Board Report, June 2024

OP&F provided with “clean” audit by independent firm

Crowe, OP&F’s external auditing firm, has completed its financial audit for fiscal year 2023 and released a satisfactory audit opinion of the organization. The firm’s official audit opinion is included in the OP&F 2023 Annual Comprehensive Financial Report.

Cozart sworn in as newest OP&F trustee

Clay Cozart from the Akron Police Department was the successful candidate for this spring’s election for a seat on the OP&F Board of Trustees. Cozart will represent active police officers for a four-year term that began June 3. Cozart has been with the Akron Police Department for 28 years and currently serves as a detective. He has been on the Fraternal Order of Police Akron Lodge 7 executive board for 20 years, including four years as president.

Drum, Deal elected to chair, vice chair positions on OP&F Board

Mark Drum (retired, Delaware Police) will serve as chair of the OP&F Board of Trustees after being nominated and elected at the June meeting. Drum completed his first term on the Board in the spring and ran uncontested for a new four-year term that began June 3. Marco Miller (retired, Columbus Fire) had served as the chair for the past year and remains on the Board as a trustee. Also at the June meeting, John Deal (Cincinnati Fire) was elected to serve as vice chair of the Board.

PORTFOLIO UPDATE

Board of Trustees Committee Notes

(Motions voted on by the Board are listed separately)

ADMINISTRATION/AUDIT: OP&F’s internal auditor presented a status report on current activities and provided the Ohio Retirement Study Council Annual Audit Report.

PERSONNEL: Staff summarized the ongoing strategic plan, presented an update to the OP&F Succession Plan and an update on the Korn Ferry project implementation. Staff also advised the Board about the process for their self-evaluations.

DISABILITY: The Committee conducted its scheduled reviews and hearings.

INVESTMENT: In addition to a review of the portfolio value and year-to-date performance, staff provided the Public Markets Manager Fee Report for 2023. OP&F consultant, Townsend, discussed the Real Estate and Real Assets Performance and Portfolio Reviews for 2023. OP&F consultant, Wilshire, presented the Investment Performance Report for periods ended March 31, 2024, as well as the Private Equity and Private Credit Program Analysis for 2023.

FINANCE: OP&F staff and independent auditor Crowe presented the Annual Independent Financial Statement Audit. Staff also provided a budget update for the year-to-date.

Motions:

At its June 2023 meeting, the OP&F Board of Trustees approved the following motions:

• Approved 30 Initial Determinations of Disability.
• Approved five Appeal Hearings.
• Approved five Death Benefit Fund applications.
• Approved two Death Benefit Fund reconsiderations.
• Approved the Disability Reporting Waivers list.
• Approved the recommendation for excusable neglect for the Health Care Stipend of two members.

NEXT BOARD OF TRUSTEES MEETINGS: Aug. 27-28, 2024