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00:00:38Governor Mike DeWine takes
00:00:38an action down three times
00:00:41in 50 years to fix the Biden
00:00:41ballot situation,
00:00:45and the turmoil
00:00:45of the state teachers
00:00:46pension fund has sparked a
00:00:46lawsuit and a board reshuffle.
00:00:50But a retired teachers group
00:00:51says they've been sounding off
00:00:51on this for years.
00:00:54More on that this
00:00:54weekend. The state of Ohio.
00:01:08And the.
00:01:15Welcome to the state of Ohio.
00:01:16I'm Karen Kasler.
00:01:18Governor Mike DeWine
00:01:18leaned on a distinctive chief
00:01:21executive power
00:01:21Thursday evening,
00:01:23ordering state lawmakers
00:01:23back to Columbus
00:01:25for a special session
00:01:25on Tuesday.
00:01:27The purpose of this session
00:01:29will be for the General
00:01:29Assembly to pass legislation
00:01:32ensuring that both major
00:01:32presidential campaigns
00:01:36would be on the Ohio ballot
00:01:36in November,
00:01:39as well as legislation
00:01:39that worked
00:01:41for him.But campaign
00:01:41spending wipes warned that.
00:01:45Ohio is the only state
00:01:45with a certification deadline
00:01:48before
00:01:48the Democratic convention
00:01:50that has not come up
00:01:50with a workable fix.
00:01:52DeWine used the opportunity
00:01:52to blast Super majority
00:01:55Republicans in the House
00:01:57for not passing legislation
00:01:57on Wednesday.
00:01:59That would have done
00:01:59both of the things he wants.
00:02:02The Senate has passed
00:02:02several bills
00:02:04that would remedy this
00:02:04situation.
00:02:07Howard, the House of Representat
00:02:14The legislature
00:02:14has session yesterday
00:02:17and again
00:02:17fail to take any action.
00:02:22This is simply unacceptable.
00:02:26Ohio is running out of time
00:02:29to get Joe Biden,
00:02:29sitting president
00:02:32of the United States,
00:02:32on the ballot this fall.
00:02:35Failing to do
00:02:35so is simply not action.
00:02:39This is a ridiculous
00:02:39this is absurd situation.
00:02:43There are at least four bills
00:02:43that ban contributions
00:02:46by foreign nationals
00:02:46to ballot issue campaigns,
00:02:49with one that includes
00:02:49the Biden ballot fix.
00:02:52Senate President Matt
00:02:52Huffman had this explanation
00:02:52this week
00:02:55about why this process
00:02:55has been difficult.
00:02:57There are a lot of people
00:02:57who simply weren't
00:02:59going to vote
00:02:59for a freestanding bill
00:03:01that put Joe
00:03:01Biden on the ballot.
00:03:04And, you know, for whatever,
00:03:04whatever their reason
00:03:06or whatever
00:03:06their logic would be. And,
00:03:10you know, we
00:03:10came together and said, look,
00:03:13you know,
00:03:13we think this,
00:03:14foreign money needs to be out
00:03:14of these statewide elections.
00:03:19and we think that and
00:03:19ultimately, if,
00:03:22as I've said
00:03:22many times before,
00:03:23this is going to
00:03:24happen through court
00:03:24or some other way.
00:03:26I think the legislature
00:03:26should be doing it.
00:03:28I think Frank Laroche thinks
00:03:28that this is a good way
00:03:31to get both of these things
00:03:31taken care of.
00:03:33A Huffman spokesman said
00:03:34he'll encourage a vote
00:03:34on a bipartisan House
00:03:37bill to allow candidates
00:03:37to pay for child
00:03:39care with campaign funds.
00:03:41Senate Republicans passed it
00:03:42May 8th, with the other two
00:03:42provisions attached.
00:03:45But Democrats say
00:03:45these proposals are designed
00:03:48to make it harder for upcoming
00:03:49ballot issues on redistricting
00:03:49and raising
00:03:52the minimum
00:03:52wage to raise money.
00:03:54After Republicans lost
00:03:54two ballot issues last year.
00:03:57These are attempts
00:03:57at trying to change the way
00:04:00our ballot initiatives are
00:04:00funded.
