Monday, March 18, 2013 at 12:19 PM
The managers of Ohio’s state teacher pension fund made nearly $4 million in bonuses last year.
The managers of Ohio’s state teacher pension fund made nearly $4 million in bonuses last year, the Cincinnati Enquirer reports:
By contrast, the Ohio Public Employees Retirement System, the largest in the state and 11th largest in the country with a portfolio that’s $15 billion more than that of STRS, has half the investment staff and handed out smaller bonuses.
The STRS bonuses are being awarded by a pension fund that found itself the subject of a 2003 investigation for handing out bonuses to its investment and non-investment staff. Millions of dollars went to employees even when the system’s portfolio did poorly.
In May, board members of the pension system for Ohio school custodians, bus drivers and other non-teaching employees plan to attend a conference in Hawaii, the Dayton Daily news reports.
Lawmakers have called on the board members to cancel the $11,000 trip. But the board members thus far haven't budged. In a written statement, the board says the "purpose of board travel is education, not vacation."
Recent changes to state pension systems mean Ohio school employees will be paying more into their pensions and likely working longer before retirement.
Those changes are having a big impact on teachers, Ohio Federation of Teachers president Melissa Cropper told us last year:
So it really makes a huge impact when you couple that with the fact that teachers aren’t seeing raises now or are taking pay freezes. Some of our districts are actually taking pay cuts. So in addition to what you’re not getting on the pay scale, now you’re losing that additional percentage our of your paycheck for retirement.