Audit: No illegal activity in Ohio teacher pension fund, but bonuses should be reviewed

That review suggested STRS suffers from a lack of transparency, underperforming investment returns and bloated investment fees. It also criticized the pension fund for not disclosingSTRS leaders say Faber's report disproved many of their critics' allegations.

"It is noteworthy that the special audit’s findings refute much of the inaccurate information circulated about STRS Ohio over the past two years, and the report provides extensive detail and analysis in support of its conclusions," executive director Bill Neville said in a statement.

The teachers' association, meanwhile, said the findings confirm that the system is broken and warned they'll push for changes to the board this spring. "Although finding no direct evidence of criminal activity, the Auditor confirmed that the board allowed the staff to use an accounting gimmick to pay themselves $10 million in bonuses despite losing $5.3 billion last year," executive director Robin Rayfield said."For years, the board’s bad policies have yielded bad results for teachers, who are working longer and paying more for less, while enriching STRS staff.

"There will be further consideration of COLAs for STRS members by the Board and legislature, as inflation is an ongoing issue," the report stated."Similar analyses should be provided for consideration of any future changes to benefits."Haley BeMiller is a reporter for the USA TODAY Network Ohio Bureau, which serves the Columbus Dispatch, Cincinnati Enquirer, Akron Beacon Journal and 18 other affiliated news organizations across Ohio.

An auditor found that bonuses should be awarded based on performance what a novel concept.

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