00:04:02The bottom line is
00:04:05there are sore losers.
00:04:06They didn't win
00:04:08those ballot initiatives
00:04:08that they are
00:04:09trying to do everything
00:04:09possible
00:04:12to, to sabotage
00:04:12the next ballot initiatives.
00:04:16And this is just one
00:04:16more way to do that.
00:04:18It's an 11th hour attempt.
00:04:20I think it's a sore loser
00:04:20attempt one more time.
00:04:23The last time an Ohio
00:04:23governor called
00:04:25a special session
00:04:25was in December 2004,
00:04:28when Republican Bob Taft
00:04:28ordered lawmakers
00:04:30to deal with a campaign
00:04:30finance reform bill.
00:04:33The time before that was 1973,
00:04:33and it was also on campaign
00:04:37finance reform.
00:04:38Ohio's ballot
00:04:38deadline is August 7th.
00:04:41Ohio and Washington
00:04:41are the only two states
00:04:44where this year's
00:04:44presidential ballot
00:04:45deadline is before
00:04:45the Democratic convention,
00:04:48set for August 19th
00:04:48through the 22nd.
00:04:51Lawmakers
00:04:51and deeply read Alabama
00:04:53unanimously
00:04:53passed a legislative fix
00:04:55to move their deadline earlier
00:04:55this month.
00:04:57The Republican dominated Ohio
00:04:59Supreme Court
00:04:59has denied a request
00:05:01from Republican Attorney
00:05:01General Dave Yost to overturn
00:05:04a Franklin County judge's
00:05:04order that blocks a law
00:05:07banning gender affirming
00:05:09treatment for minors and trans
00:05:09athletes and girls sports.
00:05:12The court's seven justices
00:05:14unanimously agreed on
00:05:14denying the emergency request
00:05:17to let House Bill 68 take
00:05:17effect before a trial in July.
00:05:22But a spokesperson
00:05:22for Yost noted
00:05:23that four justices
00:05:23shared his concern that one
00:05:27judge can issue an order
00:05:27that affects the entire state.
00:05:30The ACLU's Fred
00:05:31Levinson says
00:05:32a trial needs to determine
00:05:32if the law violates
00:05:35the Constitution's
00:05:35single subject rule.
00:05:37As the judge suggested,
00:05:37it does so for the state
00:05:40to ask for it
00:05:40to go into effect
00:05:42before that trial was,
00:05:42quote, egregious.
00:05:45The ACLU of Ohio
00:05:45sued over the law
00:05:47on behalf of 212 year
00:05:47old transgender girls,
00:05:49saying
00:05:49House Bill 68 would cause them
00:05:52to lose access
00:05:52to necessary medical care.
00:05:55Yost also spoke out this week
00:05:55on the lawsuit
00:05:57he's filed to remove
00:05:57two members of the board
00:05:59of the state Teachers
00:05:59pension Fund.
00:06:02Those members are supported
00:06:02by retired teachers
00:06:04who have battled
00:06:04with the state teachers
00:06:06Retirement System,
00:06:06which reduced
00:06:08and then suspended their cost
00:06:08of living adjustments
00:06:10for years before
00:06:10restoring a 1% Cola last May.
00:06:14I do hope that the board
00:06:16recognize that there are some
00:06:16serious considerations here
00:06:19that we're trying to protect.
00:06:22the the
00:06:23retired teacher, retirees,
00:06:23and the system,
00:06:27and that they will be cautious
00:06:27about proceeding down,
00:06:32the road that these two folks
00:06:32want, but.
00:06:34Well, let me add,
00:06:36one additional thing.
00:06:39I'm angry that we've got five
00:06:39retirement systems
00:06:43who participate
00:06:43in the same stock market,
00:06:46and four of them had cost
00:06:46living increases
00:06:50over the last
00:06:50five years. Stress didn't.
00:06:52Those are fair questions.
00:06:54There is something that's
00:06:55not right
00:06:55in the state of Denmark,
00:06:56but steering a public contract
00:06:56and having back door,
00:07:01that fixes is
00:07:01not the right way to fix it,
00:07:04but it does need to be fixed
00:07:05and the teachers
00:07:05deserve some answers.
