COLUMBUS, Ohio — Herb Dyer, executive director of the $42.4 billion State Teachers' Retirement System of Ohio, is facing mounting pressure from legislators and retirees to resign.
In an interview, 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.
He said the system is well run. Its assets have grown by $18 billion in 10 years, and it saves STRS members money by managing 80% of the assets in-house.
Nevertheless, 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. Mr. Schuring is also a member of the Ohio Retirement Study Council, which reviews how Ohio's pension funds operate and submits reports to the Legislature and the governor.