December – January 2022 Ohio Schools
- COVER STORY: Stepping Up for Schools
- Educator voice key to successful school board races in Ohio
- NOTEBOOK
- OEA Local Associations Stand in solidarity for Members and Students
- MAKING THE GRADE
- Findlay Paraprofessionals Form OEA’s Newest Local Association
- OEA Members Receive Top Educator Awards from Martha Holden Jennings Foundation
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December 2021 OEA Retirement Systems Update
STRS Funding Level Improves
During its October meeting, the STRS Board received the results of the actuarial valuation of the pension plan. As of the end of fiscal year 2021 (June 30), the pension plan was 80.1% funded. This is an improvement from 77.4% the previous year. Very strong investment returns during the period were largely responsible for the improved funding.
Not all of the investment gain of FY 2021 is reflected in the actuarial valuation because gains and losses are smoothed over a four-year period. Using the market value of assets, the funding ratio is 87.8%. This is significant as the STRS Board policy says that they will consider benefit improvements that do not impair the fiscal integrity of the pension at 85% funding.
It would be unwise to make permanent changes based on one year of investment returns. OEA believes that at least a short-term restoration of the cost-of-living allowance (COLA) coupled with a decrease in the employee contribution rate is merited. It has taken shared sacrifice of retirees and active employees to greatly improve the funding status. The members and beneficiaries of the system should reap those rewards.
Cheiron, the Board’s actuarial firm, has noted that the pension plan is still vulnerable to adverse experience. Unfunded liabilities are greater than $20 billion and STRS pays out billions more in benefits each year than they collect through contributions. The actuary has recommended that any consideration of benefit improvements should be delayed until after the completion of the five- year experience review (expected in March 2022).
STRS Board Members Pitch Questionable Investment “Partnership”
During the STRS Board’s November meeting, two current Board members presented a “new business opportunity” for STRS. Wade Steen (Governor DeWine’s appointee to the STRS Board) and Rudy Fichtenbaum (a retiree representative) advocated for the creation of a public/private partnership with a firm called QED. Under the proposal the company would facilitate access to STRS assets by a counter party who would execute asset swaps resulting in profits from arbitrage for the counter party.
During a lengthy discussion, it was revealed that QED currently has no assets under management and no track record of performance. Further, STRS would provide 100% of the assets in the “partnership” and receive 25% of the profits. Mr. Steen had previously indicated that he had an investment plan that would return $4 billion in revenue while reducing risk to the portfolio. Based on the discussion, in order to achieve that level of return it would be necessary to devote $65 billion in assets (two-thirds of all STRS assets) to this new enterprise. A proposed motion to hire outside council to negotiate an agreement with QED was never offered
SERS Receives Actuarial Valuation Results
Cavanaugh Macdonald Consulting, SERS’ actuary, presented the results of the fiscal year 2021 actuarial valuation at the SERS Board’s November meeting. The funded status of the pension plan improved from 71.5% to 74.5%. In the actuarial valuation, investment gains are recognized over a four-year period. The funded ratio based on the market value of assets is 82.9%.
Strong investment returns also contributed to extended solvency for the SERS health care fund. The fund is projected to be solvent until 2058. The system’s funding policy allows the Board to allocate up to 0.5% of the employer contribution toward the health care fund if the pension funded ratio is between 70-80%. However, the Board voted to dedicate the full 14% of employer contributions towards basic benefits.
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OPER Board Lowers Expected Rate of Return Assumption
After hearing the results of a five-year experience study presented by their external actuary, the OPERS Board voted to reduce its assumed rate of return. The change reduced the assumed rate from 7.2% to 6.9%. This was the most impactful among several changes in economic and demographic assumptions of the pension plan.
Assumption changes added almost $2 billion in unfunded liabilities to the plan. The funded ratio was 82.9% as of the last actuarial valuation and the funded ratio would drop to 81.5% based on the changed assumptions.
Click here to download a copy of this December 2021 Report to the OEA Board of Directors. Previous Retirement Systems Updates can be viewed under the Affiliate Resources tab on the OEA website.
A Typical Teacher’s Brain in an American Public High School on Any Given Day
By Julie Holderbaum, Minerva EA/OEA
Is Michael acting off today? Is he tired or just depressed? Should I pull him out into the hall and ask him if he’s okay or would it be worse to draw attention to him? Should I call home? Have his grades been slipping? Did he do the assignment that was due for me today?
Does Becky have her cell phone in her lap? Why isn’t it in the slot with the others? Is it worth calling her out on it? Right now or later, privately? Either way, do I want to risk setting her off when she’s been doing so well and we seem to be forging a tentative relationship? Is it a big deal if she isn’t actually using it? Has she been using it and I just haven’t seen it happen?
Why isn’t the Chromecast working? Why would it work last period and not this period? Is the internet down?
Why are we either freezing or frying? Wouldn’t it be nice to be able to regulate the heat in our own rooms?
Will I be accused of teaching divisive concepts if I lead a discussion about why we are not going to say the N word out loud when we read Of Mice and Men? Will the kids go home and tell their parents what we talked about? Do kids still do that? Do parents still ask? Is this book worth the battle it might lead to or should I just teach Fahrenheit 451 instead? Wouldn’t that be ironic? Isn’t this exactly what those who scream about CRT being taught want? For teachers to fear the repercussions and give in to temptation to just teach “safe” material instead? So that the status quo will keep on keeping on and generations of kids will continue to grow up in the dark about so much of the ugly side of America’s history? Is it worth the fight this might bring? Well, it’s obviously worth the fight, but am I mentally and emotionally up for this battle, this year especially?
