The outgoing head of Ohio’s troubled teacher retirement system said she's leaving the fund in strong fiscal condition despite turmoil at the top that her successor will inherit.
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Acting Executive Director and Chief Financial Officer Lynn Hoover poses in her office at the headquarters of the State Teachers Retirement System in Columbus, Ohio, on Friday, Nov. 22, 2024. Acting Executive Director and Chief Financial Officer Lynn Hoover poses in her office at the headquarters of the State Teachers Retirement System in Columbus, Ohio, on Friday, Nov. 22, 2024.
The U.S. Army veteran and seasoned asset management professional came on board this month and will help lead a nationwide search for a new permanent director to replace Bill Neville, who was let go in September after being placed on leave amid misconduct allegations. Hood also must fill Hoover's role as chief financial officer, hire for a vacancy coming in March for a chief investment officer and find a new head of internal audit.
Yost followed up the launch of his investigation with a lawsuit seeking to unseat two of the reform-minded board members. One of those members Rudy Fichtenbaum, became board chair. The other, Wade Steen, has since left the board. He also filed suit against two other former board members in October, alleging they participated in a “civil conspiracy” that prevented him from uncovering the fund's defects.
“Our fund is in a situation where we pay out more in benefits than what we receive in contributions, so the investment returns are critical over the long term,” she said. STRS also has hired the global commercial real estate firm CBRE to analyze usage needs for its buildings, which are capital not investment assets, into the future and continues to lobby for fair school funding, she said.
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