The State Teachers Retirement System of Ohio (STRS Ohio) has appointed Steven Toole as its new executive director. Toole, a former director of the North Carolina State Pension System, will begin his role on July 14. Toole’s hiring comes after a challenging 20-month period for STRS Ohio, which manages $96 billion in investments for around 500,000 teachers and retirees.
The pension fund has faced various challenges, including staff departures, lawsuits, an ethics investigation, and significant leadership changes. The 11-member STRS Ohio board, comprising elected teachers, retirees, and appointed financial experts, voted 6-5 to hire Toole after an extensive search for a leader to guide the organization through its challenges and restore stability. Toole, a graduate of Ohio State University, brings valuable experience to the position.
Toole appointed after challenging period
He directed the North Carolina state pension system from 2011 to 2019 and has recently worked in the private sector, focusing on pension finances. STRS Ohio has been under considerable internal and external pressure in recent years.
A group of retirees has actively advocated for changes, successfully electing board members who support greater transparency, fair handling of staff bonuses, and the reinstatement of cost-of-living allowances for retirees. The hiring decision reflected a division on the board, with appointed investment experts and a long-time teacher member opposing the choice. In contrast, the six reform-minded board members voted in favor. Toole’s compensation package and contract details are still being finalized.
His leadership will be crucial as STRS Ohio seeks to address its current challenges and strive for greater stability and transparency for its members.
