Mary Beth Foley, formerly the Deputy Chief Legal Counsel for the Ohio Auditor of State, has been selected as General Counsel for the Ohio Police & Fire Pension Fund (OP&F). She assumed her new duties Dec. 2. “The Board of Trustees and I welcome Mary Beth to our staff,” said OP&F Executive Director William J. Estabrook. “As a trial lawyer with an extensive background in public service, along with her fiduciary experience, Mary Beth brings a unique perspective that will serve her well as OP&F’s General Counsel.”

Foley brings 17 years of experience in Ohio government to her new position, the past five with the Auditor of State and 12 years with the Ohio Attorney General’s office. As a part of her duties with the Auditor of State, Foley served as the Auditor’s Fiduciary Counsel and representative to Ohio’s five public retirement systems, including OP&F. She graduated cum laude from the University of Cincinnati and earned her Juris Doctor from Capital University Law School.

OP&F HOSTS SEMINARS FOR EMPLOYERS

Throughout November, OP&F conducted five training sessions for employers for the new Web-based payroll reporting feature available with the January 2009 payroll reports. The seminars were held in various locations around the state and representatives from 250 employers attended.

BOARD MEETINGS SCHEDULED FOR DECEMBER 15-17

The December 2008 Board of Trustees meetings will take place from Monday-Wednesday December 15-17. The meetings (usually held during the final week of each month) will take place early due to the Christmas and New Year’s holidays. Committee meetings will be held Monday, December 15, with the full Board meeting on Tuesday and Wednesday December 16-17.

Board of Trustee Committee Notes
(Actions approved by the Board are listed separately)

DISABILITY: In addition to the scheduled disability hearings and reviews, the Committee also reviewed the Report of Annual Medical Evaluations and Earnings Statement Waivers.
HEALTH CARE: The Committee/Board of Trustees discussed the latest Health Care Stabilization Fund quarterly report and also heard a report on the projected DROP termination impact on the Health Care Stabilization Fund. The Committee/Board also discussed ongoing issues with UnitedHealthcare and AARP.
BENEFITS: The Committee discussed the Medical Mutual incident where a CD went missing in the US Postal System and were informed that since they are no longer a provider for OP&F members, the exposure was minimal and OP&F has received very few calls regarding this situation.
INVESTMENT: In addition to the monthly portfolio update, the Committee/Board of Trustees heard a presentation on the 3rd Quarter Performance and the 3rd Quarter Manager Compliance Review. The Committee/Board also was presented with the Manager Contribution Report.
FINANCE: The Committee was presented and discussed the 2008 3rd Quarter Budget to Actual Report along with 3rd Quarter Budget transfers. The Committee also heard a report on past due employers. The Chief Financial Officer presented the 2009 Total Plan Assets, Capital Budget and Total Administrative Operating Budget to the Committee, and significant discussion followed.

Motions Approved
At its November 26, 2008 meeting, the OP&F Board of Trustees passed the following motions:

Accepted the rating recommendations of staff for Western Asset Management Enhanced Equity Portfolio and INTECH, as outlined in Investment staff’s memos to the Board dated November 25, 2008 (Investment Committee).
Accepted Townsend’s recommendation not to proceed with an investment in Walton Street Real Estate Fund VI at the current time, based upon the discussion with the Board by Staff on November 25, 2008 (Investment Committee)
Approved the awards for the initial determination of disability for the 14 members as identified in the list presented to the Board on November 24, 2008. Member #2 is postponed for re-examination (Disability Committee).
Approved the awards for the appeal hearings for the one member identified in the disability appeals list presented to the Board on November 25, 2008. No changes are made in the grants for the members identified as member #1 and #4, and disability benefits are denied for member #3 (Disability Committee).
Announced the determinations for the Death Fund Benefit for applicants identified (Disability Committee).
Waived the mandatory medical evaluation and filing of annual earnings statements for future years for the members identified in the disability reporting waivers list presented to the Board on November 24, 2008 in accordance with policy on Waiver of Earnings Statement and Medical Evaluations (Disability Committee).
Approved the Rules outlined in staff’s memorandum dated November 24, 2008, with no changes being made for the reason outlined in such memorandum, and authorizes the required filing of these Rules with the proper agencies (Benefits Committee)
Authorized the Chief Financial Officer to immediately certify past due balances due OP&F with the appropriate county auditor, as outlined in staff’s memorandum dated November 25, 2008 (Finance Committee).

Attachments

Comments from Chief Investment Officer