Retirement Board Chair, Vice Chair Named
During its June meeting, the State Teachers Retirement Board elected contributing teacher member Carol Correthers (Lorain City Schools, Lorain County) as its vice chair for the coming year. According to Board Policies, retired teacher member Robert Stein, who is currently serving as vice chair, automatically moves into the position of chair. Stein and Correthers will assume their new responsibilities on Sept. 1, 2014. Board members receive no compensation for serving on the board other than reimbursement for necessary expenses.
Fiscal Year 2015 Budgets Adopted
The Retirement Board adopted the proposed budgets for fiscal year 2015 (July 1, 2014–June 30, 2015). The operating budget totals $91,482,200, an increase of 1.1% over the current year’s budget. STRS Ohio’s operating budgets have remained relatively flat for the past five fiscal years. The capital budget for fiscal year 2015 totals $1,597,500, a decrease of about 5.2% from the current year’s budget.
Throughout the year, the Retirement Board reviews monthly expenditures and year-to-date expenditure totals as part of its regular meetings. The information is also posted on STRS Ohio’s website following the board meetings.
Board Accepts Fiscal Year 2015 Investment Plan
The Retirement Board voted to accept the annual Investment Plan for fiscal year 2015. The plan details staff’s investment strategy for each asset class in the system’s investment fund.
The 2015 Investment Plan forecasts moderate growth in the capital markets. The annual plan noted that STRS Ohio’s total fund return for fiscal year 2013 exceeded 13%, and fiscal year 2014 year-to-date returns are also above 13%. A more moderate positive return is expected for fiscal 2015.
Staff will evaluate the need to issue an addendum to the Annual Investment Plan once market levels are set on June 30, 2014. STRS Ohio will post the Fiscal 2015 Investment Plan on its website (www.strsoh.org) in early July. A copy of the plan is also available by request through STRS Ohio’s Member Services Center, 1-888-227-7877 (toll-free).
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