A teacher remembers
I retired from teaching in 1998. Everything was great. I got a good pension and good health care for me and my wife.
Then Sept. 11, 2001, happened. The State Teachers Retirement System cut health care for my wife after the economy nearly collapsed and the national debt started to skyrocket. But I still got my retirement checks with cost-of-living raises.
Then in 2008 the country nearly went into another Great Depression. STRS had to stop the cost-of-living raises. But I still got my checks and health care.
Then in 2012 the state legislature mandated that STRS be fully funded for all active and retired educators for 30 years. Why? The average retired teacher only lasts 26 years. But I still got my pension and the STRS health plan became self-funded eventually.
When I retired in 1998, our pension fund was valued at around $55 billion. Even through crises and hard times, it is now valued at over $90 billion. Poor management? I think not!
We must not fall victim to greedy, anonymous memo-writing “sleaze balls.” I applaud Gov. Mike DeWine and Attorney General Dave Yost. The rest of us must seek truth over innuendo!
Stephen Horvath, New Franklin
Transparency needed
Thank you for your ongoing coverage of the impending scandal at the State Teachers Retirement System of Ohio.
Teachers and retirees have contributed over a lifetime to the funds that STRS manages. Much of these contributions have been invested into hedge funds, private equity, corporate real estate and other exotic instruments.
Teachers and retirees are unable to determine what they own or the true value of their investments. They are told that this knowledge is “proprietary.” This in turn gives the appearance of being a Ponzi scheme.
As Ohio Auditor Keith Faber reported through the Ohio Retirement Study Council, had STRS simply invested into an index fund, it would have outperformed the “investment experts.”
Perhaps transparency will show us why Gov. Mike DeWine and Ohio Attorney General Dave Yost are fighting so hard for secrecy and keep Ohio from another House Bill 6-type scandal.
Jim D. Martin, Akron
What is Horizon Advisory?
I read with interest Michael Douglas’ May 19 column regarding Nippon Steel’s offer to purchase U.S. Steel. Those who condemn the acquisition seem to be primarily opposed to competition for Cleveland-Cliffs, though I do believe scrutiny of foreign ownership is warranted.
Personally, I am all for private investment (as opposed to taxpayer bailout) to make U.S. Steel a more productive, efficient and competitive global competitor — right here in our backyard. It was interesting to read of the allegations made in a referenced March report by Horizon Advisory suggesting Nippon Steel had a significant China nexus that could lead to a national security risk. Of note was that many of the more inflammatory comments in the Horizon Advisory report were subsequently withdrawn by the authors.
From a cursory web search, I was unable to find much about Horizon Advisory — no office address(es), list of consulting personnel with qualifications, or financial support. Additionally, I found the report (April 2024) online did not indicate who requested (or paid for) it, which would have been helpful in determining the credibility of its analysis.
Clayton Whitney, Akron
Follow the profits
Regarding the proposed sale of U.S. Steel to Nippon Steel:
Nowhere have I read or heard any mention about where the un-reinvested profits (after “the necessary capital infusion”) would go should the purchase materialize!
“Nippon Steel has pledged to keep the U.S. Steel name and the headquarters in Pittsburgh” … for now!
Ask any Bridgestone Americas employees.
Robin Reid, Fairlawn
Are we paying attention?
According to the Arizona Republic newspaper, as printed May 12 in the Beacon Journal, “Arizona school vouchers are often going to wealthier areas.”
The state is handing out thousands of school vouchers to families whose students were already enrolled in private schools and whose parents lived in wealthy areas. It is spending hundreds of thousands of dollars at the expense of the public school system.
Hello, Ohio — it’s happening here as well.
Ohio Republicans have upped the expenditure for school vouchers nearly tenfold since 2008 with more increases promised. Meanwhile, Ohio public schools, which serve about 92% of all students, must rely on levies that many of our communities struggle to pass. A dollar more for a private school is a dollar less for a public school.
In addition, voucher money is rarely if ever accountable to the public and the lack of transparency makes you wonder. Study after study shows that public school students outperform their private school peer group in academic testing. It is a myth that private schools offer most students a better education.
There are over 200 public school systems suing Ohio to stop this overreach. Ohio taxpayers and public school supporters need to call or write their state representatives to stop this egregious practice of subsidizing wealthy families through awarding the vouchers.
Brian Nank, Cuyahoga Falls
No strings attached
You may think that Gov. Mike DeWine is a hero for forcing the legislature back in session to pass a bill to get President Joe Biden on the November ballot.
But beneath all his talk (buried in his proclamation), DeWine asked the legislature to also pass several poison pills to make it more difficult for citizens to pass ballot issues, which is the only way we have left to fight a gerrymandered legislature that does not act in our interests.
These gerrymandered legislators had the votes they need to pass these bills, but at least we can shine sunlight on what they are really doing. We should not have to accept these laws that diminish our power in exchange for putting our president’s name on the ballot.
Every other state is doing this with no strings attached.
Jan Oakley, Sagamore Hills
Such a travesty
After reading the Voice of the People letter from Sue Rice regarding the Ohio State graduation ceremony and seeing comments and clips about it on the news, I am left with four questions.
Was he paid and how much? Who selected the speaker? Who approved the content of the speech? Why hasn’t someone been held accountable (fired) for such a travesty?
Lynne Abramovich, Bath
