Bonus Controversy in Ohio
Posted on 05/09/2023
A 500 strong Staff at the Ohio State Teachers Retirement System (STRS) is receiving a 31% jump in bonuses, as voted on in April 2023. Last year, the staff was awarded US$ 10 million in bonuses although the system lost US$ 5.3 billion.
Some teachers were dismayed. Robin Rayfield, Executive Director of the Ohio Retired Teachers Association put out a statement addressing the raise: “It’s shameful to ask for a 30% increase in bonuses when STRS has done nothing to provide relief to active and retired teachers.” STRS disagreed, saying: “Our investment returns exceeded the State Teachers Retirement Board-approved benchmark, net of costs and expenses, and again outperformed the market.”
Salaries for STRS employees form a wide range, with 86 on the higher end making over US$ 200,000, 51 earning over US$ 300,000, 21 earning more than US$ 400,000, and 15 pulling in over US$ 500,000.
STRS manages US$ 90 billion, much of it in alternative investments including PE and Real Estate.