Herb Dyer, executive director of the State Teachers' Retirement System of Ohio, Columbus, is facing mounting pressure from legislators and retirees to resign.
Mr. Dyer, who has been executive director of the retirement system since 1993, said he is saddened and disappointed by the criticism but has no plans to step down and has done nothing for which he feels the need to apologize.
Ohio state Sen. J. Kirk Schuring, R-Canton, said a bipartisan group of 106 of the 132 members of the Ohio Legislature publicly called on Mr. Dyer to leave.
The legislators are angry about what they call the pension fund's free-spending ways at a time its assets have declined 28% in three years, and retirees face higher contributions and health-care costs.
The pension fund had $42.4 billion as of March 31, down from a high of $58.7 billion on Aug. 31, 2000.
Mr. Schuring said he would continue to push for Mr. Dyer to resign or be fired, and plans a rally at the fund's Aug. 15 board meeting "if he's not gone by then."
