Board of Trustees News

Independent audit nearing successful completion

An independent audit firm is completing its review of OP&F’s financial statements and is expected to confirm that they accurately represent the financial positions of the system for the fiscal year ending on Dec. 31, 2018. Representatives of the accounting firm RSM attended the June 19 Board of Trustees meeting and reported that they expect the audit to conclude with an “unmodified opinion,” meaning that the overall review was successful. The opinion also will confirm that OP&F’s financial reports are in accordance with generally accepted accounting principles.

PORTFOLIO UPDATE

OP&F’s investment portfolio value:
Current value (6/18/19): $15.6 billion
End of May value:     $15.4 billion
End of April value: $15.8 billion

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

  • DISABILITY: There were no agenda items for the Committee other than the scheduled hearings
  • ADMINISTRATION/AUDIT: The Committee received an update on projects planned by the Business and Technology Solutions Department. The Committee was also provided with an overview of the role of the Internal Auditor position and were given the Summary of Internal Audit Activity Report through May 31.
  • BENEFITS The Committee discussed specifics of the retiree health care policy regarding specific COBRA coverages and staff answered eligibility questions from members of the Committee.
  • GOVERNMENTAL AFFAIRS/POLICY: OP&F’s legislative consultant updated the Committee on activities at the Ohio Statehouse, including a provision in the state budget that will update language that was not included in legislation passed in December.
  • INVESTMENT:In addition to the monthly portfolio performance update, the Board discussed strategies with representatives of the Townsend Group, OP&F’s real estate consultant.


Motions:

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

  • Approved staff’s and TorreyCove’s recommendation to commit up to $20 million to Veritas VII. Motion passed 6-0 with three abstentions (Investment Committee).
  • Approved Townsend’s recommendation to adopt the 2019 Real Estate Investment Plan: Mid-Year Update. Motion passed 7-0 with two abstentions (Investment Committee).
  • Approved Townsend’s recommendation to adopt the 2019 Real Assets Investment Plan: Mid-Year Update. Motion passed 7-0 with two abstentions (Investment Committee).
  • Approved staff’s and Wilshire’s 2019–2020 Private Credit Investment Plan. Motion passed 7-0 with two abstentions (Investment Committee).
  • Approved staff’s and Wilshire’s recommended changes to the Private Credit Investment Policy. Motion passed 7-0 with two abstentions (Investment Committee).
  • Approved the ORSC Health Care Report and authorized staff to forward the report to the appropriate public officials. Motion passed by unanimous vote (full Board).
  • 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 June 19, 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 June 19, 2019. Motion passed by unanimous vote (full Board).
  • 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 June 19, 2019. Motion passed by unanimous vote (Disability Committee).
  • Approved the Administrative Rules outlined in staff’s memorandum dated June 18, 2019, and authorizes the required filing of the Rules with the proper agencies. Motion passed by unanimous vote (Benefits Committee).


  • NEXT BOARD OF TRUSTEES MEETINGS: August 27-28, 2019

Posted 7/17/2019


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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.

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