would allow STRS to keep its promise.
Rudy Fichtenbaum was targeted by a lawsuit from the Ohio attorney general, incurring over $100,000 in legal fees defending his actions as a board member. While ORTA previously provided assistance, they were forced to cease due to an investigation by the Ohio Ethics Commission. Rudy must now finance this battle on his own. We cannot let an educator stand alone after he stood up for us.
Your contribution, no matter the size, makes a difference. If you are unable to donate, please consider sharing Rudy's story and his GoFundMe campaign with your network of colleagues and friends.
