Ohio AG investigating actions of state’s Teacher Retirement Board

COLUMBUS — Ohio Attorney General Dave Yost has opened an investigation into concerns about the State Teachers Retirement System (STRS) and its “susceptibility to a hostile takeover by private interests.”

Ohio Governor Mike DeWine said on Wednesday that he had forwarded an anonymous 14-page memo to the Ohio Ethics Commission, attorney general, state auditor, and other state agencies for review. The memo describes how the system got to this point, dating back to 2020, and raises several concerns.

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“Our state pension systems have an obligation to retirees to ensure their investment portfolios and accounts are stable and financially sound, so that they have the financial resources to serve retirees, both now and in the future,” DeWine said in a written statement, noting his support of numerous audits of the organization.

A day later, Yost confirmed he was opening an investigation into the organization.

“Pension board members are required by law to act in the best interest of the teachers whose money they invest,” Yost said in a release. “I will take whatever action is necessary to protect teachers against private interests attempting to hijack their retirement accounts.”

Yost is exploring the applicable fiduciary removal statute to address any potential breaches by members of the STRS board.

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“This isn’t monopoly money; it’s hard-earned income that belongs to teachers,” Yost said. “There is a responsibility to act in their best interests.”

News Center 7 reached out to the STRS about the investigation on Thursday and received the following statement from Board Chair Dale Price:

“Recent audits demonstrate that STRS Ohio is well-run and that the pension fund is in sound financial position. Questions raised involve board governance. Teachers in the classroom and retired educators should know their pension is safe and secure. STRS Ohio will continue to protect the stability and integrity of the organization and will fully cooperate with all offices in their review of the pension system.”

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