COLUMBUS, Ohio (WKBN) – Ohio Gov. Mike DeWine says he is replacing a board member on the State Teachers Retirement System board for not doing a good job.
DeWine said Wade Steen didn’t show up for at least three meetings and only “partially” attended three others.
“You cannot be a voice for retired teachers if you are not at the meetings,” DeWine said.
Steen is also accused of acting as an advocate for a specific investment firm.
DeWine added that retired teachers are frustrated with investment choices by the STRS and accused the board of giving raises to themselves and not the retired teachers.
“I’ve questioned how staff have received raises and bonuses when the retirees they serve got nothing. I believe STRS should consider investment strategies to increase returns. And, I believe that changes to investment vendors should be made through a competitive and transparent public process,” DeWine said.
DeWine announced Monday that he has replaced Steen with G. Brent Bishop.
“Consistent with his fiduciary duties, I advised my new appointee–and I recommend to all STRS board members–to take a fresh look at the investment strategies and vendors employed by STRS, with an eye on the long-term health of STRS funds,” DeWine said.