Rudy Fichtenbaum, the chair of the Ohio retired teachers’ pension board, is speaking out in defense of himself following accusations of bribery and corruption by the state’s attorney general. In an interview, Fichtenbaum denied ever taking or being offered money, despite the allegations.
A former economics professor at Wright State University, Fichtenbaum was elected to the STRS board on a platform of restoring the Cost of Living Adjustment (COLA), increasing transparency, and moving towards passive investing. He has been vocal about his criticisms of the pension fund, including the use of performance-based bonuses for investment staff.
In June, Fichtenbaum spearheaded an effort to eliminate millions of dollars in bonuses for the investment staff, a move that was met with support from educators who felt it was unfair for staff members to receive bonuses while they themselves faced restricted COLAs. However, Fichtenbaum acknowledged that the $10 million saved by eliminating the bonuses is not enough to fully restore the COLA.
Despite the ongoing scandal, Fichtenbaum remains open to the possibility of making a deal with the investment firm at the center of the controversy. He emphasized the importance of unity and solidarity within the pension fund, even if symbolic gestures like eliminating bonuses may not fully address the underlying issues.
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