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COLUMBUS, Ohio � The Ohio Police & Fire Pension Fund (OP&F) reports that Milliman USA Consultants and Actuaries confirmed the fund has a sound financial base and is in position to meet all mandated obligations to its membership. Information included in a report from Milliman USA to the Ohio Retirement Study Council was previously misinterpreted, bringing into question the funding levels of OP&F and Ohio's four other public pension systems.
In a letter to the Ohio Retirement Study Council dated February 13, 2004, Milliman USA states: �Our reports confirmed that all of the retirement systems remain financially secure to pay all mandated pension benefits when they become due well into the future.� The letter also states that the actuarial reports prepared by Milliman USA were �misinterpreted, causing some to question the continued soundness of the systems.�
�While we were discouraged that information contained in the Milliman report was misinterpreted, we are thankful to have the opportunity to set the record straight about our financial stability,� said OP&F Executive Director William J. Estabrook. �We want to reassure our membership and retirees that the report sent to the Retirement Study Council indicates that we are in good standing, financially sound and prepared to honor our responsibilities.�
The Milliman USA report shows OP&F gained 22.9 percent in 2003. The fund's value was $8.8 billion at the end of 2003. This gain was 14.65 percent over the actuarial benchmark of 8.25 percent per year. Ohio law requires that deficits created due to market downturns must be paid off in 30 years. As of January 28 the fund's value has climbed to $9.03 billion, significantly reducing losses incurred during the downturn in investment markets from 2000-2002. The Fund reached a peak value of $9.4 billion in March 2000.
Created in 1965 as a result of an act passed by the Ohio General Assembly, OP&F is a multi-employer pension fund serving over 50,000 members. External advisors manage all of OP&F's asset classes. OP&F's target asset allocation is 48% to U.S. Equity, 20% to non-U.S. Equity, 18% to Core Bonds, 8% to Real Estate, 5% to High Yield Bonds, and 1% to Private Equity.
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