Reporter at News 5 Cleveland
COLUMBUS, Ohio — We have been getting dozens of requests to break down the chaos inside the State Teachers Retirement System of Ohio. So, we have answers to some of the most asked questions.We can try to, with help from Case Western Reserve business law professor Eric Chaffee.There is a fight about how the State Teachers Retirement System should invest money — through the current system of actively managed funds versus an index fund.
Yost files lawsuit to remove members of teachers' pension board RELATED: AG Yost files lawsuit to remove members of teachers' pension board, accuses them of breaching fiduciary dutiesSTRS is a $90 billion pension fund — and has been involved in controversy for years. "We have strong evidence that there were serious discussions about taking two-thirds of the money and putting it in a very, very untested programming," Gov. Mike DeWine told reporters Wednesday.
DeWine is covering up for his Wall Street friends, she and other reformers added — but she is also concerned that this is a corruption scheme. Steen filed a motion in Ohio’s 10th District Court of Appeals demanding to be reinstated — and he was. He returned to his job in April. "What they were talking about resulted in an audit being conducted by Auditor of the State Keith Faber," Tierney said."Additionally, the Ohio Retirement Study Council conducted a similar audit that resulted in a number of recommendations for governance changes to be made."
They couldn’t impress the board members, mainly because of their lack of experience and also the fact that QED was not registered as a broker-dealer or investment adviser. The men also didn't own the technology to"facilitate the strategy," the documents say.
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