Ohio politicians tell teachers pension board to hold off on hiring new executive director
- STRS Ohio Watchdogs
- May 8
- 2 min read
Ohio's top political leaders are telling the State Teachers Retirement System to hold off hiring a new executive director.
Gov. Mike DeWine, House Speaker Matt Huffman, Senate President Rob McColley and Ohio Treasurer Robert Sprague signed a one-page letter on May 8 to the State Teachers Retirement System.
The politicos asked the board to wait until the June board meeting to vote on the new executive director. Three finalists for the job were named in April.
The 11-member board, which oversees $95 billion invested for 500,000 teachers and retirees, is made up of three appointed financial experts, the state superintendent of schools and seven elected members − two retirees and five teachers.
Legislative leaders say they need more time to appoint a financial expert to the board − a seat that has been vacant for about six months.
But some lawmakers have already signaled interest in potentially changing the makeup of the teacher pension board.The letter from the political leaders is the last twist in the drama that has gripped the state's teacher pension fund for the past six years, including anonymous memos, staff departures, board turnover, lawsuits and investigations.
STRS timeline
Spring 2020: A new investment firm, QED, is created and its principals start pitching its investment strategy to STRS.
November 2021: STRS board members Rudy Fichtenbaum and Wade Steen and former board member Bob Stein present QED’s proposal to the board.
December 2021: STRS alerts the Ohio Ethics Commission, saying board members sought to circumvent the usual investment process with QED.
May 2023: Gov. Mike DeWine removed Wade Steen as his appointee to the board.
November 2023: An anonymous memo accuses STRS director Bill Neville of misconduct. He is placed on paid leave.
February 2024: Outside investigators say the allegations against Neville are unfounded.
April 2024: Wade Steen wins an appellate court decision that the governor lacked the authority to remove him from the STRS board. He returns to serve the remainder of his term through September 2024.
May 2024: Reformers gain a majority on the 11-member STRS board. An anonymous memo shared with the governor and attorney general alleges a hostile takeover. Ohio Attorney General Dave Yost sues to remove two from teacher pension board
September 2024: STRS board cuts ties with Bill Neville and pays him $1.65 million.
September 2024: Interim CEO Lynn Hoover and Chief Investment Officer Matt Worley announce their plans to leave STRS. Ohio Retirement for Teachers Association discloses that it paid legal fees for Wade Steen and Rudy Fichtenbaum, an arrangement that may violate state ethics laws.
October 2024: Wade Steen sues the two men who replaced him as the governor’s appointee on the STRS board.
By Laura Bischoff Columbus Dispatch
