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. That doesn't mean the next interim director, Aaron Hood, doesn't have a big job ahead of him, she said. The staff departures come amid years of tension that boiled over this spring. Would-be reformers on the STRS board took aim at the fund’s internal operations and investment decisions after retirees were angered when the previous board cut their cost-of-living adjustment and then eliminated it for five years to help stabilize the fund. Many have remained dissatisfied with the 3% adjustment they got in 2023 and the 1% adjustment they got in 2024.
STRS has paid out more than $4 billion in positive benefit changes to active teachers and retirees over the past three and a half years, she said, which she attributed to sound investment strategies and strong markets. Hoover said members should be happy that the fund is now reviewing cost-of-living-adjustments annually. She added that STRS is also fighting to increase employers' contributions into the fund. The percentage they pay in Ohio has remained the same for 40 years, she said.
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