00:07:07I intend to get them working.
00:07:09Yost is suing to remove
00:07:09newly installed STRs
00:07:12chair Rudy Victim
00:07:13Balm and board member
00:07:13Wade Steen,
00:07:15saying they're trying to put
00:07:16a private investment company
00:07:16in charge of two thirds
00:07:19of a $90 billion in the stress
00:07:19fund for their own benefit.
00:07:24The lawsuit was sparked
00:07:24by an anonymous letter
00:07:26governor Mike DeWine received
00:07:28expressing concerns
00:07:28about connections
00:07:29between Steen, Fact and Bomb,
00:07:29some former board members,
00:07:33and QED, a private investment
00:07:33company with no track record
00:07:37and a risky strategy.
00:07:38It's suspected the letter was
00:07:38written by Astra staff.
00:07:42There was one group
00:07:42with a real concrete interest
00:07:45in this complicated saga.
00:07:46The fund's more than 150,000
00:07:46retirees, who get an average
00:07:50of $4,100 a month
00:07:50and don't get Social Security.
00:07:54Many of them have backed
00:07:54board candidates
00:07:56who want more transparency
00:07:56and changes to the fund.
00:08:00Robin Rayfield retired
00:08:00from the Pike Delta York
00:08:03local school District
00:08:03in northwest Ohio in 2011.
00:08:06He estimates around $35,000
00:08:06in lost benefits since then.
00:08:10He is
00:08:10now the executive director
00:08:12of the Ohio Retirement
00:08:12for Teachers Association,
00:08:14which raised $75,000 to hire
00:08:14a forensic investigator
00:08:18to look into The Actors
00:08:18Fund in 2021.
00:08:22We want to see a restoration,
00:08:22at least a pathway
00:08:25to restoration,
00:08:25at least a, designed,
00:08:31roadmap with benchmarks on
00:08:34it that we could say,
00:08:34we're making progress.
00:08:37You know,
00:08:37we're not getting a 3% cola.
00:08:39We're getting a 1% cola,
00:08:39or we're not getting a,
00:08:43we don't have to work 35
00:08:43years.
00:08:45We only have to work 34 or 33.
00:08:48And so we want to see
00:08:48a restoration back to what
00:08:52we were promised. as teachers.
00:08:55The state is suing now
00:08:55to remove Rudi second bomb
00:08:58and Wade Steen from the board.
00:08:59Those are members
00:08:59that your group supports.
00:09:02Governor Mike DeWine has said
00:09:02there's evidence
00:09:04that there was serious
00:09:04discussion
00:09:05about taking $65 billion,
00:09:05about two thirds of the fund,
00:09:09and putting it in
00:09:10a very untested program
00:09:10with a company
00:09:12that had virtually
00:09:12no experience.
00:09:14Attorney General
00:09:14Dave Yost said he's angry
00:09:14that four the five pension
00:09:17funds have been able to pay
00:09:17Colas, whereas SDS is not.
00:09:21But he's concerned about that
00:09:21proposal, the idea
00:09:24that somehow,
00:09:26this I,
00:09:26this untested
00:09:26program will be used
00:09:30and that, Wade Steen and Rudy
00:09:32victim will personally benefit
00:09:32from this,
00:09:34and that's why he wants them
00:09:34removed from the board.
00:09:37Do you feel
00:09:37the state is on your side
00:09:37in fighting
00:09:39for your best interests? No.
00:09:41they both have pledged
00:09:41their support for retirees.
00:09:46We ought to be getting a cola.
00:09:48Hey, they're at the top.
00:09:49I mean,
00:09:49they can make that happen.
00:09:51they clearly don't
00:09:51really believe
00:09:54what they're saying there.
00:09:56we think that lawsuit is
00:09:56misguided.
00:10:01that isn't
00:10:01what should be investigated.
00:10:04what you probably should be
00:10:04investigated is Mike DeWine's
00:10:08removal of Wade Stein, his
00:10:08illegal removal of Wade Steen.
00:10:12He appointed Wade Steen
00:10:12and then and.
