FUNDING RECOMMENDATIONS DELIVERED, OP&F
OP&F was the first of the five Ohio public retirement systems to present long-term funding recommendations to the Ohio Retirement Study Council (ORSC) on September 9, spelling out its Board-approved plan to meet the state’s 30-year funding standard. Many significant portions of OP&F’s plan require legislative action before they can be implemented. OP&F continues to communicate with members of the ORSC and the Ohio General Assembly on specifics of the recommendations.
ANNUAL CHANGE PERIOD FOR HEALTH CARE BEGINS OCT.1
UnitedHealthcare hosted the first of 11 Annual Change Period open houses on October 1 in Toledo. The open houses are designed to assist members by answering questions related to the health care plan sponsored by OP&F and assist members in completing the Annual Change Period form. Representatives from UnitedHealthcare, AARP along with a representative from OP&F will attend each of the open houses. Information for 2010 was mailed by UnitedHealthcare in September to OP&F members either eligible or enrolled in the plan. The 2010 Annual Change Period ends Oct. 31.
Board of Trustee Committee Notes
(Actions approved by the Board are listed separately)
The Committee received the Information Services update on ongoing OP&F projects and also discussed the 2010 Trustee elections and voting options. The Internal Audit update included a discussion of the transition of duties from the former to the current Internal Auditor and the ongoing CODA financial systems upgrade project. The Committee also discussed and reviewed how other Ohio retirement systems rules on public comment by members at Board of Trustees meetings.
In addition to the scheduled disability hearings and reviews, the Committee discussed the Designation of Agent form and recommended revisions to the form. The Committee received an update on the Annual Earnings Statement mailings and responses and reviewed a list of pending and future assignments for the Committee.
HEALTH CARE: The Committee/Board of Trustees reviewed and discussed information that projected the impact of DROP members retiring in 2011 on the Health Care Stabilization Fund. Staff also confirmed to the Committee that letters are sent to members in DROP who are approaching the eight year maximum for participation. The letters are sent six months, three months and one month prior to the maximum participation date. The Committee also discussed information on the year-to-year roll-over of unused dental benefits and asked that this information be available to members at the UnitedHealthcare open houses in October.
BENEFITS: The Benefits Committee discussed the effects of lay-offs to the Deferred Retirement Option Plan (DROP) and the effect of a member’s last day on active payroll on a member’s DROP account. Staff will provide an updated lay-off list and determine how many DROP participants withdraw money in a one-time lump sum and how many take a series of distributions.
In addition to the monthly portfolio update, the Committee/Board reviewed the 2nd Quarter Real Estate Performance report, the 2nd Quarter Net of Fees Performance report and the Semi-Annual Proxy Voting Report.
At its September 2009 meeting, the OP&F Board of Trustees passed the
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