Monthly Board Report

COBRA premiums now qualify for stipend use; open HRA for pre-Medicare set for 2020

At its April meeting, the OP&F Board of Trustees responded to suggestions from members by formally approving two changes to the retiree health care plan. The stipend available to eligible retirees can now be used for health care coverage through COBRA and, beginning with the 2020 plan year, the stipend is no longer limited to plans within the Aon Retiree Health Exchange for pre-Medicare retirees.

The COBRA change means that members who elect COBRA coverage from their employer at the time of retirement can use their stipend for those premiums. Members would be able to use the stipend for these costs until the next OP&F open enrollment or until the end of COBRA eligibility, whichever the member chooses. This change is effective immediately and for premiums paid after April 1, 2019. Pursuant to Internal Revenue Code, members may not use the stipend for a spouse’s COBRA premiums or a COBRA account through a spouse’s employer.

Once COBRA enrollment is verified, OP&F will work with Aon to fund the member’s Health Reimbursement Arrangement, which could take up to three weeks. Once the HRA is funded, members will receive a welcome kit and can begin submitting claims online or manually using a claim form, which must be submitted for reimbursement. If members believe they qualify for this plan, contact OP&F at 1-888-864-8363.

The ability to select plans outside the Aon exchange (referred to as an open Health Reimbursement Arrangement) would allow pre-Medicare retirees to select individual plans either through Aon or the open market beginning with the 2020 open enrollment period in November.

The plan available on the open marketplace must be compliant with the minimum coverage requirements set by Affordable Care Act. Plans available from an employer or a spouse’s employer are not eligible pursuant Internal Revenue Code.

PORTFOLIO UPDATE

OP&F’s investment portfolio value:
Current value (4/23/19): $15.7 billion
End of March value:     $15.6 billion
End of February value: $15.5 billion

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

  • GOVERNMENT AFFAIRS AND POLICY: The Committee heard updates on proposed language for Death Benefit Fund legislation and reviewed proposed changes to the disability process requiring legislative approval. A federal legislative report was provided that reviewed the proposed bill for Medicare at 55 for public safety officers and the removal of safe harbor protection for pharmaceutical rebates.
  • ADMINISTRATION/AUDIT: Staff provided the Committee the updates on projects in Business and Technology Solutions Department, the Internal Audit Status Report and the updated Internal Audit Plan.
  • BENEFITS: Staff presented the 1st Quarter 2019 Deferred Retirement Option Plan Experience Report for the Committee to review.
  • DISABILITY: The Committee reviewed the First Quarter 2019 Disability Experience Report in addition to the regularly scheduled hearings.
  • INVESTMENT: In addition to the monthly portfolio performance update, the Board received a presentation from private markets consultant TorreyCove on the state of that asset class. Also, real estate consultant, the Townsend Group, provided the real estate performance review for periods ended Dec. 31, 2018.
  • HEALTH CARE: A representative from Aon provided an update on the retiree health care and new changes to the plan and answered questions from trustees.


Motions:

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

  • Approved staff’s and Wilshire’s investment manager rating recommendations for Bridgewater TIPS, Franklin Templeton, Loomis Sayles and Prima Capital Advisors. 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 April 24, 2019. Motion passed a vote of 7-0 with one abstention, with the exception of members #4 and 5, which each passed 5-2 with one abstention (Disability Committee).
  • Approved the Committee recommendation for reconsideration for the members identified in the reconsideration hearings list. Motion passed 6-0 with one abstention (Disability Committee).
  • Approved the Committee recommendations for appeal hearings for the members identified in the appeals list presented to the Board on April 24, 2019. Motion passed 6-0 with one abstention (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
  • April 24, 2019. Motion passed by unanimous vote (Disability Committee).
  • Approved an open HRA model for 2020 for pre-Medicare retirees who are stipend eligible as detailed in Aon’s presentation. Motion passed by unanimous vote (Health Care Committee).
  • Approved allowing pre-65 members to who elect COBRA for health care coverage to be eligible to receive the stipend pursuant to discussions at the March Board meeting, with the following guidelines: Pre-65 members enrolled in COBRA prior to April 1, 2019 will be eligible to receive a stipend effective April 1, 2019. Motion passed by unanimous vote (Health Care Committee).
  • Approved the Board Governance Policy Manual as presented on April 23, 2019. Motion passed by unanimous vote (Administration/Audit Committee).


