Whether you’re a retired teacher, an active educator, or an Ohioan concerned about public education and fiscal responsibility, get ready for an episode that untangles complicated pension jargon into everyday realities—and sounds the alarm on one of the most high-stakes financial battles quietly shaping Ohio’s future.

Welcome to the inaugural episode of Just the Facts Ohio! In this premiere, host Richele O’Connor sits down with Dr. Rudy Fichtenbaum, Professor Emeritus of Economics at Wright State University and board chair of the Ohio State Teachers Retirement System (STRS). With over 500,000 Ohio teachers counting on STRS for their retirement security, Dr. Fichtenbaum pulls back the curtain on why he believes Ohio educators are facing the worst retirement deal in the country.

In this wide-ranging and illuminating conversation, Dr. Fichtenbaum breaks down how inflation, stagnant cost-of-living adjustments (COLA), and a system designed with fixed employer contributions are eroding teachers’ purchasing power. He describes the internal drama and legal battles rocking the STRS board, the contentious debate over investment strategies and staff bonuses, and how political maneuvering threatens the voice of teachers in their own retirement system.

Beyond the headlines, Rudy highlights the real-life impact these policy decisions have on the livelihoods of retired educators, and offers a clear-eyed look at what the legislature, the STRS board, and teachers themselves can do to secure a fairer future.

Moments

00:00 "Governor's Board Reappointments Controversy"

06:28 Investment Impact on Retirement COLA

09:26 Revised Investment Benchmark Standards

13:17 "Midnight Massacre Amendment Controversy"

14:25 Pension Investment Strategies: In-house vs. Outsourcing

17:50 Inconsistent Pension Performance Metrics

21:36 Pension Liabilities as Mortgage Analogy

25:02 Pension Shortfall: $300 Million Monthly Gap

29:20 Teacher Pension Funding Challenges

33:35 Pension Contributions: Fixed vs. Variable

37:15 Mobilizing Community Engagement

39:22 Progress Made Amid Fiduciary Constraints

40:59 Consensus Challenges in Decision-Making

45:12 Board Constraints on Bonus Decisions

48:51 STRS Fiduciary Audit Conflict

52:38 "Pension Concerns, Lawsuit Response"

Here are three key takeaways every Ohio educator (and anyone who cares about strong public education) should know:

🔹 Purchasing power for retired educators is plummeting. Since 2017, the purchasing power of STRS retirees has declined by 32% due to insufficient cost-of-living adjustments (COLAs). With rising inflation and stagnant pension payments, many retired teachers are struggling to keep up with basic expenses.

🔹 Employer contributions are shockingly low and haven’t changed in decades. While Ohio teachers’ contributions have increased over the years, the employer's share has remained flat for 38 years—making it one of the lowest in the country. This is particularly problematic since teachers in Ohio do not participate in Social Security, relying exclusively on their pensions.

🔹 Board structure changes and lawsuits are disrupting governance. There’s ongoing turmoil around STRS board reform, including board member removals and reinstatements, lawsuits alleging breach of fiduciary duty, and new laws threatening to reduce the number of elected teacher representatives on the board. These changes raise major concerns about preserving teachers’ voices and long-term pension stability.

Huge thanks to Dr. Rudy Fichtenbaum for shedding light on these critical issues. If you care about the future of education in Ohio, now’s the time to get informed and get involved!

Articles of interest

https://www.news5cleveland.com/news/politics/ohio-politics/ohio-educators-file-lawsuit-against-state-for-removing-them-from-retired-teachers-pension-fund-board

https://www.orta.org/post/it-is-so-ordered-ohio-attorney-general-dave-yost-v-wade-steen-and-rudy-fichtenbaum

Copyright 2025 Just The Facts Ohio

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Disclaimer

The views expressed in this podcast are solely those of the host and guests, and do not necessarily reflect the official policy or position of any agency or company.