Ohio’s State Teachers Retirement System is facing potential upheaval as Governor Mike DeWine expressed alarm over the termination of a contract with consultant Aon. The governor raised concerns about governance issues, compliance with audit recommendations, and unspecified allegations against board members. Retirees have also criticized the system for awarding high bonuses to investment managers while failing to provide cost-of-living increases.
Last November, the system’s executive director was suspended amid complaints of inappropriate behavior. DeWine himself has attracted controversy for terminating a reform member from the board, a decision later deemed unlawful by the Ohio 10th District Court of Appeals.
This comes as DeWine and his administration face scrutiny over their involvement in a utility scandal involving millions in bribes and a ratepayer bailout. Former officials are serving prison sentences in connection with the scandal, which has also led to two suicides.
The turmoil at the teachers’ pension fund is just one of the challenges facing the DeWine administration, prompting calls for further investigation and accountability from various state bodies. The unfolding situation at STRS underscores the need for transparency and oversight in public pension systems to ensure the financial security of retirees and the integrity of the fund’s operations.
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