The most recent actuarial valuation of OP&F was a promising report and confirmed the Fund�s sound investment strategies and decisions. Mellon Consultants, OP&F�s actuarial consulting firm, presented the preliminary Jan. 1, 2004 Actuarial Valuation during the January Board meeting, and will deliver the final version of the study to the Ohio Retirement Study Council (ORSC) in February.
The report showed that OP&F�s funding ratio as of Jan. 1, 2004 stood at 86.3 percent, up from 82.6 percent the previous year. The unfunded accrued liability was nearly $400 million less than the Jan. 1, 2003 report.
The actuarial report from Mellon is designed to measure the market value of OP&F�s assets, the actuarial value of assets, and actuarial assumptions. Mellon�s report, along with an investment report from Evaluation Associates to the ORSC in November indicate the success of OP&F�s investment plan and decisions. As of Dec. 31, 2004, OP&F�s investment portfolio had reached an all-time high of $9.78 billion.
In February OP&F will mail election notices to police departments throughout the state outlining the election process to select an active police officer representative to the Board of Trustees. Notices are scheduled to be mailed Feb. 7, with postcards sent to all active police members Feb. 11.
Nominating petitions and a certificate of eligibility for those interested in running for the position are due to OP&F by 4 p.m. April 4. Ballots will be mailed to active police members May 2, and the election results announced at the May Board of Trustees meeting. The four-year tem will commence June 6, 2005.
To assist candidates with new provisions since the passing of Senate Bill 133, all candidates will receive an information packet from OP&F outlining the duties, responsibilities and requirements of Board members.
Clark, Schaefer, Hacket & Company has been selected as OP&F�s new external auditor.
The Ohio-based firm is from Springfield, and ranks as one of the top-50 largest CPA firms nationally.
They will perform audits of OP&F financials for a five-year period from 2003 thru 2007. The firm is expected to release OP&F�s 2003 audit in April, with the 2004 audit to be completed in June.
At its Jan. 26, 2005 meeting, the Ohio Police & Fire Board of Trustees approved the following motions:
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