In 2021, when STRS Ohio was touting investment fees of only $279 million, we estimated fees of nearly $1 billion. A new analysis based upon pension reports shows total fees of over $800 million.
In our opinion and based upon forensic investigations we have undertaken, there is ample reason to believe the total fees are nearly double what the pension is reporting, amounting to almost $1 billion annually.
So, how could a state pension with 500 employees and full access to all documents related to its investments, have under-reported the fees by $500 million? That’s the question pension stakeholders, including participants and taxpayers should be asking.
Edward Siedle December 18, 2023