00:10:14Then illegally.
00:10:15Removed last year when Steen
00:10:15then sued to get back on.
00:10:18Yes. Yeah.
00:10:18And so the only person
00:10:20that's broke the law
00:10:20has been Mike DeWine. Now,
00:10:26so when we
00:10:28when the reform group wins
00:10:28another election,
00:10:32they take a different tack
00:10:33to try to remove Wade
00:10:33and now Rudy as well.
00:10:38we think that
00:10:38the investigation
00:10:40ought to be into stress,
00:10:40not into the people that are,
00:10:45elected by the STRs members.
00:10:50we think it's a bullying
00:10:52tactic or, you know, whatever.
00:10:55we're not going to lie down
00:10:55for it.
00:10:59the interesting thing
00:10:59there, Karen, is that
00:11:03the removal of board
00:11:03members is,
00:11:08is directly contrary
00:11:11to what
00:11:11the legislative intent was.
00:11:14They have seven
00:11:14elected members
00:11:17and only four
00:11:17political appointees.
00:11:20to remove a person
00:11:20who is properly elected to
00:11:24the board is overturning
00:11:24the will of the people.
00:11:28I saw where Mr.
00:11:31Yost said yesterday.
00:11:32I believe that he supports the
00:11:32the retirees.
00:11:37And yet 85% of the members
00:11:37have voted
00:11:41for the current slate
00:11:41of of members serving.
00:11:46And, overturning
00:11:46the will of the people
00:11:49is not supporting them.
00:11:50Is there a concern, perhaps,
00:11:50on his part or others,
00:11:53that you're backing candidates
00:11:53who are going to put you
00:11:57through changes
00:11:58into an untested program,
00:11:58and something
00:12:01that will actually
00:12:01make things worse for you?
00:12:03Yeah, I, I would say the whole
00:12:06lawsuit about the,
00:12:08untested company and the,
00:12:12scheme of getting 65 billion.
00:12:15Well,
00:12:15the minutes of the meeting
00:12:17show that the number wasn't
00:12:1765 billion.
00:12:21It was a proposal
00:12:21that never got fully proposed
00:12:26because it was interrupted.
00:12:28It was sabotaged by the Stra
00:12:28staff and their consultants.
00:12:36but but the end of it
00:12:36would have been
00:12:39a pilot test
00:12:39to see if this concept work.
00:12:43Kind of a proof of concept.
00:12:45It is working in Canada.
00:12:46That doesn't mean
00:12:46it would work here,
00:12:48but it if it works in Canada,
00:12:48it certainly might work here.
00:12:52Tried here.
00:12:52Do you want to see this?
00:12:54I wouldn't
00:12:55weigh an opinion on that
00:12:55because, that's not my deal.
00:13:00I think all ideas,
00:13:00or to believes that all ideas
00:13:04ought to be fully vetted,
00:13:04but not by the people
00:13:08who stand to lose the most.
00:13:10If you ask, the person
00:13:10standing on the gallows,
00:13:15what are the qualifications
00:13:15of a hangman?
00:13:17he might take exception
00:13:17disqualifications and say,
00:13:21that's probably
00:13:21not a very good person
00:13:21to be doing this hanging, but
00:13:25but that,
00:13:27that process
00:13:27of vetting the pilot test,
00:13:31and it's in the minutes
00:13:31of the, of the meeting
00:13:34was 250 million.
00:13:36That's is still a whopping
00:13:36sum of money.
00:13:39It's half of what S.t.a.r.s
00:13:39lost and one
00:13:45crazy, stupid investment
00:13:47in 2015,
00:13:50when they lost 500 million
00:13:50with Panda Power.
00:13:54So I think that number of 250
00:13:54was intentionally put forward
00:14:00by the people say, well,
00:14:00you know
00:14:02this, we've lost this
00:14:02kind of money before, but,
00:14:05this would be a fair amount
00:14:05to pilot test the program.
00:14:09Why do you think Yost
00:14:09and DeWine
00:14:11are looking at the fund now
00:14:11and raising concerns?