More importantly, will my black students be uncomfortable if their white teacher leads this discussion in class? I know enough not to ask a Black student to speak on behalf of an entire race, but would it be okay to privately ask a Black student how they would feel about this book or that sort of discussion?
Should I grade these 45 quick 10-point responses first or 25 longer essays? Go back and forth between the two? Am I fair to every student when I don’t grade an assignment all at once? Do I grade the first essays harder or easier than the last ones?
Why do I feel guilty when I take points off for not capitalizing “I” or proper nouns? Why don’t they click on the squiggly lines and fix their typos/spelling/grammar errors when the computer is literally marking them for them? Why are they still making these basic mistakes when we have gone over them so many times? Do they just not care about their grades? Do they even go back and read my comments and look at why they lost points? Is this an academic issue or a motivation issue or a self-worth issue? Do we need to do more lessons on catching these mistakes or do I need to talk with them about the importance of the impression of themselves they put out into the world? Is it unfair for a student to earn a C for a grade when the content of their work is probably at a B or even an A level, but their spelling and grammar mistakes are so ubiquitous and egregious that they lose points on every assignment? Is it asking too much of them to CLICK ON THE DANG SQUIGGLY LINES?
Am I becoming the old cranky English teacher who nitpicks and loses sight of the big picture? Am I too tired for this job? Am I becoming too cynical? Are my standards too high? Haven’t I lowered them since I began teaching all those years ago, though? Should I have?
Should I work through lunch or head to the workroom? Will I feel better if I have a half-hour of adult conversation or if I get more of these papers graded? Do I need to make any hard copies of the handout for next period? Did I remember to upload the video and Google doc to Google Classroom for the kids who are absent?
Is that yelling in the hallway? What’s going on? Did one of you just call the other a bitch?
Why are the kids behaving like this this year? Is it COVID-related? Or just the stress of COVID plus all the other division and dissension in society that we are all contending with?
Does that kid who just smiled at me and said “Hey, Ms. H!” have any idea how much I needed that friendly smile right now?
Why is the office calling down that long list of kids? Are they getting quarantined and sent home? Wait, they don’t have to stay home anymore, but they have to wear masks now, right? Will we get a list of kids who are supposed to be wearing masks for two weeks? How will I keep track of that? How many more times can I say “pull your mask up over your nose” before I start inserting curse words into that sentence?
Do I have time to run to the bathroom between classes? Risk someone being in the single-stall teacher bathroom or go to the student bathroom further away? Is that crying in the next stall? Hey, are you all right? Do you need to talk? Which class do you have right now? Can I walk you down to the guidance office? (Will my class of freshmen be okay if I get there a little late?)
Can we settle down and get started, please? Where is your chromebook? Why isn’t it charged? Where is your charger? Why haven’t you borrowed one from the library then?
Is this email for real? Are they kidding with this? Another meeting? A new book study? This year of all years? Don’t we have enough to do? Can’t they just give us more time to plan or collaborate with each other on the ACTUAL work that needs done?
Am I getting sick or am I just exhausted? Is my throat sore from talking so much today or because I’m coming down with something? Will they be able to find a sub if I stay home tomorrow? What am I teaching tomorrow? Is it something I can adapt easily for a sub or will I need to come up with something new? How much will that impact my plans for the rest of the week? (Why can’t I be more of a Type B teacher?) Isn’t it just easier to suck it up and go to school with a cold? But what if it’s COVID?
Is that an email from a parent? Do I have the energy to deal with that tonight? Why are they emailing me so late?
Where is that info about the poetry contest? When was the deadline? How did I not know until now what a great writer Jane is?
Oh no, Michael didn’t do the assignment; is it too late to call home tonight or should I wait and call from school tomorrow? Do his parents work during the day? Do they support his use of he/him pronouns? Do I need to refer to him as Michelle when I talk to them?
Why am I watching the news? Is the legislature seriously going to try to pass that? Do they have any clue how that will impact teaching and learning? Why do the people with the power to address some of the problems always seem to arrive at “solutions” without asking educators for feedback? Don’t they realize that only leads to more issues?
Oh my God, another one? How many school shootings does that make this year?
Are all teachers as overwhelmed and exhausted as I am?
Does anyone care what teachers are going through in this country?
When is someone going to do something about it?
— Julie Holderbaum is an English Instructor and an Academic Challenge Advisor at Minerva High School, Minerva, Ohio.
The Benefits of Shopping with NEA Member Benefits
HOLIDAY SHOPPING USING NEA MEMBER BENEFITS
NEA Members can really make their membership pay this holiday season using their NEA Member Benefits! Want to learn how? Join us through ZOOM on any of the dates and times below using the same zoom link for any and all. Give us 30 minutes and we just might change the way you shop now and after the holidays. No pre-registration is required.
December 6 starting at 4:30 P.M. Eastern and REPEATED again at 5:05 and 5:40
December 8 starting at 7:30 A.M. Eastern and REPEATED again at 7:35 and 8:10
December 9 starting at 6:00 P.M. Eastern
These events have ended.