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Teachers’ Pension Board Chaos Unveiled: Financial and Transparency Issues Spark Lawsuit by Ohio AG

Columbus, Ohio – Amid growing concerns and controversies surrounding the State Teachers Retirement System of Ohio (STRS), questions have emerged about the financial and transparency issues plaguing the pension fund. The heart of the matter lies in a debate over how the STRS should invest its assets, with some advocating for actively managed funds while others support index funds that track the market. As tensions escalate, the board of the STRS is divided between reformers …

Governor DeWine Raises Red Flag Over Ohio Teachers Pension Board Turmoil

COLUMBUS, Ohio – Recent events surrounding the State Teachers Retirement System (STRS) board have raised concerns and prompted investigations by various authorities. Governor Mike DeWine has requested inquiries by the Ohio Ethics Commission, the attorney general, and the state auditor in response to ongoing turmoil within the board. The situation unfolded after board member Wade Steen, who was removed by DeWine last year, successfully reclaimed his seat through a court order. Compounding the issue, board …

Pension Fund Takeover Concerns Ohio Teachers Retirement System

Columbus, Ohio – The State Teachers Retirement System of Ohio is currently embroiled in a controversy, as a 14-page anonymous memo recently brought to light suggests the possibility of “a hostile takeover of a public pension by private interests.” Governor Mike DeWine has taken swift action by forwarding the memo and accompanying documents to various state agencies for further investigation and appropriate action. With $90 billion under its management for 500,000 teachers and retirees, STRS …

Pensions: Retired Teacher’s Payments Halted 4 Times After Being Mistaken for Deceased

London, United Kingdom – A retired teacher, Eileen McGrath, 85, has faced the distressing ordeal of having her pension payments halted four times because her pension provider repeatedly refused to accept that she is alive. Her pension provider, Teachers’ Pensions, which administers payments on behalf of the UK government, wrongly matched her with a deceased stranger, leaving her without income over Christmas. McGrath expressed her frustration, stating that she had received letters asking if she …

Teachers Union Pushes for Social Security Inclusion for New Hires in Rhode Island

Providence, Rhode Island – Patricia Serpa, a longstanding state legislator advocating for retired teachers seeking to restore their annual pension increases, shared a valuable piece of advice she received from her father when she first began her teaching career. In 1970, he advised her to prioritize job security by choosing a position with a school district that contributed to Social Security on behalf of its employees, rather than accepting a higher-paying offer from a district …

Teachers, Cops, and Government Workers Push for $4 Billion Pension Boost in New York

New York City taxpayers may soon face additional financial burdens as state lawmakers consider changes that would impact pensions for teachers, police officers, and other government workers. A recent analysis revealed that this move could cost taxpayers nearly $4 billion. The proposed adjustments, supported by Albany politicians and backed by influential unions, would particularly affect pension costs for New York City, with an immediate $163 million increase annually. Ken Girardin, the research director at the …

Pension Plan Lower Valuations Impact Performance in Ontario Teachers’ Portfolio

Toronto, Ontario – The Ontario Teachers’ Pension Plan reported a 1.9% gain last year, falling short of its benchmark due to lowered valuations on real estate and infrastructure investments impacted by rising interest rates. The plan attributed the write-downs to “asset-specific events that negatively impacted select investments” in a statement released Tuesday. These declining valuations offset gains made in credit and stock holdings. Despite the underperformance, the Ontario Teachers’ Pension Plan remains a significant player …

Kentucky teachers debate bill to reduce sick day payouts in retirement

FRANKFORT, Kentucky – Kentucky lawmakers are currently in heated debate over a bill that aims to reduce the number of sick days teachers are allowed to cash out upon retirement, a move that has sparked controversy and strong opinions on both sides of the issue. The proposed bill would limit the amount of sick days teachers can accumulate and cash out upon retirement, a policy that has been in place for decades. Proponents of the …

Magistrate Recommends Returning Removed Member to Teachers Pension Board in Landmark Decision

TOLEDO, Ohio – A magistrate has made a recommendation to reinstate a member who was removed from the state’s teachers’ pension board. The magistrate’s decision comes after the member was ousted in wake of an investigation. The magistrate’s recommendation could potentially lead to the reinstatement of the ousted member and shed light on the circumstances that led to their removal from the pension board. This decision has sparked a debate among educators, policymakers, and the …

Teachers vs. Social Security Law: Controversy Over ‘WEP’ and ‘GPO’ Unfolds

San Francisco, CA – A teacher in California expresses frustration over the elimination of her spousal benefits due to her teacher pension. The teacher, who was married to her ex-husband for 30 years, spent 14 years as an unemployed mom and community volunteer before becoming a teacher and earning a pension. The teacher’s situation highlights the impact of the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO) on retirees from public service in …