00:14:13You folks have raised concerns
00:14:13for years,
00:14:16and I'll quote a line
00:14:16from the Toledo Blade,
00:14:18an editorial
00:14:18that said Mr. Steele and Mr.
00:14:19Victim Baumer,
00:14:19under legal assault
00:14:21because the Ohio
00:14:21political establishment
00:14:23does not want that change
00:14:24and will be embarrassed
00:14:24by public awareness
00:14:26of the imprudent contracts
00:14:26covering billions of dollars.
00:14:29Stress is approved. Yeah.
00:14:31we have a segment
00:14:31of our 94 billion
00:14:36into an asset class,
00:14:36and it's called alternatives.
00:14:40Okay.
00:14:40Alternatives are things
00:14:40that you and I wouldn't
00:14:42invest in their hedge
00:14:42fund market. Investors.
00:14:45Yeah,
00:14:45yeah. Institutional investors.
00:14:46I mean, they're not
00:14:47we're not allowed to just
00:14:47because we're small potatoes.
00:14:51But, things like hedge funds,
00:14:54private equity,
00:14:54private capital,
00:14:57those things are mega,
00:15:00hundreds of millions of dollar
00:15:00investments and stress.
00:15:06Board members
00:15:07are not allowed to know
00:15:07what the fees,
00:15:11cost and expenses
00:15:11are of those investments.
00:15:14So roughly 18 billion, maybe
00:15:17upwards of $20
00:15:17billion are invested.
00:15:21And the only people that know
00:15:21what the fee structure are
00:15:25and what the,
00:15:27the expenses
00:15:27and costs of those investments
00:15:30are, are stress management
00:15:34and not the board.
00:15:36So we question how they can do
00:15:38their fiduciary responsibility
00:15:38or duty.
00:15:42If I even if they make 30%.
00:15:46But if the fee is 29%,
00:15:46we only made one.
00:15:50The demographics
00:15:51and stress are not great
00:15:51for long term sustainability.
00:15:54Most of the people
00:15:54in the system
00:15:56are women
00:15:56who live longer than men.
00:15:58There are
00:15:59more than 100 stress retirees
00:15:59who are over 100 years old.
00:16:03The number of teachers
00:16:03contributing has been dropping
00:16:06because fewer teachers
00:16:06are entering the profession,
00:16:08and you have teachers
00:16:08going into charter schools
00:16:10and private schools,
00:16:10and they're not contributing.
00:16:12That implies the
00:16:12the fund will run out of money
00:16:15if it's required to do
00:16:17what you want to see it
00:16:17do pay colas
00:16:19and also to continue to pay
00:16:19health care, which it does.
00:16:21Oh, clearly they have to get
00:16:21more resources in there.
00:16:27Has to be more money.
00:16:29whether that is
00:16:31a population boom,
00:16:31which would take, what,
00:16:34a minimum of six,
00:16:34seven years for a start.
00:16:36Yeah.
00:16:38but that's not likely.
00:16:41we think that if
00:16:41there are ways to make money,
00:16:45we need to investigate
00:16:45all of them.
00:16:48But, more than that,
00:16:48or at least,
00:16:52connected to
00:16:52that is the increase
00:16:55in the employer contribution
00:16:55rate.
00:16:57Our employer
00:16:57contribution rate.
00:17:00When you consider the non
00:17:00social security states,
00:17:03we have the lowest
00:17:03in all of the non
00:17:06social security states at 14%.
00:17:09It's been there for over
00:17:09four decades.
00:17:13everything else
00:17:13in life has gone up.
00:17:15not the contribution
00:17:15rate of employers.
00:17:19And yet the employee
00:17:21contribution rate
00:17:21is the highest in the country.
00:17:24Also 14.
00:17:26Also 14%.
00:17:27So our active teachers are
00:17:27are paying the highest rate
00:17:32and our employers
00:17:32are paying the lowest rate.
00:17:35And so something
00:17:35seems out of whack with that.
00:17:38Now stress to their credit.
00:17:41and I don't often do credit
00:17:41for them.
00:17:43I I'm guilty as charged.
00:17:46They are seeking an employer
00:17:46increase.
00:17:50Of course the people
00:17:50investigating this matter
00:17:53could rectify that.
