Ohio Retired Teacher Pension Fund Appoints New Executive Director
COLOMBUS, Ohio — The Ohio Retired Teacher Pension Fund has announced the hiring of a new executive director from North Carolina. Stephen Toll, who previously led the North Carolina Retirement System, is set to start in mid-July.
Toll has roots in the Columbus area, having grown up nearby and attended Ohio State University. He expressed in a letter to recruiters that his experience includes collaborating closely with boards and stakeholders to promote transparency and integrity, which he sees as central to Ohio’s guidelines.
Currently, Toll is a senior product manager at Principal, an investment firm, and he also receives some income from Home Depot, according to ethics documents I reviewed.
During his tenure at the North Carolina Retirement System, he oversaw a pension plan worth around $100 billion and managed $11.8 billion in defined contribution assets, serving about one million public employees. He held the executive director position there from 2011 until 2019, though records indicate he was let go without a clear reason, despite his claim that there were no performance issues.
In emails shared with recruiter Dan Cummings, Toll mentioned he didn’t receive any explanation from the state treasurer regarding his dismissal. Cummings informed board members that Toll was replaced by a “hand-selected successor” when the new North Carolina treasurer took office.
Interestingly, Toll’s replacement occurred two years later as part of a broader cost reduction strategy from the Treasurer’s office, hinted at in discussions among board members. I’m currently reaching out to the North Carolina treasurer’s office for clarification on this matter.
After leaving the retirement system, Toll worked at Prudential Retirement, though his role became “excluded” after the company was acquired. Prior to his leadership in North Carolina, he had nearly three decades of experience in retirement benefits with Nationwide Insurance.
Controversy Surrounds New Hire
Toll’s appointment comes amid a backdrop of controversy, as the STRS Board Chair and a former member have faced allegations tied to a significant corruption scheme involving $65 billion. Chairman Rudy Fictenbaum has denied all accusations and claims that some government Republicans are obstructing transparency for retired educators.
In light of the intense scrutiny Ohio has faced over the past 18 months, Toll views this as a chance to step into a leadership role and rebuild trust with stakeholders, educators, and lawmakers. There are, however, opposing viewpoints within the STRS community; some members advocate for reform while others prefer to maintain the current management of their funds.
Interestingly, reform-minded individuals are pushing for a shift to index funding, while those favoring the status quo advocate a more proactive approach. The recent board elections have seen reform advocates gain the majority.
Ultimately, the board’s vote regarding Toll was quite narrow—6-5 against him, with current acting member Ed Aaron Hood receiving notice at the same meeting.
This situation certainly brings to light various facets of the ongoing issues, from educator perspectives to legislative responses and conflicts of interest. There’s quite a lot happening, and it’s important to stay engaged.
