Kevin Kroskey's Ohio Faculty Advisor

(The text below is reprinted from the news release by STRS on 8/13/2010.) Ramser Recognized for Board Service During its August 2010 meeting, the State Teachers Retirement Board passed a resolution recognizing the dedicated and tireless service provided by Conni Ramser during her tenure as a board member. Ramser was selected to fill a contributing member seat on the board in August 2004, and was subsequently elected to a four-year term in May 2006. Staff Reports 13.54% Investment Return for Fiscal Year 2010 The STRS Ohio total investment fund returned 13.54% for the 12 months ending June 30, 2010, outperforming the composite benchmark return of 13.28% by 0.26%. After all direct internal investment costs and external manager costs are subtracted from this gross active management return, the net value added was 0.15%, or about $50 million. This represents the additional value brought to the STRS Ohio investment fund through active management by STRS Ohio associates and external man...

It was announced on July 21st Richard Cordray, Attorney General for the State of Ohio, is jockeying to be the lead attorney in a law suit filed against British Petroleum (BP), seeking class-action status. The law suit was filed on behalf of the state's five pension systems, which incurred substantial losses due to the decline in BP stock after the gulf disaster. "Institutional investors, and the Ohio Funds in particular, have been greatly harmed by BP's alleged misconduct. By forming a partnership between New York and Ohio, we aim to compensate investors for what we believe was securities fraud and effect real change in the way BP and other companies do business," Cordray said. Let me first and very clearly state that I am not in any way, shape, or form arguing in defense of BP in writing this. What I am arguing for is common sense and personal responsibility. I'm no expert in deep-see drilling, but it would certainly appear to me that it might be a bit risky ...

(The text below is reprinted from the news release by STRS on 6/11/2010.) JUNE BOARD NEWS RETIREMENT BOARD CHAIR, VICE CHAIR NAMED; MEUSER RECOGNIZED FOR SERVICE During its June meeting, the State Teachers Retirement Board elected James McGreevy as its vice chair for the coming year. According to Board Policies, Tim Myers, who is currently serving as vice chair, automatically moves into the position of chair. Normally, both Myers and McGreevy would be moving into these leadership positions on Sept. 1, 2010. However, Mark Meuser, the current board chair, has announced his retirement from his position with the Gahanna-Jefferson City Schools and thus is resigning from the Retirement Board. As a result, Myers and McGreevy will assume their new responsibilities on July 1. During the board meeting, a resolution recognizing Meuser's service was presented. In it the board expressed its deep appreciation for the valuable and tireless service he rendered to the membership and associate...

(The text below is reprinted from the news release by STRS on 5/21/2010.) CONTRIBUTING MEMBERS MARK HILL AND DALE PRICE WIN BOARD SEATS Mark Hill and Dale Price were elected to the State Teachers Retirement Board in the recent election. These two individuals will take their seats on the board on Sept. 1, 2010, and serve a four-year term through Aug. 31, 2014. RETIRING BOARD MEMBER STEVEN M. PUCKETT RECOGNIZED FOR BOARD SERVICE During its May 2010 meeting, the State Teachers Retirement Board passed a resolution recognizing the valuable and significant service provided by Dr. Steven M. Puckett during his tenure as a board member. He joined the board in January 2003 as the representative of the State Superintendent of Public Instruction. He is retiring from the State Department of Education on June 1. BOARD REVIEWS ENROLLMENT, COST TRENDS AND IMPACT OF FEDERAL HEALTH CARE LEGISLATION ON 2011 HEALTH CARE PROGRAM PREMIUMS The factors that affect health care costs nationwide cont...

(The text below is reprinted from the news release by STRS on 4/16/2010.) PENSION LEGISLATION NOT LIKELY UNTIL FALL The bill that will contain proposed changes for all five Ohio pension systems, including STRS Ohio, still has not been introduced. Consequently, the Ohio Retirement Study Council (ORSC), which is the legislative oversight body for the five systems, has not provided an analysis. Because of the politics surrounding the November elections, it is becoming more and more unlikely a bill will be introduced before November. At the April 2010 State Teachers Retirement Board meeting, additional discussion was held regarding the alternative proposal for pension benefit changes presented earlier this year by the Healthcare & Pension Advocates for STRS (HPA). The HPA proposal calls for a longer phase-in of additional service required for full retirement benefits and provides for a different cost-of-living adjustment (COLA) than the plan approved by the Retirement Board last Se...

(The text below is reprinted from the news release by STRS on 3/22/2010.) PENSION COMMUNITY CONTINUES IN HOLDING PATTERN Though recommendations relative to maintaining long-term solvency were submitted to the Ohio Retirement Study Council (ORSC) from the state's five public plans in September 2009, legislation has yet to be introduced. ORSC staff, however, anticipates having a bill before the council members in April, at which time staff will review the bill and provide its recommendation. A vote by ORSC members regarding their recommendation for passage and/or changes to the bill would then likely take place in May. While formal introduction of a bill and committee hearings in the Ohio House of Representatives could occur this spring, it is more likely that serious discussion on the bill will occur after the November election. IMPACT OF HPA'S PROPOSED PENSION PLAN CHANGES REPORTED AT MARCH MEETING At the February 2010 board meeting, the Healthcare & Pension Advocat...

(The text below is reprinted from the news release by STRS on 2/22/2010.) PENSION LEGISLATION SPONSORSHIP WILL BE BIPARTISAN The five Ohio retirement systems, including STRS Ohio, are still waiting for the Legislative Service Commission to finish its work in drafting the legislation designed to keep the systems financially strong and sustainable for all current and future public employees. During the February meeting of the State Teachers Retirement Board, Executive Director Michael Nehf reported that STRS Ohio has learned that the bill sponsorship will be bipartisan. House Assistant Minority Leader Louis Blessing (R-Cincinnati) has agreed to co-sponsor the legislation with Ohio Retirement Study Council Chair Rep. Todd Book (D-Portsmouth). It is anticipated that once a bill is introduced, hearings may occur this spring; however, voting on a bill is not expected until after the November election. On Capitol Hill in Washington, D.C., the focus of legislators and the president appea...