COLUMBUS, Ohio-Ohio Attorney General Dave Yost has initiated an investigation into the State Teachers Retirement System of Ohio (STRS) following allegations of a ‘hostile takeover’ jeopardizing educators’ funds. The $90 billion pension fund has faced controversy, with losses totaling billions and issues like suspended cost of living adjustments and altered retirement qualification criteria.
STRS Executive Director Bill Neville is currently on leave amid investigations into alleged misconduct. A group of pensioners named ‘reformers’ is advocating for change, criticizing the board’s actions, including approving $10 million in staff bonuses while retired teachers face financial struggles. STRS’ consulting firm Aon has cut ties with them, adding to concerns. Allegations suggest that some board members have favored private investment groups over teachers’ interests. Governor Mike DeWine has expressed concern over governance issues at STRS, prompted by Aon’s withdrawal. Yost vows to protect teachers’ retirement accounts from private interests.
