Board Report, April 2024

Alight examines health care stipend rate for 2025 plan year

An actuarial analysis by OP&F’s health care partner, Alight Retiree Health Solutions, shows that the current health care stipend levels available to OP&F retirees remains appropriate for the 2025 plan year. Alight also explained that in 2025, those enrolled in the Medicare Part D prescription drug plan will now have a $2,000 annual out-of-pocket maximum.

Federal support, coupled with certain drug subsidies, will assist both Medicare eligible and pre-Medicare members with expenses for next year. OP&F’s partnership with Alight has been extremely successful in preserving health care dollars for those who are retired as well as for those close to retirement.

Deal, Drum uncontested in active fire, retired police elections

While three seats on the OP&F Board of Trustees are eligible for re-election this spring, two incumbent members of the Board are uncontested and will begin new four-year terms in June.

John Deal (Cincinnati Fire) will continue to represent active firefighters and serve his second term on the Board. Mark Drum (Delaware Police, retired) will again be retired police representative to the Board and also serve his second term.

Active police election includes candidates from Parma Heights, Akron

Two candidates will vie for the open Board of Trustee position for an active police officer in this spring’s election. Tanya Czack from Parma Heights and Clay Cozart from Akron will be the candidates. Ballots will be mailed in early May to eligible active police members with the election results announced by May 29. The four year term for the election winner will begin June 3.

Czack serves as the chief of police for Parma Heights and is currently vice chair of the OP&F Board of Trustees. Czack has been a sworn officer since 1999 and is a certified instructor with the Ohio Peace Officer’s Training Academy. She was first elected to the Board in 2020.

Cozart has been with the Akron Police Department for 28 years and currently serves as a detective. He has been on the Fraternal Order of Police Akron Lodge 7 executive board for 20 years, including four years as president.

OP&F headquarters among regional building of the year winners

OP&F headquarters at 140 East Town Street was announced as one of the North Central Region of the Building Owners and Managers Association (BOMA) International six commercial properties that have won the regional competition for The Outstanding Building of the Year (TOBY) Award. The North Central Region includes Illinois, Indiana, Kentucky, Michigan, and Ohio. OP&F headquarters at 140 East Town Street won in the 100,000 to 249,999 Square Feet category.

PORTFOLIO UPDATE

Board of Trustees Committee Notes

(Motions voted on by the Board are listed separately)

DISABILITY: The Committee conducted its scheduled reviews and hearings.

INVESTMENT: In addition to a review of the portfolio value and year-to-date performance, staff provided the Semi-Annual Proxy Voting Reports for periods ending Dec. 31, 2023.

HEALTH CARE: OP&F health care partner, Alight, presented the 2023 Health Care Plan Year in review. Staff provided the 2023 Ohio Retirement Study Council Health Care Report and the fourth quarter Health Care Stabilization Fund Report to the Board for their review.

Motions:

At its April 2024 meeting, the OP&F Board of Trustees approved the following motions:

• Approved 14 Initial Determinations of Disability and two Reconsideration Hearings.
• Approved nine Appeal Hearings.
• Approved five Death Benefit Fund applications.
• Approved the Disability Reporting Waivers list.
• Approved a member’s request for a pre-employment physical be accepted and they be entitled to statutory presumptions.
• Approved a request from a member to be granted a stipend payment for 2023.



NEXT BOARD OF TRUSTEES MEETINGS: June 18-19, 2024