STRS Ohio staff and consultants shared with the board a detailed analysis of a third-party report commissioned by the Ohio Retired Teachers Association and authored by Benchmark Financial Services (BFS) that was critical of STRS Ohio investments and operations. STRS Ohio’s analysis provided evidence which accurately describes the investment and operational practices of the system. Key points from the response included:
- STRS Ohio is committed to the principles of transparency and complies with its obligations under the Ohio Public Records Act.
- Appropriate oversight exists under Ohio law to govern the system.
- Investment fees are appropriately scrutinized, and costs and performance are accurately reported by the Retirement System.
- STRS Ohio reports its investment performance in compliance with the performance presentation standards established by CFA Institute.
- The BFS report misapplied data and incorrectly claimed STRS Ohio underperformed its policy return benchmark.