Wade Steen speaks to ORTA members in Geauga County
STRS Ohio Watchdogs
Wade Steen addressed a capacity crowd at the Geauga County Retired Teachers Association in Novelty, Ohio on June 6, 2023. With over 90 people in attendance, Mr. Steen provided an overview of his service to the educators in Ohio and why he values his service on the STRS so strongly.
Mr. Steen began his address with why he values teachers so highly. Wade is a product of the public education system from Fremont, Ohio and the Ohio State University where he earned his accounting degree. He told the group of retired teachers that he would not be where he was if he had not had great teachers in his life. He also told his story as it relates to STRS and his service to the pension system.
Wade was appointed to STRS by Governor Kasich in 2016 and served a term until 2020. In 2020 Mr. Steen was reappointed by Governor DeWine in 2020 and his term runs through September of 2024. Wade’s tenure at the STRS board is highlighted by his deep questioning of how STRS operates. He asked many questions of STRS staff regarding a variety of issues or topics. Many of his concerns were related to:
Transparency – or the lack of transparency at STRS. He reminded the group that he attempted to include the word transparency into the policy book at STRS. This request or suggestion was refused. Only 1 other board member supported using the word transparent or transparency in the policy book.
Investment strategies – Wade has questioned whether active management (as practiced by the STRS staff) is appropriate or whether STRS would be better off investing in passive strategies and not having a huge, expensive investment staff at STRS.
PBI (bonus payments) – Mr. Steen has vigorously questioned the bonus payment system. He has asked numerous times for clear explanations but has never received an answer that is satisfactory. He could not understand how investors received their largest bonus in a year that witnessed a $5 BILLION loss at STRS.
Mr. Steen then shifted to the call he received from the governor’s office asking that he resign. He told them he needed time to think about this and that he would not resign immediately. Shortly afterwards he received word that his appointment was terminated. Steen never received a satisfactory response as to why he was terminated. After consulting with an attorney (Norman Abood) Mr. Steen decided he would challenge the governor’s authority to dismiss his appointment without cause.
Steen told the group that the legal challenge will take place this week. He was thankful that ORTA has established a Pension Defense Fund to assist in his legal challenge. The legal fight, as Wade Steen understands it, is whether Governor DeWine has the ‘unfettered authority’ to replace any state appointee at any time regardless of what the statutes controlling that appointee says.
After Wade Steen’s comments Executive Director of ORTA Robin Rayfield reminded people that ‘Educators in Ohio, active or retired, have no better friend than Wade Steen’. Rayfield reminded people that Wade Steen is the foundation upon which the reform STRS movement is based. Wade was the lone voice for teachers on the STRS board. Now, we have 5 other voices that were gained through the elections at STRS. It is easy to see what has happened here. When the STRS management learned that the reformer had won Pat Davidson’s seat they moved heaven and earth to get Wade out of his seat.
People can donate to the Pension Defense Fund to help Wade Steen with his legal battle in several ways:
- Go to https://www.orta.org/defense-fund.
- Call 614-431-7002 and donate by phone
- Send a check to ORTA 250 E. Wilson Bridge Rd. Suite 150 Worthington, Oh. 43085