Board of Trustees News

Sen. Brown sponsors legislation allowing retired first responders to buy into Medicare

On Sept. 26, Senator Sherrod Brown (D-OH) and Congressman Tom Malinowski (D-NJ) introduced the Expanding Health Care Options for Early Retirees Act (S. 2552 and H.R. 4527, respectively). The legislation would provide an option for qualified first responders to buy-in to Medicare (Parts A, B, and D benefits). As defined in the proposed legislation, a qualified first responder is a first responder (firefighter, police, or emergency medical technician as defined in U.S. code) between the ages of 50-64 who has been separated from service as the result of retirement or disability. OP&F has been instrumental in promoting this legislation and helped draft the language used in the bill.

PORTFOLIO UPDATE

OP&F’s investment portfolio value:
Current value (9/24/19): $15.75 billion
End of August value:     $15.68 billion
End of July value: $15.87 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 received an updated list of those who have not submitted Annual Earnings Statements by the Sept. 1 deadline.
  • FINANCE: The Committee received and discussed the 2020 OP&F Department Operating Budgets and discussed the reimbursement payment from Aon for temporary employees at OP&F.
  • BENEFITS: The Committee had a discussion with OP&F’s independent actuary, Cavanaugh Macdonald Consulting, concerning the Deferred Retirement Option Plan (DROP) and an overview of the actuarial valuation process. The actuary was asked to comment on the potentially implementing a floor for the DROP interest rate.
  • ADMINISTRATION/AUDIT:The Committee received an updated from the Business & Technology Solutions Director concerning ongoing projects, had a review of the Internal Audit Activity Report and discussed the retiree survey, which is tentatively planned for early 2020. The Committee also reviewed the proposed 2020 Board meeting and events calendar.
  • INVESTMENT:Staff discussed the monthly portfolio performance update and significant cash movements with the Board in addition to items under investment consideration.

Motions:

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

  • Approved staff’s and Wilshire’s recommended ratings for OP&F’s private credit managers. Motion passed by unanimous vote (Investment Committee).
  • Approved staff’s and Wilshire’s recommendation to commit up to $50 million to the Blackrock Direct Lending Fund IX. Motion passed by unanimous vote (Investment Committee).
  • Approved staff’s and Wilshire’s investment manager rating recommendations for the Bridgewater Global Macro mandate and the MacKay Shields High Yield Active Core mandate. Motion passed by unanimous vote (Investment Committee).
  • Approved Townsend’s recommendation to commit up to $50 million to the Black Creek Industrial Fund. Motion passed by a vote of 7-1 (Investment Committee).
  • Approved Townsend’s recommended ratings for OP&F’s real estate investment managers. Motion passed by unanimous vote (Investment Committee).
  • Approved staff’s and TorreyCove’s recommendation to commit up to $20 million to Cortec Group Fund VII, LP. 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 Sept. 25, 2019. Motion passed by unanimous vote, except for member #17, which passed 4-3, and member #16, which passed 6-0 with one abstention (Disability Committee).
  • Approved the Committee recommendation for reconsideration for the members identified in the reconsideration hearings list. 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 Sept. 15, 2019. Motion passed by unanimous vote with the exception of member #3, which failed by a vote of 4-3 (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 Sept. 25, 2019. Motion passed by unanimous vote (Disability Committee).
  • Approved the revisions to the DEP Operating Guidelines in the form presented to the Board on Sept. 25, 2019. Motion passed by unanimous vote (Disability Committee).
  • Approved the Administrative Rules outlined in staff’s memorandum dated Sept. 25, 2019 and authorizes the required filing of the rules with the proper agencies. Motion passed by unanimous vote (Benefits Committee).
  • Approved the 2019 Communications Plan as discussed on Sept. 24, 2019. Motion passed by unanimous vote (Administration/Audit Committee).

  • NEXT BOARD OF TRUSTEES MEETINGS: Oct. 22-23, 2019

    Posted 10/05/2019


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