COLUMBUS — Ohio Governor Mike DeWine called for an investigation into the Ohio State Teachers Retirement System (STRS) in a press release issued on Wednesday.
This call to investigate is in light of news that Aon, a consulting firm, was severing its contract with the STRS. Aon was contracted by the STRS to provide guidance on corporate governance.
The firm is now ending its contract after several dozen recommendations were made to improve the way the STRS was run.
These recommendations include “improvements in STRS’ use of committees,…a ‘revitalization’ of investment and audit committees, and the creation of a board governance committee.”
In a statement, DeWine said, “The unstated implication is that the governance issues at STRS are so concerning that Aon could not continue its contract in good faith. STRS may now be out of compliance with portions of audit recommendations due to Aon ending the contract.”
The Ohio Auditor of State has also been investigating the STRS.
In a statement, Auditor Faber said, “Our state pension systems have an obligation to retirees to ensure their investment portfolios and accounts are stable and financially sound, so that they have the financial resources to serve retirees, both now and in the future.”
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