Board of Trustees News

RETIREE HEALTH CARE TRANSITION PROGRESSES, BOARD CONSIDERING MEMBER FEEDBACK FOR 2020

Trustees and staff of the Ohio Police & Fire Pension Fund listened to concerns from members about retiree health care changes during the public comment portion of the trustee meeting on Jan. 23. Advisors from Aon, OP&F’s health care partner, were also in attendance to assist individuals with questions. Answers for the questions have been posted in the news section of op-f.org. The Board will be taking feedback from members under consideration for the 2020 plan year.

Despite the concerns of some members, the transition to the new health care model for retirees has been successful. Through Jan. 29, Aon had paid nearly $4.0 million in claims (approximately 21,000 separate claims). Both OP&F and Aon continue to work with members having difficulty accessing their Health Reimbursement Accounts. OP&F’s self-insured group health care plan ended Dec. 31. The change from the group plan for retirees to the stipend model extends 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 (1/22/19): $15.0 billion
End of December value: $14.6 billion
  End of November 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 the new Ohio General Assembly and House and Senate leadership positions during the report from OP&F’s legislative consultant.
  • INVESTMENT: In addition to the monthly portfolio performance update, the Board reviewed the real estate and real assets performance reports for the periods ended Sept. 30, 2018. Staff also presented the Private Markets Program Review for discussion.
  • DISABILITY: Staff presented to the Committee the fourth quarter 2018 Disability Experience Report for review.
  • BENEFITS: Staff presented the 4th quarter Deferred Retirement Option Plan Experience Report for discussion.
  • ADMINISTRATION/AUDIT: The Committee received the Business and Technology Solutions Department update on ongoing projects. Also received was the Internal Audit Status Report. The chief audit executive attested to the independence and objectivity of internal audit and explained there were no impairments or scope limitations that needed to be disclosed.
  • HEALTH CARE: Representatives from Aon provided an update on the 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 January 2019 meeting, the OP&F Board of Trustees approved the following motions:

  • Approved the 2019 Private Markets Investment Plan. Motion passed by unanimous vote (Investment Committee).
  • Approved staff’s and Wilshire’s recommended changes to the MLP Benchmark. 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 Jan 23 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 Jan. 23, 2019. Motion passed by unanimous vote (Disability Committee).
  • Approved the 2018 Employer Disability Experience Report in the form presented on Jan. 23, 2019, and authorized staff to forward the report to the appropriate public officials. Motion passed by unanimous vote (Disability Committee).
  • Approved the Administrative Rules outlined in staff’s memorandum dated Jan. 22, 2019, and authorized the required filing of the Rules with the proper agencies. Motion passed by unanimous vote (Benefit Committee).
  • Approved the adoption of the 2018 Annual Audit Report for the Ohio Retirement Study Council effective Jan. 22, 2019. Motion passed by unanimous vote (Administration/Audit Committee).
  • Approved the Internal Audit Charter as presented on Jan. 22, 2019. Motion passed by unanimous vote (Administration/Audit Committee).
  • Adopted the Risk Management Policy as presented on Jan. 22, 2019. Motion passed by unanimous vote (Administration/Audit Committee).
  • Adopted the 2019 Internal Audit Plan as presented on Jan. 22, 2019. Motion passed by unanimous vote (Administration/Audit Committee).
  • Approved the trustee travel recommendation as presented on Jan. 22, 2019. Motion passed by unanimous vote (Administration/Audit Committee).

    NEXT BOARD OF TRUSTEES MEETINGS FEB. 26-27, 2019

    Posted 2/1/2019


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