State Teachers Retirement System Ohio agrees to $1.65M exit package for executive director
Columbus Dispatch
September 24, 2024
The State Teachers Retirement System of Ohio, the state's second largest public pension fund, oversees about $90 billion invested on behalf of 500,000 teachers and retirees. Its 11-member board has been infighting over the direction and governance of the system.
The State Teachers Retirement System of Ohio board approved an exit package for its executive director worth $1.65 million, in addition to the $318,270 he'll have received on paid administrative leave.
The nine-page end of employment agreement was released by the Ohio Attorney General's office in response to a public records request.
The deal calls for paying Bill Neville $512,265 in lump sum payments between now and January 2025, plus $323,375 in accrued time off. Additionally, STRS will purchase two years of service credit for Neville's public pension, which is valued at $760,000.
A growing faction of the STRS board was unhappy with Neville and his team. In November, an anonymous letter surfaced, accusing Neville of harassment and bizarre behavior. An outside investigation determined the allegations to be unfounded, but the STRS board decided to keep Neville on leave.
STRS hired Neville more than 19 years ago, named him chief legal officer in 2018 and appointed him as executive director in July 2020.
Activists have been mounting a board takeover, electing board members who are more sympathetic to their complaints about transparency, senior leadership, staff bonuses, and the suspension of the cost-of-living allowances for retirees. Some of the reformers had called for Neville to be ousted.
The pension fund board has been roiling with discord and controversies for a few years. Ohio Attorney General Dave Yost filed suit against STRS Chairman Rudy Fichtenbaum and board member Wade Steen, alleging that they violated their fiduciary duties to the system. Both board members deny the allegations.
Steen was originally appointed to the board by Gov. John Kasich and reappointed by Gov. Mike DeWine. DeWine later replaced Steen with another board member but Steen sued to get back on the board. His term ends Sept. 30 and DeWine is expected to appoint someone else.
STRS Ohio is governed by an 11-member board that includes appointees and elected members. The board oversees more than $90 billion invested for 500,000 teachers and retirees.
Steen was the only board member to abstain from voting on the exit agreement with Neville.
posted by Kathie Bracy at 6:33 PM
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