Gov. Mike DeWine on Friday replaced Wade Steen on the State Teachers Retirement System board. But Steen says DeWine lacks the authority to remove him.
Those retirees, who are active in Ohio Retirement for Teachers Association and STRS Watchdogs, have the ear of a growing faction on the board. They've called for a change in the pension leadership, more transparency in investment fees and consideration of an. Steen had expressed support for the start-up company and its approach.
"I am also the board member who began asking hard questions which uncovered that STRS staff are getting paid bonuses on questionable performance benchmarks. I have spoken out for more transparency and accountability. This is what I have been fighting for and will continue to fight for until my term ends on September 27, 2024," Steen said in a written statement.
Bishop, of suburban Columbus, has experience in insurance, securities, software and real estate investments. He also worked as a page in the Ohio General Assembly more than 50 years ago as a college student.Discontent has been building for a decade. In 2012, legislators approved a pension reform package that required public employees to work longer for fewer benefits. Starting in 2013, STRS retirees received lower cost-of-living allowances. Then in 2017, the cost-of-living allowances stopped.
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