Ohio State Teachers Retirement System's board of trustees placed Executive Director William Neville on leave at its Nov. 17 meeting, pending a personnel-related investigation by an outside third party.
The $87.4 billion Columbus-based pension fund will name Lynn Hoover, deputy executive director-finance and chief financial officer, as acting executive director, said Dale Price, chairman of the board, in an emailed statement.
Price said in the statement that he was notified by the office of Ohio Attorney General Dave Yost of the matter that requires an investigation.
"STRS Ohio will continue its unwavering focus on Ohio's public educators and their families to protect their financial security. In her role as acting executive director, Ms. Hoover will ensure the seamless continuation of services and operations provided by the exceptional team at STRS Ohio and will protect the stability and integrity of the organization on behalf of all constituents and personnel," said Price.
He added the pension fund is cooperating fully with the investigators. A pension fund spokesman said Price's statement is the sole statement he has on this issue.