Ed Montgomery, a 17-year veteran of the Columbus Division of Police, has been elected by the Board to fill the remainder of the term for the vacant active police member trustee position. Montgomery’s term will expire on June 1, 2008. Montgomery is the director of a task force of federal, state and local law enforcement agencies investigating mortgage fraud. In addition to his police work, Montgomery is an adjunct faculty member at Mount Vernon Nazarene University. He is a member of the Fraternal Order of Police, Capital City Lodge #9.

Next Board and Committee meetings scheduled for January 22-24, 2008
Dates for the Ohio Police & Fire Pension Fund (OP&F) Board of Trustee meetings in January will take place a week earlier than normal due to a conflict with the Ohio Forum on Public Retirement, an educational conference for trustees. The January meetings will be the week of the Martin Luther King, Jr. holiday, with Committee Meetings on Tuesday, January 22, and the Board meetings on Wednesday, January 23 and Thursday, January 24.

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

The OP&F Administration/Audit Committee received the Investment Managers’ Fees Audit, reviewed the 2008 trustee election materials and heard an Information Services update, which included the status of several on-going projects.
In addition to the scheduled disability hearings and reviews, the Disability Committee discussed the impact of mandatory medical evaluations on disability grants and asked for additional information, including relevant Attorney General opinions and case law. The Committee also reviewed proposed changes to the administrative rule on disability benefits procedures and the status of the annual earnings statements.
The OP&F Health Care Committee/Board of Trustees included discussions with representatives from UnitedHealthcare (UHC) on the health care plan transition and enrollment process. UHC has begun contacting individuals who have yet to enroll in the health care program to confirm their decisions for 2008.
OP&F’s Benefits Committee discussed the cost impact of OP&F paying interest on withdrawals. The Committee asked for a report indicating how many members withdrawing funds are vested and how many are not vested.
In addition to the monthly portfolio update, the OP&F Investment Committee/Board of Trustees received the 3rd Quarter Real Estate Performance Review, discussed the high yield manager guidelines, and discussed proposed changes to the OP&F Broker Policy and received the Manager 3rd Quarter Net of Fees Report.

Motions Approved:
At its December 19, 2007 meeting, the OP&F Board of Trustees passed the following motions:

Accepted staff’s recommendation to invest up to $20 million in the Montauk TriGuard Fund IV, L.P., upon the terms outlined in staff’s memorandum dated December 18, 2007, 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 identified on the IDH list presented to the Board on December 17, 2007. Member #5 is postponed for re-examination, member # 11 and #15 are postponed for further review, and disability benefits are denied for member #20 (Disability Committee).
Approved the awards for the Disability Appeal Hearings for the three members identified on the appeals list presented to the Board on December 18, 2007. No change was made for the member identified as member #5, and member #3 and #6 were postponed at the member’s request (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 December 17, 2007 (Disability Committee).
Approved the 2008 Annual Budget in the form submitted to the Board of Trustees on December 18, 2007 (Board of Trustees).
Authorized OP&F, as the Third Party Payor, to opt out of the proposed class action settlement relating to First DataBank and Medi-Span (Board of Trustees).
Approved the revised Notices of Election, the Official Nominating Petitions and Certificates of Eligibility for the upcoming elections of the police officer employee member, firefighter employee member and police retiree member of OP&F’s Board of Trustees, which are in the form attached to staff’s memorandum dated December 17, 2007, and presented to the Board on December 18, 2007 (Board of Trustees).
Approved the proposed changes to Administrative Rule 742-2-01, Board of Trustee Election Rules, outlined in staff’s memorandum dated December 17, 2007 and presented to the Board on December 18, 2007, and authorizes such other technical revisions to the rules as are deemed necessary and appropriate by OP&F’s General Counsel along with the required filing of the Rule with the proper agencies (Board of Trustees).
Accepted the changes to the Governance Policy in the form attached to staff’s memorandum dated December 17, 2007 (Board of Trustees).

Attachments

Comments from Chief Investment Officer