In a surprising development, William 'Bill' Neville, the former head of the Ohio retired teachers' pension fund, has been granted a staggering $1.65 million to step down from his role. Effective Dec. 1, 2024, Neville will no longer be associated with the State Teachers Retirement System (STRS) following a nearly unanimous decision by the board to finalize his departure. The only dissenting voice came from board member Wade Steen, who abstained from the vote.
Chaos at Ohio Teachers’ Pension Board
Acting Executive Director Lynn Hoover is set to shed light on the tumultuous events that have plagued STRS in recent months in an exclusive interview on News 5. Neville had been placed on administrative leave for close to a year while a law firm appointed by Attorney General Dave Yost probed allegations of misconduct, including violent outbursts and inappropriate language. While many claims were deemed unfounded, the investigation did reveal instances of raised voices on Neville's part.
Details of the agreement regarding Neville's compensation and benefits have surfaced, including a lump sum payment of $265,312.50 to be made immediately, followed by a second payment of $256,312.50 in 2025. Additional payments include $173,426 for accrued vacation time, $149,949 for unused sick time, and $54,000 for medical, dental, and vision insurance coverage. Moreover, Neville is entitled to two years of service credit through the Ohio Public Employees Retirement System (OPERS) valued at $760,000, pending approval from OPERS. Failure to oblige by STRS will render the contract null and void.
A joint statement issued by the board and Neville announced his retirement plans, with Neville expressing gratitude for his 20-year tenure at STRS and extending well wishes to Ohio's educators. The statement also lauded Neville's leadership and dedication to the pension fund and its members.
This significant development has raised ethical concerns and sparked discussions among pension fund members and stakeholders about the implications of such generous exit packages in the public sector.