From the Associated Press:
The National Education Association has taken over its troubled Indiana affiliate after problems with its insurance trust landed the teachers union in financial trouble and spurred investigations.
Indiana State Teachers Association President Nate Schnellenberger has sent an e-mail to members saying the NEA will have complete control of the state’s largest teachers union.
The NEA appointed trustee Edward Sullivan to run ISTA. Schnellenberger says Sullivan will try to keep ISTA running smoothly while exploring financial options for the union and making corrections as needed.
ISTA’s board requested the NEA trusteeship to ensure the union is financially viable, Schnellenberger said.
ISTA is working to untangle its insurance trust from millions of dollars in liabilities while the state and the FBI investigate whether fund managers did something more than make risky investments.
Sullivan is the recently retired executive director of the Massachusetts Teachers Association.
Details of the ISTA insurance trust meltdown were in Monday’s communiqué. I’ll have further news of the situation as it becomes available.