    NEXT BOARD OF TRUSTEES MEETINGS: May 21-22, 2019

Posted 5/08/2019

Previous Reports

Monthly Report for December 2019
- Posted December 23, 2019
Monthly Report for October 2019
- Posted October 30, 2019
Monthly Report for September 2019
- Posted October 04, 2019
Monthly Report for August 2019
- Posted September 27, 2019
Monthly Report for June 2019
- Posted July 17, 2019
Monthly Report for May 2019
- Posted June 07, 2019
Monthly Report for April 2019
- Posted May 08, 2019
Monthly Report for March 2019
- Posted March 28, 2019
Monthly Report for February 2019
- Posted March 08, 2019
Monthly Report for January 2019
- Posted February 01, 2019
Monthly Report for December 2018
- Posted December 27, 2018
Monthly Report for November 2018
- Posted November 21, 2018
Monthly Report for October 2018
- Posted November 01, 2018
Monthly Report for September 2018
- Posted October 03, 2018
Monthly Report for August 2018
- Posted August 29, 2018
Monthly Report for June 2018
- Posted June 27, 2018
Monthly Report for May 2018
- Posted May 31, 2018
Monthly Report for April 2018
- Posted May 02, 2018
Monthly Report for March 2018
- Posted April 04, 2018
Monthly Report for February/March 2018
- Posted March 07, 2018
Monthly Report for January 2018
- Posted January 30, 2018
Monthly Report for December 2017
- Posted December 19, 2017
Monthly Report for November 2017
- Posted November 29, 2017
Monthly Report for October 2017
- Posted November 01, 2017
Monthly Report for September 2017
- Posted October 03, 2017
Monthly Report for August 2017
- Posted September 14, 2017
Monthly Report for June 2017
- Posted July 11, 2017
Monthly Report for May 2017
- Posted May 23, 2017
Monthly Report for March 2017
- Posted April 07, 2017
Monthly Report for February 2017
- Posted March 08, 2017
Monthly Report for January 2017
- Posted February 01, 2017
Monthly Report for December 2016
- Posted December 20, 2016
Monthly Report for November 2016
- Posted November 21, 2016
Monthly Report for October 2016
- Posted October 28, 2016
Monthly Report for September 2016
- Posted October 05, 2016
Monthly Report for August 2016
- Posted September 07, 2016
Monthly Report for June 2016
- Posted July 06, 2016
Monthly Report for May 2016
- Posted May 25, 2016
Monthly Report for April 2016
- Posted May 04, 2016
Monthly Report for March 2016
- Posted April 08, 2016
Monthly Report for February 2016
- Posted March 02, 2016
Monthly Report for January 2016
- Posted January 27, 2016
Monthly Report for December 2015
- Posted December 22, 2015
Monthly Report for November 2015
- Posted November 22, 2015
Monthly Report for October 2015
- Posted October 27, 2015
MONTHLY REPORT for September 2015
- Posted October 06, 2015
MONTHLY REPORT for August 2015
- Posted September 01, 2015
MONTHLY REPORT for June 2015
- Posted June 30, 2015
MONTHLY REPORT for May 2015
- Posted May 28, 2015
MONTHLY REPORT for January 2015
- Posted February 04, 2015
MONTHLY REPORT for April 2015
- Posted May 07, 2015
MONTHLY REPORT for March 2015
- Posted April 01, 2015
MONTHLY REPORT for February 2015
- Posted March 03, 2015
MONTHLY REPORT for November 2014
- Posted November 25, 2014
MONTHLY REPORT for October 2014
- Posted November 05, 2014
MONTHLY REPORT for September 2014
- Posted September 23, 2014
MONTHLY REPORT for August 2014
- Posted September 02, 2014
MONTHLY REPORT for June 2014
- Posted July 02, 2014
MONTHLY REPORT for May 2014
- Posted May 28, 2014
MONTHLY REPORT for April 2014
- Posted May 09, 2014
MONTHLY REPORT for March 2014
- Posted April 04, 2014
MONTHLY REPORT for February 2014
- Posted March 05, 2014
MONTHLY REPORT for December 2013
- Posted December 30, 2013
MONTHLY REPORT for November 2013
- Posted December 02, 2013
MONTHLY REPORT for September 2013
- Posted October 02, 2013
MONTHLY REPORT for August 2013
- Posted September 04, 2013
MONTHLY REPORT for April 2013
- Posted May 01, 2013
MONTHLY REPORT for May 2013
- Posted June 10, 2013
MONTHLY REPORT for March 2013
- Posted April 03, 2013
MONTHLY REPORT for February 2013
- Posted March 07, 2013
MONTHLY REPORT for January 2013
- Posted February 06, 2013
MONTHLY REPORT for December 2012
- Posted December 18, 2012
MONTHLY REPORT for November 2012
- Posted November 21, 2012
MONTHLY REPORT for October 2012
- Posted November 05, 2012
MONTHLY REPORT for September 2012
- Posted October 05, 2012
MONTHLY REPORT for July 2012
- Posted August 01, 2012
MONTHLY REPORT for June 2012
- Posted July 03, 2012
MONTHLY REPORT for May 2012
- Posted June 06, 2012
MONTHLY REPORT for April 2012
- Posted May 01, 2012
MONTHLY REPORT for March 2012
- Posted April 04, 2012
MONTHLY REPORT for February 2012
- Posted February 29, 2012
MONTHLY REPORT for January 2012
- Posted February 01, 2012
MONTHLY REPORT for December 2011
- Posted December 20, 2011
MONTHLY REPORT for September 2011
- Posted December 15, 2011
MONTHLY REPORT forOctober 2011
- Posted December 16, 2011
MONTHLY REPORT for November 2011
- Posted December 19, 2011
MONTHLY REPORT for July 2011
- Posted July 01, 2011
MONTHLY REPORT for June 2011
- Posted June 01, 2011
MONTHLY REPORT for May 2011
- Posted May 01, 2011
MONTHLY REPORT for April 2011
- Posted April 01, 2011
MONTHLY REPORT for March 2011
- Posted March 01, 2011
MONTHLY REPORT for February 2011
- Posted February 01, 2011
MONTHLY REPORT for January 2011
- Posted January 01, 2011



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