BOARD APPROVES EXIT FROM GROUP-SPONSORED HEALTH CARE, TOWARD STIPEND
At its March 28 meeting the Ohio Police & Fire Pension Fund Board of Trustees
approved a motion that will end the group-sponsored health care plan and provide
retired members with a fixed cap stipend amount to use toward health care.
Implementation is targeted for Jan. 1, 2019.No details of the new health
care strategy were approved, but staff and consultants will be working to
provide Trustees with options in the coming months. OP&F is committed to
assisting retired members with finding an appropriate health care plan for both
Medicare-eligible and non-Medicare eligible populations. The stipend amount is
also to be determined. Different strategies have been discussed at
recent meetings, including the 2016 and 2017 Board of Trustee retreats. Both
actuarial and health care consultants delivered presentations to the Board
showing that without significant changes the funding for health care would be
exhausted in approximately 7-9 years. It has not been determined how long a
fixed cap stipend strategy would extend health care solvency or how long it
would continue to be paid.
OP&F's investment portfolio value:
Board of Trustees Committee Notes
(Motions approved by the Board are listed separately)
NEXT BOARD OF TRUSTEES MEETINGS: April 25-26, 2017
Copyright © 2017 Ohio Police & Fire Pension Fund.
All Rights Reserved.
140 East Town Street, Columbus OH 43215
Local: (614) 228-2975
Toll Free: 1-888-864-8363
M-F 8:00am - 4:30pm EST