“Steven Toole has exceptional experience, having successfully led one of the nation’s largest public pension systems,” said Rudy Fichtenbaum, retirement board chair. “Mr. Toole has also held senior management positions in the private financial services sector. We are confident he will do an outstanding job continuing STRS Ohio’s mission of providing a financial foundation for Ohio’s more than 530,000 active, inactive and retired members.”
Toole said he is “thrilled” to become part of STRS.
“I look forward to working with the Board and staff on the critical issues facing STRS Ohio and public pensions around the country,” Toole said.
Toole served as executive director of the state of North Carolina’s retirement systems from 2011-2019, where he led systems covering nearly one million current and retired public employees in the state.
Prior to that role, Toole worked for Nationwide in Columbus for a dozen years as an associate vice president then a vice president in the retirement plans area
Toole earned a B.S. in business administration from the Ohio State University. He also holds several financial and retirement industry certifications.
“To ensure an orderly and smooth transition, Mr. Toole will work closely with interim executive director Hood, who we thank for his service the past seven months,” Fichtenbaum said. “The board feels strongly that the selection of Mr. Toole will continue to move the pension system forward for the benefit of our members.”
STRS oversees about $95 billion invested on behalf of Ohio’s educators. About half a million teachers and retirees are paying into or receive benefits from STRS.
STRS has been embroiled in controversy in the last few years following the dismissal of its previous executive director, a takeover by board members who want more transparency, and a lawsuit against two of its board members from the state.
In 2017, the state stopped cost-of-living increases for STRS retirees, following a 2012 pension reform law that required public employees to work longer for fewer benefits. In 2022, a one-time cost-of-living adjustment of 3% was made, but retirees still say it is not where they want it to be.
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