Wade Steen reinstated to the STRS Board 02/06/2024

From the ORTA Blog
February 6, 2024

https://www.orta.org/post/wade-steen-reinstated-to-strs-ohio-board  

Wade Steen reinstated to STRS Ohio Board

COLUMBUS, OH – Earlier this morning, the Tenth District Court of Appeals issued its much-anticipated Magistrate’s Decision holding that Wade Steen was improperly ousted as the governor-appointed investment member of the STRS board and is now reinstated.

The court held, “reasonable minds can only conclude the governor lacked the statutory, Constitutional, or inherent authority to remove relator [Wade Steen] from his position…”. Parties have 14 days to object to the magistrate’s decision.

The following statement may be attributed to Wade Steen:

“I am excited to serve the remainder of my term just as I have my first seven years – by doing all I can to ensure our pension fund is solvent, transparent and accountable. I look forward to rejoining my fellow board members in restoring trust with our active and retired educators. To the teachers who supported and encouraged me during this ordeal – and all those who contributed to the ORTA Pension Defense fund – I sincerely thank you.” 

The following statement may be attributed to Dean Dennis, President, Ohio Retirement for Teachers Association:

“With today’s court ruling reinstating Wade Steen, there is now a majority of reform-minded members on the STRS board. Mr. Steen joins five other board members who each won election on the platform of reform, accountability and transparency. There is an overwhelming mandate for change. And change is what teachers expect. The restoration of trust between Ohio teachers and their pension fund will take actions and not just words. ORTA will continue its fight to ensure each teacher can retire with dignity and with the benefits promised." 

In his more than seven years on the STRS board, Wade Steen has been an advocate for Ohio educators. He uncovered millions in hidden fees paid to Wall Street hedge funds and fought against unearned “performance” bonuses for STRS staff.

Click here to read the Magistrate's Decision.

From the Magistrate's Decision: