State Teachers Retirement System Of Ohio Annual Report

Pandemic Pushes More Americans To Consider Early Retirement

The Ohio pension plan’s holdings in private equity and hedge funds have stumbled. In each of the past five years, the investments returned an average of 6.7 percent, well below the almost 10 percent goal the report cited. They lost 1 percent in fiscal year 2020, the fund’s annual report ending June 30 shows by this spring, the performance had rebounded, according to unaudited figures.

The Ohio fund invests with about 140 money managers. Apollo Global Management and the Carlyle Group, both giant private equity firms, are two of them.

In a statement, an Apollo official said that the firm’s performance has been strong and that it is transparent. “Apollo’s investors receive regular, detailed reporting of all fees, expenses and carried interest they pay in our funds,” the official said.

A Carlyle spokeswoman said, “For more than 30 years, Carlyle has delivered strong returns across asset classes and geographies, helping provide retirement security for public and corporate-sector employees including teachers, police officers and firefighters.”

Private equity firms buy companies, borrowing money to do so, and hope to sell them at a profit later. The investments are opaque and high-cost, critics say. Regulators have identified private equity’s costs as a problem for investors in 2014, after examining 150 private equity firms, the Securities and Exchange Commission found that more than half had violated the law or were deficient in their handling of fees or expenses.

A Message To Our Policyholders

At this time last year, we had just emerged from a period marked by a global pandemic, market volatility and sustained downward pressure on interest rates. Many believed that 2021 would be a turnaround year for our industry and economy.

As we have all witnessed, 2021 presented many of the same challenges as 2020. Despite the external environment, we remained focused on our strategic and business objectives. We successfully updated and enhanced our product portfolio, implemented new technology to serve our customers and achieved strong financial results. All the while, we were reminded that the protection and accumulation products and services we offer play a valuable role in the financial security of individuals, families and businesses. Im very optimistic about the future of our industry and excited about what lies ahead for our company.

View Your Annual Statement

Active and inactive teachers who have access to their online account information can view their Annual Statement of Account through the Personal Account Information section.

The online statement is organized just like the printed statement and provides an itemized history of earnings, deposits, projected retirement benefits and retirement credit for each school year. It reflects your total account balance and earned service credit in STRS Ohio as of the preceding June 30.

The statement also includes:

• Projection of monthly service retirement benefits
• Estimate of disability and survivor benefits and
• Account withdrawal estimate.

The statement does not include:

The updated online version of the form will be available in October.

To view your annual statement, log into the Personal Account Information area and select My Documents under Useful Links on the home page. Then select your annual statement from the list of documents. Your most recent annual statement can also be viewed in the Member Information section which can be accessed using the menu at the top of the screen.

If you have not registered for online access yet, you will need to register for access.

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Please read carefully before using the Bond and Investor Relations area of the OBM Web site. Use of this area of the Web site constitutes acknowledgment and acceptance of the following terms and conditions:

Information in the Bond and Investor Relations area of this Web site is not an offer to sell securities or the solicitation of an offer to buy securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

These web pages contain information relating to debt management and bonds or other obligations of the State of Ohio. The purpose of this section is to provide general information about the State of Ohio, its debt management, and its borrowing programs. The information is provided for quick reference only and is not a summary or a compilation of information for any particular bond issue. It does not purport to include every item which may be of interest, nor does it purport to present full and fair disclosure within the meaning of applicable securities law with respect to any of the matters or programs addressed. Investment decisions should be made only after full review of the official statement and other relevant matters in connection with a particular bond issue.

State Teachers Retirement System Of Ohio Annual Report

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Ohio Teachers Investigation Of State Pension Spurs Special Audit By State Auditor

Forensic investigation commissioned by 19,000 retirees participating in the State Teachers … Retirement System of Ohio spurs a special audit by State Auditor.

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A forensic investigation commissioned by 19,000 retirees participating in the State Teachers Retirement System of Ohio spurs a special audit by State Auditor. The information obtained to date supports a reasonable basis for conducting a special audit, says Auditor.

As absurd as it seems, participants in pensions historically have had virtually no say in how their retirement savings are invested. When concerns regarding reckless risk-taking and revelations of avoidable losses arise, there is little pensioners can do to stop the bleeding. Underfunded state and local government pensions, not covered by the federal law protecting pensions or any other comprehensive law, are especially at risk. Its no secret that public pensions are grossly mismanaged. Whats surprising is to learn that concerned active and retired school teachers in Ohio successfully banded together to commission an expert investigation of their state pension and were heard by legislators, as well as other government officials.

Faber stated his Office had conducted a preliminary examination of these matters, the results of which were forwarded to the Auditor of States Special Audit Task Force for consideration.

State Teachers Retirement System Of Ohio

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For The 2020 Fiscal Year Strs Reported Paying $175 Million In Fees To Alternative Investment Managers

An external audit of Ohios State Teachers Retirement System has raised serious questions about the pension funds transparency and investment practices. The forensic audit, commissioned by the Ohio Retired Teachers Association, concluded that the pension plan serving Ohios teachers provides insufficient public information about some of its investment funds and pays excessive fees to asset managers.

The audits initial report, conducted by Benchmark Financial Services, Inc., and released in early June, focused on the performance and costs of the State Teachers Retirement Systems private equity investments as well as the systems unwillingness to fully disclose information about these investments. In August, STRS published a detailed rebuttal to the report saying it included baseless allegations.

STRS currently invests about 18% of its assets in private equity, hedge funds and other so-called alternative investments. These assets, which do not regularly trade, are difficult to objectively value and often require high management fees and other investment expenses. For the 2020 fiscal year, STRS reported paying $175 million in fees to alternative investment managers. This payment dwarfed the $60 million in fees the pension plan paid for all other types of investments, even though these other asset classes accounted for 82% of STRSs investment portfolio.

Annual Financial Comprehensive Report

The Annual Financial Comprehensive Report contains detailed information about OPERS’ financial operations. Annual Financial Report information includes investment detail, actuarial tables and statistical information as well as a plan summary.

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What Can You Expect From Ohio National

As our tagline says, Life changes. Well be there®. Ohio National will continue to honor your policies and contracts under their existing terms. We will provide you with our quality service and remain steadfast in our commitment to deliver policy benefits to you and your beneficiaries when you need them. Our focus on serving you over the long term remains constant.

We continue to build our independent network of financial professionals to provide an array of protection and accumulation products to more people who need them. We are committed to advancing our mission to help you achieve your financial goals. You can be assured our dedication to helping build strong communities is unwavering.

Fundamental to our values is a commitment to diversity, equity and inclusion throughout our business. We will continue to help protect dreams and secure financial futures just as we have for 112 years and counting.

Sincerely yours, President and Chief Executive Officer