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A report presented to the Ohio Retirement Study Council on May 12 indicated that OP&F's investment performance ranks favorably compared with the state's other public systems and with similar funds nationwide, both in the short term and over the past decade.
The study by the actuarial and consulting firm Milliman USA looked at the performance and benchmarks of Ohio's retirement systems based on five time periods: the last quarter of 2003, the last half of 2003, all of 2003, the past three years, and the past five years. Of these five categories, OP&F ranked first or second in four when compared to Ohio's other retirement systems. In the five�year period, the OP&F portfolio grew at a 4.03 percent rate, tops among Ohio's systems.
In looking at the OP&F portfolio in comparison with 165 federal, state and local funds of similar size, OP&F ranked in the top seven percent in performance in the last quarter of 2003, and the top eight percent in the last half of 2003. OP&F was in the top 12 percent for growth for the year.
The Milliman USA report stated: "In the longer term� only OP&F has outperformed the median over the five�year period (among Ohio retirement systems)."
The report also went on to say:
The conclusion of this independent review affirms that OP&F's prudent investment strategies result in a strong portfolio designed to meet the needs of our membership.
In a related item, OP&F's investment consultant Wilshire Associates reported that the Fund's portfolio earned a 32 percent return during the 12 months ending March 31, 2004.