STRS Ohio Expresses Appreciation For Am. Sub. S.B. 133 Passage

May 26, 2004

The State Teachers Retirement System of Ohio (STRS Ohio) expressed appreciation for the passage of Am. Sub. S.B. 133 by the Ohio General Assembly. STRS Ohio Executive Director Damon Asbury said, “Since pension reform legislation was first introduced in both the House and Senate, the Retirement Board and the associates of this system have endorsed all components of these bills that strengthen the function and monitoring of the systems, including measures to ensure open and transparent financial disclosure. We are anxious to begin implementing the provisions of this final bill that will complement a number of standard practices already in existence at STRS Ohio.”

STRS Ohio, as well as the other four public pension systems in the state, had objected to bill provisions that mandated investment quotas and gave the state treasurer significant oversight in choosing each system’s executive director. These provisions are not contained in the final bill that will go to Gov. Bob Taft for his signature.

“I am grateful for the time and energy the Legislature, as well as Gov. Taft, put into this discussion. The initiatives contained in this bill will help STRS Ohio move another step closer to restoring the trust and confidence of our members,” Asbury said.

Return to the list of STRS Ohio news e-mails sent in 2004.