After multiple resignations, audits, and state investigations, the Ohio State Teachers Retirement System has appointed a new permanent executive director.
The $95.3 billion pension announced that Steven Toole will join Ohio State Teachers in July. The former manager of North Carolina’s public pensions replaces Aaron Hood, who has served in the role on an interim basis since late last year.
Board Chair Rudy Fichtenbaum said in a statement that Toole’s “exceptional experience” leading “one of the nation’s largest public pension systems,” makes him the right person for the position.
Toole was executive director of North Carolina’s state retirement systems from 2011 to 2019. Before that, he worked for Nationwide Insurance in Columbus for 12 years, in a number of roles, including retirement plans. He is now a senior product manager for Principal Financial Group in Iowa.
Toole joins the Ohio teachers plan following months of dysfunction at the institution, marked by internal conflicts, senior staff departures, disputes over manager selections, and state investigations. Prior to Hood, Lynn Hoover had served as acting executive director since November 2023 but resigned after a deadlocked board vote of no-confidence in senior leadership. (Her predecessor, Bill Neville, was placed on leave following allegations of sexual harassment and violent outbursts.)
The ongoing conflict has largely centered on debates over cost-of-living adjustments and how to pay for them. This month, the board approved a one-time, permanent 1.5 percent COLA to eligible recipients.
Before retiring in December, Hoover helped put a sustainable benefit plan in place at the pension. Hoover — an Allocators’ Choice Award finalist — told Institutional Investor that despite its challenges, the fund was “going in the right direction.” She also highlighted the improved funded status, which increased to 82.8 percent from 81.3 percent.
