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The Ohio Police and Fire Pension Fund (OP&F) was created by the Ohio General
Assembly in 1965, replacing 454 separate local police and firemen's relief and pension
funds in Ohio. The statewide Fund began operating January 1, 1967. On that date,
the local pension funds transferred their assets and liabilities to the OP&F.Assets transferred to OP&F were approximately $75 million. The OP&F actuary
computed the liabilities accrued up to 1966 at about $490 million. The employers
are paying unfunded obligations totaling over $415 million over a 67-year period,
which began in 1969. All municipalities are meeting their obligations to OP&F
and employer accrued liability payments are received semi-annually.
OP&F members include more than 28,000 active police officers and
firefighters, more than 18,000 retired members and nearly 8,000
beneficiaries and survivors.
The legislative act creating OP&F has been held constitutional, as has the provision
establishing and requiring payment of the employer accrued liability. The pension
plan is designed to provide reasonable income to plan participants and their beneficiaries
when they need it most—when they stop working, become disabled, or in the event
of death before or after retirement.
Ten percent of plan participants' earnings are invested in the plan. The participants'
employers contribute the appropriate percent of payroll necessary to fund current
service costs. This is in addition to the more than $20 million annual contributions
for past service liability (accrued prior to 1967) made by employers.
Money deducted from participants' salaries is placed in their own separate accounts
much like a savings bank. Each month as the employers' reports of employee contributions
arrives, participants' contributions are posted to their respective accounts.
We have come a long way since 1967 in establishing a financially sound pension fund,
which now operates on an actuarial reserve basis. Recent legislative enactments
have resulted in improved benefits, including a
Deferred Retirement Option Plan (DROP).
Copyright © 2015 Ohio Police & Fire Pension Fund. All Rights Reserved.
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