Olman Calls For Resignation Of State Teachers Retirement System Director

(Columbus) – State Representative Lynn Olman (R-Maumee) joined over 100 members of the General Assembly that attended a press conference at the Capitol on Wednesday that called for the resignation of State Teachers Retirement System Executive Director Herb Dyer.

Rep. Olman pointed to recent press reports that indicate during times of losses to the teacher’s retirement fund, employees have received lavish bonuses and travel stipends.

“It’s unfortunate that STRS leadership is so out of touch with reality,” said Rep. Olman. “I don’t see how they can tell retired teachers that they need to cut their benefits and in the same breath, turn around and hand out five million dollars in bonuses to their staff.”

In addition to the more than $15 million in performance bonuses over the past three years, the agency spent nearly $870,000 on artwork to adorn their Columbus headquarters. At the same time, Olman said, the fund has lost 21 percent or $12.3 billion of its investment assets.

“The director doesn’t even believe he has done anything wrong here,” added Olman. “I think the strong show here today suggests otherwise.”

The State Teachers Retirement System has 424,171 members and beneficiaries who have contributed or continue to contribute to the fund.

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© Copyright 2008 State Representative Lynn Olman. All rights reserved.


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