Reporter at News 5 Cleveland
COLUMBUS, Ohio — A member of the chaotic teachers' retirement pension fund board in Ohio has resigned amid the ongoing controversy — possibly changing power dynamics within the system.This tip came as we obtained a now-archived video meeting proving Ohio Attorney General Dave Yost's claim that board members were promoting a $65 billion partnership with an investment firm that lacks"legitimacy."The State Teachers Retirement System of Ohio board is made up of 11 members.
STRS lost $5.3 billion in 2022 alone. In 2023, it lost $27 million invested in the failed Silicon Valley Bank. In addition to those — the cost of living adjustments, or COLAs, were suspended for more than 150,000 retired Ohio teachers for five years starting in 2017. In 2012, the qualifying retirement number was moved from 30 years to 35 years. Last year, this was changed to 34. Then, the board approved $10 million in bonuses for their staff.
The documents claim that they — despite having no clients and no track record — tried to convince STRS members to partner with them. The AG states that the pair should be removed because they broke their fiduciary duties of care, loyalty and trust when"colluding" with QED.The alleged ‘backdoor ties’ between retired teachers’ pension fund and investment firm RELATED: The alleged ‘backdoor ties’ between retired teachers’ pension fund and investment firm"It entails STRS forming a partnership with QED," said Fichtenbaum.
"The mention of $65 billion is patently false," Steen said at a board meeting in May."That was never proposed by me, never proposed by any other board member." "That's why I'm focused on QED. That's why I'm focused on this issue, because I'm hearing more discussion about an entity with whom we'll be involved as opposed to a strategy we would implement," Worley said."I think I only said $65 billion for the total implementation, but that it could start with $250 million," Fichtenbaum added.
Reformer Steve Foreman put in his resignation effective after the Friday meeting. He told me he wasn’t ready to do an interview on why he decided to step down but would do one later this week.
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