Ohio Retirement Study Council review finds flaws in allegations against STRS Ohio

COLUMBUS – State Representative Adam Bird (R-New Richmond) this week announced that a review by the Ohio Retirement Study Council (ORSC) and its independent consultants identified significant flaws and unsupported conclusions in a recent article questioning the investment practices of the State Teachers Retirement System of Ohio (STRS).

The article, “Retirement at Risk: The Political Economy of Public Pension Governance,” published in the Journal of New Finance, raised concerns among STRS members regarding allegations of fraud and fiduciary mismanagement.

At its August 13, 2026, meeting, the ORSC directed staff to contact the article's authors, Dr. Allen Mendenhall and Dr. Dan Sutter, to seek clarification regarding their data sources and methodology. Following an initial response, the authors declined further communication, leaving critical questions unanswered. The ORSC's subsequent review, supported by independent analyses, determined that the article relied on flawed methodology and inconsistent data practices that undermine its conclusions.

“Allegations of fraud and fiduciary mismanagement are incredibly serious and must be supported by credible evidence,” said Rep. Bird. “As an STRS member myself, I am outraged that such sweeping accusations would be made without adequate proof, only for the authors to refuse to answer legitimate questions about their findings. Our review makes clear that these claims are not supported by the data.”

The findings come amid years of allegations against STRS investment staff, which have contributed to growing distrust among members and diverted attention from pressing retirement issues, including retirees' declining purchasing power and efforts to reduce the system's amortization period.

“Ohio's educators and retirees deserve facts, transparency, and accountability, not a continued barrage of unsubstantiated accusations,” added Rep. Bird. “Our focus should remain on protecting the long-term stability of the retirement system and addressing the issues that directly impact its members.”

The ORSC review and independent consultant analyses support the accuracy of STRS Ohio's reported investment performance and actuarial data. Members are encouraged to consult audited financial statements, annual reports, and independent analyses for reliable information regarding the system's financial health and performance.