Paul Kostyu: Billirakis out, Johnson in

Third member of STRS board submits resignation

By Paul E. Kostyu, Copley Columbus Bureau chief

Canton Repository, September 16, 2006

COLUMBUS - A third member in as many months has resigned from the board of the State Teachers Retirement System.

Michael N. Billirakis of Pickerington submitted a letter of resignation effective immediately Thursday during the board’s monthly meeting. Billirakis, an executive committee member of the National Education Association, did not attend.

He is expected to appear in Franklin County Municipal Court next week to face four counts of violating state ethics law. Billirakis and three other former board members are accused of accepting and failing to disclose tickets to the Broadway Show “Hairspray” from the Frank Russell Corporation-Russell Real Estate Advisers. Billirakis also is accused of accepting and failing to disclose tickets to a Cleveland Indians game that he got from Salomon Smith Barney. The retirement system was doing business with both firms at the time.

Judith Dunn Fisher resigned June 30 saying she was driven to do so by “the inability and-or unwillingness of the STRS board (and its leadership) to ensure ... civility and respect.” On Friday, Gov. Bob Taft named Thomas W. Johnson, his former budget director, to replace her.

On Aug. 17, Stephen A. Buser resigned, citing potential ethical conflicts between his work on the board and his investment consulting practice.

Reach Copley Columbus Bureau Chief Paul E. Kostyu at (614) 222-8901 or e-mail paul.kostyu@cantonrep.com