00:17:55They could assist
00:17:55in the heavy lift
00:17:58of getting the employer
00:17:58contribution rate increase.
00:18:01There's actually a law
00:18:01on the books.
00:18:0433 07.
00:18:0614 E that says it's
00:18:06already in law,
00:18:11that they can increase the
00:18:11employer contribution rate.
00:18:15They won't do.
00:18:16They won't even follow
00:18:16their own law
00:18:18to balance their teacher
00:18:18pension program.
00:18:21SARS has paid around $10
00:18:21million in bonuses in 2022,
00:18:25and in 2023, the budget
00:18:26the board approved raise
00:18:26salaries by an average of 17%.
00:18:30Some salary increases
00:18:30as high as 45%, but stress is.
00:18:34Actuary said in March
00:18:34that restoring the Cola
00:18:37permanently would add about
00:18:37$21 billion in liabilities,
00:18:42so cutting bonuses
00:18:43and stopping salary increases,
00:18:43they're not going to know
00:18:46not going to bring back
00:18:46the Cola.
00:18:47They could triple the triple
00:18:47the bonus and it wouldn't,
00:18:51you know, get a cola or.
00:18:53You've been focusing on
00:18:53bonuses and salary increases.
00:18:55That's not what's
00:18:55going to solve the problem.
00:18:56No, no, solving
00:18:56the problem is in our mind
00:19:01is moving away from active
00:19:05investing, which is
00:19:07trying to beat the market,
00:19:07which they never do.
00:19:11you know, and the definition
00:19:11of insanity, we know that.
00:19:15But, if
00:19:15if they went to an index,
00:19:19according to the auditor
00:19:19of state,
00:19:23said that had they used
00:19:25the same asset allocations,
00:19:29but in indexed it
00:19:30at a much, much lower cost
00:19:30indexes are way
00:19:35lower than even inside
00:19:35active management.
00:19:39We would be 12 billion
00:19:39ahead of where we're at.
00:19:43so we have thrown out
00:19:43as a solution.
00:19:47Let's move to index investing,
00:19:47eliminate all the cost,
00:19:51will live and die
00:19:51with the market.
00:19:53We could tie cola to the,
00:19:53what happens in the market.
00:19:57I mean, Goodyear, hey,
00:19:57we're going to get a cola.
00:20:00Bad year.
00:20:01Oh, we don't get a cola.
00:20:02Well,
00:20:03and I think there is something
00:20:03in the US and said that,
00:20:07it can't invest in an index
00:20:07because, That's what they.
00:20:11Say. We have to diversify.
00:20:11What's the most broad,
00:20:15most diverse of all,
00:20:17the S&P 500
00:20:17and or the Russell 3000, 3000.
00:20:23So then that's a straw man.
00:20:25They're not being truthful
00:20:27when they say
00:20:27they can't switch over to,
00:20:31because they're
00:20:31the same things.
00:20:33They're just bought
00:20:33at a much lower cost.
00:20:35And you're buying an index
00:20:35as opposed to buying,
00:20:39you know, individual picks,
00:20:39trying to pick a winner
00:20:43and get rid of a losers.
00:20:45There are pitfalls in
00:20:45investing in index. Sure, too.
00:20:48But rather than
00:20:48discussing that,
00:20:50because there are
00:20:50two different sides
00:20:51of that and very strong
00:20:51opinions on that,
00:20:53let me ask you,
00:20:54do you have the support
00:20:54of teachers unions, the,
00:20:57Ohio Education Association,
00:20:57which in full disclosure, is
00:20:59an underwriter of this program
00:21:00and the Ohio
00:21:00Federation of Teachers,
00:21:02are they on board with what
00:21:02you want to see done?
00:21:04The Ohio
00:21:04Federation of Teachers
00:21:06have been supportive
00:21:06of the reform movement.
00:21:11they have
00:21:12they supported
00:21:12the Edward Seidel,
00:21:16investigation.
00:21:18they,
00:21:20OCA has not only a
00:21:20it has we've met with them
00:21:24and they are fully committed
00:21:24to status quo.
00:21:27Everything is fine.
