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Dear OP&F Members:
You may have recently read or heard reports concerning the Ohio Police & Fire Pension Fund�s (OP&F) long�term ability to fund retirement benefits. These accounts were prompted by a report to the Ohio Retirement Study Council (ORSC) by Milliman Global, an actuarial consultant.
All Ohio public pension funds are required to meet, or develop a plan to meet, a 30�year funding requirement. This funding condition requires systems to be able to pay all current and future obligations within a 30�year period. The Milliman report confirmed that OP&F does not currently meet this requirement.
You should know that this is not a new issue, and that the Board of Trustees has been working diligently toward a solution since late 2004. The Board will be considering formal recommendations within the next two to three months. In the meantime, it�s important for you to know two things:
Our concern now is to make the adjustments necessary to strengthen our long�term funding capabilities. Making these adjustments will include many difficult decisions. It may require increasing employer and member contributions, changing health care benefits and will involve legislative activity. For this reason, we have included a list of ORSC members on the back of this letter.
We want to assure you that the Board is considering every option in arriving at a sensible and practical solution and will keep you informed as these decisions are made. In the meantime, if you have questions please contact OP&F Customer Service at 800�860�9599.
Ken GehringChairman, Board of Trustees
William J. EstabrookExecutive Director