At the December meeting of the State Teachers Retirement Board, CliftonLarsonAllen reported the results of its audit of the STRS Ohio financial statements for the fiscal year ended June 30, 2013. The report declared that the system’s financial statements were fairly stated in accordance with generally accepted accounting principles; further, no material weaknesses in internal controls or instances of statutory noncompliance were found. As a result, STRS Ohio received an unqualified audit — known as a “clean” opinion — which is the highest level of opinion that an organization can achieve.
STRS Ohio’s financial statements are included in the 2013 Comprehensive Annual Financial Report, which will be posted on the STRS Ohio website by Dec. 27, 2013. Copies of the report can also be requested by calling STRS Ohio’s Member Services Center toll-free at 1-888-227-7877. In addition to the financial statements, the report includes investment, actuarial and statistical information about STRS Ohio.
The Retirement Board recognized Steve Mitchell, deputy executive director — Investments and chief investment officer, who is retiring after 42 years of service at STRS Ohio. When Mitchell joined the STRS Ohio staff in 1971, the system’s investment assets totaled about $2 billion, compared to about $71 billion today. The board thanked Mitchell for his dedication and outstanding service to the retirement system’s members, board and staff.
The Retirement Board approved 152 active members and 107 inactive members for service retirement benefits.
Other STRS Ohio News
Tax and Bank Changes can now be Made Online
STRS Ohio benefit recipients can now change their bank accounts and tax withholding options through their Online Personal Account on the system’s website. An email to announce the new online services will be sent to about 82,000 benefit recipients in the next two weeks.
STRS Ohio Makes Global Custodian Bank Conversion
All of the STRS Ohio investments from State Street were converted to Citibank on Dec. 2, and the bank hopes to complete its validation of positions in early December. Citibank had personnel on site in early December to assist with reporting and other operational issues.
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