OP&F�s trustee elections have concluded and Edward Montgomery (Columbus police) has been elected to his first full term as a trustee representing active police officers. Montgomery, along with William Gallagher (Cleveland police, retired) and Lawrence Petrick (Shaker Heights fire), will each begin new terms commencing June 2, 2008. Gallagher has represented retired police officers by serving on the Board since 1998, and also from 1993-95. Petrick represents active firefighters and has been a member of the Board since 2003 and most recently served as the Board Chair for the past
two years.

Harrell to serve as Board Chair beginning with June meeting

After serving as Chair Elect for the past year, Trustee Kathy Harrell (Cincinnati police) will become Chair of the OP&F Board of Trustees in June. Harrell was appointed to the OP&F Board in September 2006, and was elected to a four-year term in 2007. Harrell has been with the Cincinnati Police Department since 1987.

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

The Administration/Audit Committee listened to updates on several Information Services projects, including Vitech, the reclassification of imaged documents, day-forward imaging operation, electronic records management and the status of the off-site facility request for proposal . The Internal Auditor report included updates on audits of OP&F�s real estate consultant, the Member Services Department�s Pensions Contributions Group and an audit of the overpayment of benefits.

In addition to the scheduled disability hearings and reviews, the Disability Committee discussed an analysis of Initial Determination Hearings that have been upheld upon appeal from 1999-2007. The Committee and OP&F�s vocational expert also discussed the types of non-disabling conditions that comprise the whole person impairment percentages in recent months.

The OP&F Health Care Committee/Board of Trustees reviewed the 1st Quarter Health Care Stabilization Fund report and heard additional updates from representatives of UnitedHealthcare regarding the status of enrollment and upgrades to UHC�s customer service operation.

In addition to reviewing several administrative rules, OP&F�s Benefits Committee discussed the progress made on the service credit audit project for the City of Cincinnati.

The OP&F Finance Committee discussed the 1st Quarter 2008 Budget-to-Actual Report and the 1st Quarter 2008 Travel Expense Report. The Committee also discussed the status of past due employer contributions.

In addition to the monthly portfolio update, the OP&F Investment Committee/Board of Trustees heard a presentation from Chicago Equity Partners. The Committee/Board also heard and discussed a presentation from OP&F�s investment consultant on home country bias and reviewed the 1st Quarter 2008 portfolio performance. The Committee/Board also received the Manager Compliance Report, Manager Contribution Report and the Manager Fee Report.

Motions Approved:

At its May 29, 2008 meeting, the OP&F Board of Trustees passed the following motions:

Accepted the rating recommendations of staff for State Street Global Advisors, INTECH and Western Asset Management, as outlined in staff�s memos to the Board dated May 28, 2008 (Investment Committee).

Accepted the rating recommendations of Townsend for the commingled fund managers, as outlined in Townsend�s memo to the Board dated May 28, 2008 (Investment Committee).

Accepted Townsend�s recommendations to invest $25 million in Walton Street Fund VI upon the terms outlined in consultant�s memo to the Board dated May 28, 2008 and such other terms favorable or protective to OP&F, as determined by the Executive Director (Investment Committee).

Approved the awards for the Initial Determination Hearings (IDH) for 19 members as identified in the IDH list presented to the Board on May 27, 2008. Member #6, #8, #13 and #16 are postponed for re-examination, and disability benefits are denied for member #11 (Disability Committee).

Approved the awards for the appeal hearings for the three members identified in the disability appeals list presented to the Board on May 27, 2008. In the disability appeals termination list presented to the Board on May 27, 2008, no change is made in the grant for the members identified as member #1 and #3. Member #2 is postponed at the member�s request, member #5 is postponed for additional information and the Board reinstated disability benefits effective April 23, 2008 for the member identified as member #1 (Disability Committee).

Approved the determination for reconsideration hearings for the members identified (Disability Committee).

Approved the awards for the Death Benefit Fund for applicants identified (Disability Committee).

Waived the mandatory medical evaluation and filing of annual earnings statements for future years for those members identified in the disability reporting waivers list presented to the Board on May 27, 2008 (Disability Committee).

Approved the Rules outlined in staff�s memorandum dated May 27, 2008, authorizes such other technical revisions to the Rule as are deemed necessary and appropriate by OP&F�s General Counsel, and authorizes the required filing of the Rule with the proper agencies (Benefits Committee).

Waived the provisions of Administrative Rule 742-5-08, Service credit purchases by payroll deduction, for the reasons outlined in staff�s memorandum dated May 27, 2008 (Benefits Committee).

Authorized the Chief Financial Officer to immediately certify past due balances due OP&F from those employers as discussed with the Finance Committee on May 28, 2008 with the appropriate county auditors (Finance Committee).

Approved the changes to Administrative Rule 742-3-16, Survivor Benefits, and Administrative Rule 742-20-01, Withholding Limits on Recovery of Funds, in the firm presented to the Board on May 28, 2008, authorizes such other technical revisions to the Rule as are deemed necessary and appropriate by OP&F�s General Counsel, and authorizes the required filing of the Rule with the proper agencies (Finance Committee).