00:21:29We just have to stay
00:21:29the course.
00:21:32and, you know, the
00:21:32if you look at the projects.
00:21:35yeah, the the plan will reach
00:21:35full funding.
00:21:38I don't know if they said
00:21:3817 years.
00:21:40That number moves
00:21:40when we have a good year.
00:21:43or not.
00:21:44But what I worry about is
00:21:483000 or more retirees will die
00:21:48this year.
00:21:52They don't have time
00:21:52for this thing
00:21:54to, quote, get corrected in 10
00:21:54or 12 years.
00:21:58You know, in 10 or 12 years,
00:21:58I'll be pushing 80.
00:22:01And, you know, I don't know
00:22:05that seems like a long time
00:22:05to wait
00:22:08to get what you were promised
00:22:0840, 50 years ago.
00:22:12And finally,
00:22:13are you concerned that
00:22:13you might be taking advantage
00:22:17of because you're angry
00:22:17and you want change?
00:22:19I mean, the idea behind QED,
00:22:21which is this private
00:22:21investment company,
00:22:23has been explained to me
00:22:23as being untested,
00:22:25which is what the governor
00:22:25said. I agree.
00:22:27Yeah.
00:22:28And are you concerned, though,
00:22:28that you might be vulnerable
00:22:32here to people
00:22:32who want to see investment
00:22:36for their own
00:22:36personal benefit?
00:22:38Everybody wants our money.
00:22:38Don't don't get me wrong,
00:22:40everybody wants 94
00:22:40billion. Who?
00:22:43You know, who wouldn't? yes.
00:22:45Every night I have to think,
00:22:49oh my God, what if I'm wrong?
00:22:51What if
00:22:51they're right and I'm wrong?
00:22:55and so I
00:22:56do a lot of reflection
00:22:56and try to try to make sure
00:23:01that the that what I know
00:23:01the facts to be,
00:23:06are supportive
00:23:06of my conclusions.
00:23:10but as I'm not an investment
00:23:10expert, people,
00:23:15you probably could get Warren
00:23:16Buffett in here
00:23:16and he would tell you
00:23:19I guarantee you,
00:23:19and, index invest,
00:23:21because I've read a lot
00:23:21about what he says,
00:23:24you would have other people
00:23:25say, no, that's
00:23:25not the right way to go.
00:23:28we know that reducing cost,
00:23:31which is significant in our,
00:23:35called net return,
00:23:38is is,
00:23:40the cost is the key component
00:23:42because everybody about
00:23:42gets the same return.
00:23:45It's just how much did it cost
00:23:45you to get that return?
00:23:49And do you think teachers
00:23:49can ever get your trust back?
00:23:51Because it sounds like
00:23:51you don't trust
00:23:52what SDS is telling you.
00:23:54Well, we'll see.
00:23:55As the reform, board
00:23:58takes over
00:23:58and as they set agendas and,
00:24:04policies
00:24:04will we'll know in time again,
00:24:09something that old people
00:24:09have very little left of.
00:24:13Investigator Ted Snell
00:24:13blasted says
00:24:16for a lack of transparency,
00:24:16high fees and poor performance
00:24:19in his 2021 report
00:24:19on the fund, SDS shot back.
00:24:23The report contained
00:24:23misstatements
00:24:25and baseless allegations
00:24:26that the fund has beat
00:24:26established benchmarks.
00:24:30That is it for this week
00:24:30for my colleagues
00:24:31at the Statehouse News
00:24:31Bureau of Ohio
00:24:33Public Radio and Television.
00:24:33Thanks for watching.
00:24:35Please check out our website
00:24:35at State news.org
00:24:37or find us online by searching
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00:24:45in observance
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00:24:51time for the State of Ohio.
00:24:55We end this week with images
00:24:55from the annual Memorial Day
00:24:57wreath laying
00:24:57ceremony at the statehouse.
00:25:01But coming up,
00:25:04as always in the land home
00:25:08or when the valley's rushing,
00:25:12like with snow
00:25:15and I'll be there in sunshine
00:25:19or in shock. To.
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Note : Transcripts are compiled from uncorrected captions