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Ohio teachers’ pension fund holds shares in failed bank

By Daniel Griffin,


COLUMBUS, Ohio (WCMH) – Financial documents show Ohio’s State Teachers Retirement System is among the investors in a California bank that collapsed on Friday.

The failure of Silicon Valley Bank forced the federal government to take extraordinary steps to assure depositors that they would be able to access all of their money.

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According to disclosures obtained by NBC 4, as of December, STRS owned 171,000 shares of SVB with a value of more than $39 million.

STRS has been under fire for months for what retirees said is a lack of investment transparency, as well as paying out $10 million in bonuses even as the retirement fund itself lost billions.

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