Reporter at News 5 Cleveland
The acting executive director of the Ohio retired teachers' pension fund and their chief investment officer have resigned after months of controversy.The day after an exclusive 45-minute interview with me, State Teachers Retirement System Acting Executive Director Lynn Hoover has resigned effective Dec. 1. Chief Investment Officer Matt Worley has also resigned effective March 31.Both letters to the STRS board came Wednesday evening.
Index funds perform with the stock market, are seen as more passive, and typically cost less.In short, 'reformers' want to switch to index funding, while 'status quo' individuals want to keep actively managing the funds. Recent elections have allowed the 'reform-minded' members to have a majority of the board.Reformers want a cost-of-living adjustment, or COLA. The COLAs were suspended for more than 150,000 retired Ohio teachers for five years starting in 2017.
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