COLUMBUS, Ohio (AP) — A battle is under way for the future of Ohio’s $94 billion teacher pension fund, as would-be reformers’ attempts to deliver long...
COLUMBUS , Ohio — A battle is under way for the future of Ohio ’s $94 billion teacher pension fund , as would-be reformers’ attempts to deliver long-promised benefits to retirees with the help of an aggressive investment firm touting an untested AI-driven trading strategy face intense scrutiny.
Teachers, who are generally ineligible for Social Security and so rely heavily on the fund in retirement, are particularly upset at the dearth of cost-of-living adjustments and market losses that the fund has seen over the years, even as STRS investment professionals have collected large bonuses. They have called for more transparency into the fund's investment and pay practices.
However, detractors say putting the shadowy QED in charge of STRS investments brings even greater danger. Among claims in the 14-page memo, whose murky origins one board member said should be investigated, is that QED's Jonathan Tremmel approached STRS in 2020 with assertions that the fund was improperly calculating performance, benchmarks and investment costs. “He also claimed to have AI-based trading strategies that would fix STRS's ‘problems,’” the memo said.
Steen denies Yost's claims, including that $65 billion was ever on the table. He argues that reaction to his persistent questioning of STRS's practices proves that he's struck a nerve. STRS reformers have not backed down. Now in control of a majority of votes on STRS's 11-member board, they pushed ahead during the board's May meeting to oust rival leadership and elect Fichtenbaum, an emeritus Wright State University economics professor, as board chair.
Pearl Berg was the third oldest person in the US, and her doctor said a simple, inexpensive habit likely kept her healthy over the decades.NEW YORK — Documentary filmmaker Morgan Spurlock, an Oscar nominee whose most famous works skewered America's food industry and who notably ate only at McDonald’s for a month to illustrate the dangers of a fast-food diet, has died. He was 53.
Ohio Mike Dewine Dave Yost Wade Steen QED Rudy Fichtenbaum Fichtenbaum Jonathan Tremmel Pension Fund Aggressive Investment Firm
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