Board of Trustees News

OP&F benefits contribute $1.8 billion to Ohio’s economy, 14,422 jobs in 2018

The economic impact of OP&F totaled more than $1.8 billion, supporting more than 14,000 jobs in 2018, according to a recently completed study.

The study, conducted by the University of Cincinnati Economic Center and commissioned by OP&F, shows that defined benefit retirement plans like OP&F are of value not only to its members, but also to the overall economy of Ohio.

In 2018, OP&F activity resulted in more than $1.832 billion in total economic output in Ohio and supported 14,322 jobs across the state. The jobs created had an average annual income of nearly $43,000. The study is available here.

Trustee election materials available on Monday, Feb. 3

Election materials for members interested in running for a seat on the OP&F Board of Trustees will be available on Monday, Feb. 3 at op-f.org and at OP&F headquarters at 140 E. Town Street in Columbus. Election materials include nominating petitions, a certificate of eligibility, election rules and other required forms for candidates.

OP&F members will elect an active police representative, an active fire representative and a retired police representative to the Board of Trustees during elections this spring. Eligible members who intend to run for a position on the Board of Trustees must submit all required forms and information to OP&F no later than 4 p.m. on April 6. Ballots will be mailed in early May and the election results announced by May 27. The new term for the trustees will begin June 1.

OP&F members will elect an active police representative, an active fire representative and a retired police representative to the Board of Trustees during elections this spring. Eligible members who intend to run for a position on the Board of Trustees must submit all required forms and information to OP&F no later than 4 p.m. on April 6. Ballots will be mailed in early May and the election results announced by May 27. The new term for the trustees will begin June 1.

PORTFOLIO UPDATE

OP&F’s investment portfolio value:

  • Current value (1/21/20): $16.42 billion
  • End of December value: $16.16 billion
  • End of November value: $16.03 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 4th Quarter Disability Experience Report for 2019 and the 2019 Annual Disability Experience Report by Employer.
  • ADMINISTRATION/AUDIT: The Committee reviewed the 2019 Ohio Retirement Study Council Audit Report and OP&F’s Risk Management Policy. The Committee also reviewed the 2020 trustee election materials.
  • GOVERNMENTAL AFFAIRS AND POLICY: OP&F’s legislative consultant briefed the trustees on news and potential legislation at the Statehouse and discussed possible future legislation concerning OP&F. There was also discussion concerning the classification of members in Maumee and Apple Creek and the associated contributions of these members.
  • BENEFITS: The Benefits Committee reviewed the 4th Quarter 2019 Deferred Retirement Option Plan Experience Report.
  • HEALTH CARE: The Committee received a presentation from representatives of AFLAC and Boston Mutual Insurance on their available products for OP&F members. Additionally, representatives from Aon attended the meeting and presented a recap of the open enrollment season and 2019 HRA statistics.
  • INVESTMENT: Staff discussed the monthly portfolio performance update and significant cash movements. The Committee also received and discussed the Private Markets Review.

Motions:

At its January 2020 meeting, the OP&F Board of Trustees approved the following motions:

  • Approved Townsend’s recommended 2020 Real Estate Investment Plan. Motion passed by unanimous vote (Investment Committee).
  • Approved Townsend’s recommended 2020 Real Assets Investment Plan. Motion passed by unanimous vote (Investment Committee).
  • Approved staff’s and Wilshire’s recommended 2020 Private Markets Investment Plan. Motion passed by unanimous vote (Investment Committee).
  • Approved staff’s and TorreyCove’s recommendation to commit up to $20 million to MBK Partners Fund V, L.P. Motion passed a vote of 7-1 (Investment Committee).
  • Approved staff’s and Wilshire’s investment manager rating recommendations for Franklin Templeton. 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. 22, 2020. Motion passed by unanimous vote (Disability Committee).
  • Approved the Committee recommendations for the initial determination of disability for the member identified in initial determination hearings list 1(b) presented to the Board on Jan. 22, 2020. Motion passed by unanimous vote (Disability Committee).
  • Approved the Committee recommendations for appeal hearings for the member identified in the appeals list presented to the Board on Jan. 22, 2020. Motion passed by unanimous vote (Disability Committee).
  • Approved the Committee recommendations 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. 22, 2020. Motion passed by unanimous vote (Disability Committee).
  • Approved the 2019 Disability Experience Report by Employer and authorized staff to forward the report to the appropriate public offices. Motion passed by unanimous vote (Disability Committee).
  • Approved the Administrative Rules outlined in staff’s memorandum dated Jan. 21, 2020 and authorizes the required filing of the rules with the proper agencies. Motion passed by unanimous vote (Benefits Committee).
  • Adopted the 2019 Annual Audit Report for the Ohio Retirement Study Council. Motion passed by unanimous vote (Administration/Audit Committee).
  • Adopted the Risk Management Policy effective Jan. 21, 2020. Motion passed by unanimous vote (Administration/Audit Committee).
  • Approved the Notices of Election, the Nominating Petitions, and Certificates of Eligibility for the upcoming elections of the police employee, firefighter employee and police retiree members of OP&F’s Board of Trustees, which are in the form attached to staff’s memorandum dated Jan. 22, 2020. Motion passed by unanimous vote (Administration/Audit Committee).
  • Approved the Administration/Audit Committee’s trustee travel recommendations presented on Jan. 21, 2020. Motion passed by unanimous vote (Administration/Audit Committee).

NEXT BOARD OF TRUSTEES MEETINGS: Feb. 25-26, 2020

Posted 2/12/2020


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.