COLUMBUS, Ohio-The Ohio retired teachers’ pension fund (STRS) is facing turmoil as concerns rise over its hiring practices and board leadership. Acting Executive Director Lynn Hoover voiced worries about the board’s decision to hire a firm lacking experience and having personal connections to board members. STRS has been embroiled in controversy, with ongoing conflicts, two board resignations, and allegations of public corruption and fund mismanagement. Recently, Attorney General Dave Yost filed a lawsuit to remove two board members for allegedly steering contracts to the investment firm QED, which lacks a client base and proper registration. Yost’s investigation was triggered by STRS employees’ documents claiming that board members had colluded with QED, violating their fiduciary duties.
