The OP&F Board of Trustees convened in Columbus April 4-5 for its annual Board Retreat and reviewed a variety of topics and issues. In addition to its monthly meetings at OP&F headquarters, the Board meets annually for its retreat to discuss long-range planning goals and review specific processes.

Among the topics discussed were electronic direct deposit of member benefits, guidelines for Board chair eligibility and observations from OP&F�s actuarial consultant about the disability benefit program. The retreat also served as an educational resource, with sessions covering international real estate and asset allocation.

2008 trustee election update

Monday, April 7 at 4 p.m. was the deadline for submitting materials to run in the 2008 Board of Trustee Elections. Materials that were required by the deadline included a certificate of eligibility, completed nominating petitions and a photo to be used on ballots. The three positions on the OP&F Board that will be elected by their respective membership groups this spring include: the retired police representative (currently held by William Gallagher, Cleveland), one of two active police positions (currently held by Ed Montgomery, Columbus) and one of two active fire positions (currently held by Lawrence Petrick, Shaker Heights).

May Board meeting dates Due to the Memorial Day holiday, the May 2008 Board of Trustee meetings will take place on Wednesday, May 28 and Thursday May 29. Committee meetings will be held on Tuesday, May 27.

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

The OP&F Administration/Audit Committee listened to reports from the Internal Auditor on the Work-Group Process Study of the Pension Contributions area, the real estate consultant audit and the 2008 Calculations Audit Report. The Information Services update to the Committee included progress reports on the reclassification of imaged documents project, the day-forward imaging operation, the Vitech testing and project plan and electronic records management.

In addition to the scheduled disability hearings and reviews, the Disability Committee discussed the Board�s ability to reduce disability benefits and the Annual Earnings Statement process. The Committee also discussed changes to the Administrative Rule on Disability Benefits Procedures, which will be reviewed further at the April Committee meeting.

The OP&F Health Care Committee/Board of Trustees meeting included an update from UnitedHealthcare on AARP enrollment and other outstanding issues and concerns related to the transition to the new health care administrator. Additional discussion focused on specifics of the optional dental and vision plan available to eligible OP&F retirees and their dependents.

In addition to reviewing administrative rules pertaining to the Deferred Retirement Option Plan (DROP), the OP&F�s Benefits Committee was informed that the DROP cost neutrality report being prepared by OP&F�s actuary will be presented at the April Committee meeting.

In addition to the monthly portfolio update, the OP&F Investment Committee/Board of Trustees were presented with the 4th Quarter 2007 Real Estate Performance Review, the Semi-Annual Proxy Voting Report and the 2007 4th Quarter Net of Fees Report.

Motions Approved:

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

Accepted consultant�s recommendation to invest $16.5 million in Lone Star Fund VI, and $8.5 million in Lone Star Real Estate Fund, upon the terms outlined in consultant�s memo dated March 25, 2008, and such other terms favorable or protective to OP&F (Investment Committee).

Accepted the recommendation of staff to adopt the suggested changes, additions and revisions pertaining to the Proxy Voting Policy, as outlined in staff�s memorandum to the Board dated March 25, 2008, with the proposed amended Proxy Voting Policy to be presented to the Board for approval at a later time (Investment Committee).

Accepted the rating recommendation of staff for Mellon Capital, as outlined in Investment Staff�s memorandum to the Board dated March 25, 2008 (Investment Committee).

Accepted the recommendation of staff and consultant to lower the minimum counterparty credit ratings for Bridgewater from the ratings outlined in the Derivatives Policy Statement for the reasons outlined in staff�s memorandum dated March 25, 2008 and approved the amended investment manager guidelines for the Bridgewater global inflation-protected bond portfolio in the form presented to the Board on March 25, 2008 (Investment Committee).

Approved the awards for the Initial Determination Hearings (IDH) for 13 members identified on the IDH list presented to the Board on March 24, 2008. Member #1 is postponed for re-examination and disability benefits are denied for member #13 (Disability Committee).

Approved the awards for the Disability Appeal Hearings for the five members identified on the appeals list presented to the Board on March 25, 2008. Member #1 is postponed for further review (Disability Committee).

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

Denied the determination for Death Fund reconsideration for the members identified (Disability Committee).

Waived the mandatory medical evaluations and filing of annual earnings statements for future years for those disability recipients identified in the list presented to the Board on March 24, 2008 (Disability Committee).

Supported the adoption of Ohio House Bill 431, but with the proposed change outlined in staff�s memorandum dated March 25, 2008 (Disability Committee).

Approved the rules outlined in staff�s memorandum dated March 24, 2008 with no change being made for the reason outlined in staff�s memorandum and authorized the required filing of these rules with the proper agencies (Benefits Committee).