COLUMBUS, Ohio — Two members of the State Teachers Retirement System of Ohio board have been permanently removed from their positions after a Franklin County court ruled they breached their fiduciary duties to the state’s public educators.
Judge’s findings released Thursday determined that Wade Steen and Rudy Fichtenbaum engaged in conduct that violated their legal responsibilities to the pension fund’s half a million active and retired teachers. The court found the pair acted in a manner that jeopardized the financial security of the fund’s members and undermined public trust in the board’s governance.
Ohio Attorney General Dave Yost announced the ruling, saying both men have “forever forfeited” their right to serve on the STRS board or any other public retirement system’s governing body.
“The court’s decision affirms that fiduciary duty is not optional,” Yost said in a statement. “These individuals put personal or political interests ahead of the teachers and retirees they were sworn to protect.”
The case stemmed from an alleged scheme involving board strategies and investment decisions that critics said risked STRS’s long-term stability. While details of the court’s findings remain sealed pending final administrative processing, the ruling effectively ends Steen and Fichtenbaum’s involvement in state pension oversight.
STRS Ohio, which manages billions in assets for current and retired educators, has faced intense scrutiny in recent years over transparency, investment performance, and governance disputes. Thursday’s decision marks a turning point in ongoing efforts to restore confidence in the system’s leadership.
A spokesperson for STRS said the board “respects the court’s decision” and is “committed to ensuring the highest standards of fiduciary responsibility moving forward.”
It was not immediately clear whether Steen or Fichtenbaum plan to appeal the decision.