COLUMBUS, Ohio-The Ohio State Teachers Retirement System (STRS) is embroiled in a complex battle between its money managers and staff, and retired teachers who mistrust them. The conflict has its roots in differing perspectives regarding the system’s management.
Money managers and staff attribute the discord to the emergence of QED Technologies in 2020 and subsequent disinformation campaigns aimed at the existing management. Retirees, however, trace their discontent back to 2017 when they received no cost-of-living increases while witnessing bonuses awarded to staff and money managers.
This disparity led retirees to organize and elect reformers to the board. The reformer-led board is now seen as potentially entering into a contract with QED Technologies, raising concerns about the fund’s future. Ohio Attorney General Dave Yost has initiated an investigation into whether these board members have made the fund vulnerable to a takeover. The outcome of this dispute will significantly impact the management of STRS’s $94 billion in assets.
