STRS Ohio is governed by a Retirement Board consisting of five elected contributing teacher members; two elected retired teacher members; an investment expert appointed by the governor; an investment expert appointed jointly by the speaker of the House and the Senate president; an investment expert designated by the treasurer of state; and the superintendent of public instruction or his designated investment expert.

Contributing members are elected to a four-year term by members of the retirement system. Retired teacher members are elected to a four-year term by retirees receiving benefits from STRS Ohio.

Board members serve without compensation other than actual, necessary expenses.