Board of Trustees News

RETIREE HEALTH CARE ENROLLMENTS EXCEED EXPECTATIONS FOR 2019

The enrollment periods have passed for OP&F retirees who signed up for health care plans under the new stipend model in place for 2019 and numbers exceeded expectations. More than 90 percent of Medicare-eligible OP&F retirees enrolled in a plan and approximately 60 percent of members who are not yet eligible for Medicare elected to enroll through the exchange managed by Aon Retiree Health Solutions. Aon projected a 50 percent enrollment rate for this group. Enrolled members will have a Health Reimbursement Account funded by stipends from OP&F to assist in paying premiums and other qualifying expenses.

OP&F’s self-insured group health care plan ends Dec. 31. The change from the group plan for retirees to the stipend model will extend OP&F’s ability to provide health care assistance to retirees from less than 10 years to approximately 15 years.

PORTFOLIO UPDATE

OP&F's investment portfolio value:

Current value (12/18/18): $14.7 billion
End of November value: $15.2 billion
  End of October value: $15.2 billion

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

  • GOVERNMENT AFFAIRS AND POLICY: The Committee heard updates on Statehouse leadership positions for the upcoming session of the General Assembly and the status of current legislation affecting OP&F.
  • INVESTMENT: In addition to the monthly portfolio performance update, the Board reviewed the Private Markets Report for the period ending Sept. 30, 2018 and received an update to their Private Equity and Private Credit Program Analysis for periods ending June 30, 2018.
  • DISABILITY: Staff presented to the Committee an update on the disability terminations and disability fraud activity. The Committee was also notified that no Annual Earnings Statements are outstanding.
  • FINANCE: The Committee reviewed the Government Accounting Standards Board Rule 75 report on internal controls and discussed the Employee Health Care Strategy Fund and building analysis.
  • HEALTH CARE: Representatives from Aon and eHealth provided an update on the Jan. 1, 2019 Health Care Transition and answered questions from trustees concerning the enrollment process, plan choices and next steps for both the Medicare and pre-Medicare retiree populations.

Motions:

At its December 2018 meeting, the OP&F Board of Trustees approved the following motions:

  • Approved TorreyCove’s recommendation to commit up to $40 million to Harvest VIII. Motion passed by unanimous vote (Investment Committee).
  • Approved Townsend’s recommendation to adopt the 2019 Real Estate Investment Plan. Motion passed by unanimous vote (Investment Committee).
  • Approved Townsend’s recommendation to adopt the 2019 Real Assets Investment Plan. Motion passed by unanimous vote (Investment 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 Dec. 19, 2018. Motion passed by unanimous vote with the exception of member #8, which passed 8-1 (Disability Committee).
  • Approved the Committee recommendations for appeal hearings for the members identified in the appeals list presented to the Board on Dec. 19, 2018. 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 Dec. 19, 2018. Motion passed by unanimous vote (Disability Committee).
  • Approved the Administrative Rules outlined in staff’s memorandum dated Dec. 18, 2018, and authorized the required filing of the Rules with the proper agencies. Motion passed by unanimous vote (Benefit Committee).

    NEXT BOARD OF TRUSTEES MEETINGS JAN. 22-23, 2019

    Posted 12/27/2018


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