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OP&F Board of Trustees Chairman Robert Beck released the following statement on September 30, 2003:
"As evidenced by the recent self-review (attached) completed at the request of Ohio Auditor Betty Montgomery, there is much good news at OP&F. Collectively we have a lot that we can be proud of, including achievements such as:
At the same time, newspapers in Ohio have raised questions regarding travel and trustee expense policies at OP&F. With all five state retirement systems under the microscope right now, your Board is taking a hard look at how to continue OP&F's successes while also making improvements that ensure the Fund continues to be well-managed and positioned for growth.
At this month's Board of Trustees meeting, the Board's Administrative Committee chaired by Trustee Ken Gehring reviewed the current trustee policies. Our challenge is to ensure the amount spent on travel and expenses is reasonable while also recognizing the ongoing need for Board members to continue their hard work to be well educated in financial matters-a duty that is both mandated by our Board Governance Policy, as well as expected by our members. As a result of discussions in that committee meeting, the Board voted to adopt a Wireless Cell Phone Procedure relating to our existing Cell Phone Policy. At our October meeting, the Board will reconvene to continue our discussions on Trustee travel and adopt a new Trustee Travel Policy.
As we work through these and other important issues, please be assured that your Board will continue to work tirelessly to make informed decisions that benefit the short- and long-term interests of OP&F and its entire membership."