Aaron Hood has been appointed interim executive director of the Ohio State Teachers Retirement System, effective November 18, following Lynn Hoover"s upcoming retirement. Hood, a finance senior fellow at West Point and former CFO at Summit Carbon Solutions, steps in amid ongoing turmoil within the $95.3 billion pension system, which has faced internal conflicts and investigations. Despite these challenges, Hoover"s tenure saw improvements in the fund"s financial status, increasing its funded ratio to 82.8 percent.
The Ohio State Teachers Retirement System, facing a net outflow of $3.5 to $4 billion annually, has seen improvements in its funded status, now at 82.8%, thanks to fiscal year 2024 investment returns. Outgoing Executive Director Lynn Hoover emphasized the fund's strong management amid controversies, including accusations of mismanagement and debates over cost-of-living adjustments (COLAs) for retirees. While some advocate for transitioning to passive investment strategies, experts warn that alternatives are crucial for achieving higher returns.
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