Fund under fire for high staff pay, giant fees & stingy benefits for retired teachers
By Marty Schladen Ohio Capital Journal May 9, 2023
Gov. Mike DeWine is being accused of pulling “a switcheroo” on Ohio’s retired teachers by terminating a change-minded member of the pension board just as that faction was achieving a majority. But the governor’s spokesman said all the governor wants is a member of the State Teachers Retirement System Board who will faithfully attend its meetings.
On Friday, Ohio’s retired teachers put the lie to claims that only a few squeaky wheels are upset about how the State Teachers Retirement System is being run. Pat Davidson, who seeks change, defeated incumbent Arthur Lard by a 20,410-8,853 margin.
That would have given the self-styled reformers a one-vote majority on the board of the pension fund, which controls more than $80 billion. But a day before the vote, a DeWine aide called incumbent Wade Steen and told him to resign, Steen said. Steen has been among the board members seeking changes to the way the pension fund does business.
When Steen refused, DeWine terminated him a day later — a move Steen said he didn’t believe was legal and that he’s considering legal action over.
From time to time, we post articles from the past to build a record of ORTA's fight to protect and preserve the retirement benefits of Ohio's teachers. This is one of those articles.