Board of Trustees News

Board approves premiums, expenses for Tricare insurance for stipend use

In another move to make retiree health care stipends more useful, the OP&F Board approved Tricare as an allowable expense for reimbursement. Tricare is the health care program for current and former uniformed military members. Beginning with the 2020 plan year, premiums and other allowable health care expenses can be reimbursed to OP&F members who participate in the retiree health care plan.

Aon again hosting health care meetings in September

OP&F’s health care partner, Aon Retiree Health Solutions, will be hosting a series of health care meetings around the state in September. This year, the sessions will be split between Medicare retirees and pre-65 retirees in order to help differentiate information intended for each group. Retirees can register to attend the meetings on the Aon website.

PORTFOLIO UPDATE

OP&F’s investment portfolio value:
Current value (8/27/19): $15.5 billion
End of July value:     $15.8 billion
End of June value: $15.8 billion

Board of Trustees Committee Notes
(Motions voted on by the Board are listed separately)

  • DISABILITY: In addition to the scheduled hearings and appeals, the Committee reviewed the results of the Disability Exam Satisfaction Survey for the first half of 2019. The Committee also received the Disability Experience Report for the 2nd quarter of 2019.
  • FINANCE: The Committee reviewed the 2nd quarter 2019 Budget-to-Actual Report, the Review Status of Past Due Employers, and the 2nd Quarter 2019 Travel Expense Reports during the meeting.
  • BENEFITS: The Committee received and discussed the 2nd quarter Deferred Retirement Option Plan Experience Report and also had a discussion with communications consultants on the use of social media and an upcoming planned survey of retirees on health care.
  • GOVERNMENTAL AFFAIRS/POLICY: OP&F’s legislative consultant discussed potential legislative items with the Committee, including disability experts and the potential of staggered trustee elections.
  • INVESTMENT:In addition to the monthly portfolio performance update, the Board received performance review reports on the Real Assets and Real Estate portfolios for the periods ended March 31, 2019. The Investment Performance Report for periods ended June 30, 2019 was also reviewed. The Private Investments Audit Report was also provided to the Board.
  • HEALTH CARE: Representatives from Aon provided information on the changes for 2020 with the open HRA, discussed the issue resolution process and adding Tricare as an eligible stipend expense.

Motions:

At its August 2019 meeting, the OP&F Board of Trustees approved the following motions:

  • At its August 2019 meeting, the OP&F Board of Trustees approved the following motions: Approved Townsend’s recommendation to commit up to $80 million to Brookfield Infrastructure Fund IV. Motion passed by unanimous vote (Investment Committee).
  • Approved Townsend’s recommendation to rebalance exposures within the Strategic and Tactical Real Estate portfolios. Motion passed by unanimous vote (Investment Committee).
  • Approved staff’s investment manager rating recommendations for Macquarie Investment Management, Harvest Capital Advisors, Salient Partners, Tortoise Capital Advisors and the MacKay Shields Opportunistic mandate. Motion passed by unanimous vote (Investment Committee).
  • Approved staff’s rating recommendations for OP&F’s private markets managers. Motion passed by unanimous vote (Investment Committee).
  • Approved conducting a survey of Medicare and pre-Medicare members. Motion passed by unanimous vote (Benefits Committee).
  • Approved the Committee recommendations for the initial determination of disability for the members as identified in the initial determination hearings list presented to the Board on Aug. 28, 2019. Motion passed by unanimous vote (Disability Committee).
  • Approved the Committee recommendations for appeal hearings for the members identified in the appeals list presented to the Board on Aug. 28, 2019. Motion passed by unanimous vote (Disability Committee).
  • Approved the Committee recommendation for Death Fund benefits for the members identified. Motion passed by unanimous vote (Disability Committee).
  • Approved the Committee recommendation to waive mandatory medical evaluation and filing of annual earnings statements for future years for the members identified in the disability reporting waivers list presented to the Board on Aug. 28, 2019. Motion passed by unanimous vote (Disability Committee).
  • Approved the use of health care stipend funds for premiums and expenses related to Tricare insurance benefits. Motion passed by unanimous vote (Health Care Committee).

    NEXT BOARD OF TRUSTEES MEETINGS: Sept. 24-25, 2019

    Posted 9/27/2019


product 1

Monthly Board Report

Board of Trustee Elections

In 2020, OP&F will hold elections for three positions on the Board of Trustees; a retired police representative, an active police representative and an active fire representative.

Board and Committee Meetings

OP&F encourages you to come to our monthly board meetings. Board agendas and minutes can be viewed by clicking the link below.

Board Members and Committee Assignments

Please click the links below to view Committee Assignments and Board Members.