Ohio teachers retirement system board to pay outgoing director $1.65M

The State Teachers Retirement System of Ohio will pay former executive director Bill Neville $1.65 million in compensation and benefits after the board effectively fired him last week.

Neville was put on leave last November after an anonymous letter accused him of creating a hostile work environment. A Worthington law firm, Haynes Kessler Myers & Postalakis, was appointed by the Ohio Attorney General’s Office and found most of the accusations in the letter were unfounded.

Still, Neville remained on leave until the most recent board meeting, where the board agreed to officially end his employment on Dec. 1. The agreement was signed Monday.

Neville began as executive director in July 2020. Since Neville was placed on leave, chief financial officer Lynn Hoover has been serving as acting executive director.

Neville has been employed by STRS for almost 20 years, holding positions of general counsel and executive director.

In 2017, the state stopped cost-of-living increases for STRS retirees, following a pension reform law in 2012 that required public employees to work longer for fewer benefits. In 2022, a one-time cost-of-living adjustment was made of 3%, but retirees still say it is not where they want it to be.

Many of the Ohio Retired Teachers Association members, retired teachers who want more accountability for STRS, opposed Neville.

The organization’s turmoil has not been limited to its director. In May, Ohio Attorney General Dave Yost filed a lawsuit seeking to remove two members of the STRS board, Wade Steen and Rudy Fichtenbaum, a former Wright State University economics professor.

Yost accused Steen and Fichtenbaum of breaching their fiduciary duties, which both have denied. The case is ongoing in Franklin County Court of Common Pleas.

STRS Ohio oversees about $90 billion in pension funds for about 530,000 retired school employees. Seven of the 11-member governing board is elected by teachers and retirees and the remaining four are appointed.

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