Monthly Board Report

August 2017 Monthly Board Report

PRE-RETIREMENT SEMINARS BEGIN IN SEPTEMBER

OP&F’s annual Pre-Retirement Seminar series will begin Sept. 12 in Toledo. OP&F will host six seminars around Ohio to assist members who are approaching retirement eligibility or considering enrolling in the Deferred Retirement Option Plan (DROP). Each seminar begins at 7 p.m. and lasts approximately two hours. Active members who are eligible for retirement or DROP within the next five years received an invitation with additional seminar information.

WAINSCOTT RESUMES SPOT AS VICE CHAIR ON BOARD; PATTON CHAIR-ELECT

John Wainscott (retired, Cincinnati Police) was elected vice chair on the OP&F Board of Trustees at the group’s August meeting, which concluded Aug. 23. Wainscott is currently serving his second term as a trustee after election in June 2012. Timothy Patton (Cleveland Police) was named Chair Elect at the meeting and will assume the role as Chair of the Board of Trustees next June.

PORTFOLIO UPDATE
OP&F's investment portfolio value:

  Current value (8/22/17): $15.0 billion
  End of July value: $15.3 billion
  End of June value: $15.1 billion

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

  • DISABILITY: In addition to the regularly scheduled hearings and appeals, the Committee reviewed the Disability Exam Satisfaction Survey results with the Disability Evaluation Panel. The Committee also received the Disability Experience Report for the second quarter of 2017.
  • HEALTH CARE: The Committee received a presentation from OP&F’s health care consultants reviewing the advantages and disadvantages of the open and closed health care exchange models. The Committee learned that the search for a firm to assist OP&F in its health care plan transition continues and six vendors have made presentations to OP&F staff. Preferred vendors will present to the Board of Trustees in September. OP&F’s actuaries certified that the OP&F prescription drug benefits are equal or better than those provided by Medicare Part D. This certification qualifies OP&F for a federally funded reimbursement for a portion of Medicare-eligible prescription claims.
  • BENEFITS: The Committee received the Deferred Retirement Option Plan Experience Report for the second quarter of 2017 and reviewed new reports designed to track progress of various tasks within the Member Services Department. A Committee member requested information on how many off-duty disability benefits had less than 15 years of service at the time of retirement.
  • INVESTMENT: In addition to the monthly portfolio performance update, the Committee received the First Quarter Real Estate Performance Review, the Second Quarter Investment Performance Review and discussion took place on the 2016 Private Investments Audit Report.
  • ADMINISTRATION/AUDIT: The Committee received the Business and Technology Solutions Department update and reviewed the 2017-18 Administration/Audit Committee agenda schedule, the Internal Audit Status Report, the Internal Audit Operating Procedures Manual and the Internal Audit Crosswalk project.
  • FINANCE: The Committee received the Second Quarter 2017 Budget-to-Actual Report and reviewed the status of past due employers during the meeting. Also discussed was the Second Quarter 2017 Travel Expense Review.

    Motions:
    At its August 2017 meeting, the OP&F Board of Trustees voted on the following motions:
  • Approved Townsend’s recommendation to increase to $160 million OP&F’s commitment to the IFM Global Infrastructure Fund. Motion passed by unanimous vote (Investment Committee).
  • Approved the 2017 Real Estate Investment Plan Mid-Year Update, decreasing the lower bound of the target range for the Tactical Portfolio. Motion passed by unanimous vote (Investment Committee).
  • Approved Townsend’s 2017 Strategic Portfolio Rebalancing recommendation to redeem $50 million from UBS Trumbull Property Fund. Motion passed by unanimous vote (Investment Committee).
  • Approved Staff’s investment manager rating recommendations for Macquarie Investment Management, Fidelity Management’s ACWI ex-U.S. mandate, Harvest Capital Advisors, Salient Partners, Tortoise Capital Advisors and MacKay Shields Opportunistic High Yield mandate. Motion passed by unanimous vote (Investment Committee).
  • Adopted the Total Fund Policy Benchmark Implementation Plan recommended by Wilshire. Motion passed by unanimous vote (Investment Committee).
  • Approved Wilshire’s recommended benchmark for the U.S. Inflation-Linked Bonds allocation. Motion passed by unanimous vote (Investment Committee).
  • Approved staff and Wilshire’s recommended revisions to the Investment Manager Guidelines for the Bridgewater Inflation Linked Portfolio. Motion passed by unanimous vote (Investment Committee).
  • Approved staff recommended Private Markets Investment Manager ratings (Investment Committee).Approved staff and TorreyCove’s Private Markets recommendation to commit up to $25 million to Primus Capital Fund VIII. Motion passed by unanimous vote (Investment Committee).
  • Approved staff and TorreyCove’s Private Market recommendation to commit up to $40 million to GTCR XII, LP. Motion passed by unanimous vote (Investment Committee).
  • Approved the election of Mr. Wainscott to serve as Vice Chair of the Board of Trustees. 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 Aug. 23, 2017. Motion passed by unanimous vote. (Disability Committee).
  • Approved the Committee recommendation for reconsideration for the members identified in the reconsideration hearings list presented to the Board on Aug. 23, 2017. 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 Aug. 23, 2017. Motion passed by unanimous vote (Disability Committee).
  • Approved the Committee recommendation for Death Fund benefits for the members identified. Motion passed by unanimous vote (Disability Committee).
  • Waived the 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 Aug. 23, 2017. Motion passed by unanimous vote (Disability Committee).
  • Approved the Administration/Audit Committee Charter as presented at the Aug. 23, 2017 Administration/Audit Committee Meeting. Motion passed by unanimous vote (Administration/Audit Committee).
  • Approved the Internal Audit Charter as presented at the Aug. 23, 2017 Administration/Audit Committee Meeting. Motion passed by unanimous vote (Administration/Audit Committee).
  • Approved the Benefit Committee Charter as presented at the Aug. 23, 2017 Benefits Committee Meeting. Motion passed by unanimous vote (Benefits Committee).
  • Approved the Administrative Rules as outlined in staff’s memorandum dated Aug. 23, 2017 and authorized the required filing of the rules with the proper agencies. Motion passed by unanimous vote (Benefits Committee).
  • After discussion with staff and OP&F’s health care consultant the Board voted to approve a motion for staff to pursue a health care solution for retiree members, which includes the simultaneous transition of Medicare and non-Medicare members. This will assist the RFP Committee in conducting further diligence on the appropriate solution. Motion passed by unanimous vote (Health Care Committee).

NEXT BOARD OF TRUSTEES MEETINGS: Sept. 26-27 , 2017

Previous Reports

Monthly Report for June 2020
- Posted June 29, 2020
Monthly Report for February 2020
- Posted March 06, 2020
Monthly Report for January 2020
- Posted February 12, 2020
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



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.