Board Report, August 2025

OP&F posts one-year investment return of 14.46%

OP&F’s general investment consultant, Wilshire, presented a performance review as of June 30, 2025, at the Aug. 27, 2025, Board of Trustees meeting. The review shows a gross return of 14.46% for the one-year period ending June 30, 2025, which places OP&F in the top one percent of peer plan sponsors in the U.S. Strong absolute returns in gold, midstream energy infrastructure, U.S. equity and non-U.S. equity contributed along with the strong relative performance of OP&F’s U.S. equity and non-U.S. equity managers vs. their respective asset class benchmarks. OP&F’s portfolio is valued at $20.16 billion as of Aug. 26, an all-time high for the portfolio.

Board to interview candidates for open trustee position

The OP&F Board is accepting applications for the open active police trustee position through 4 p.m. Sept. 12. The Board will interview candidates at the group’s September meeting and name a new trustee to fill the spot of the late Clay Cozart, who passed away unexpectedly on June 23. The new trustee, who will represent active police members, will complete Cozart’s term and then be eligible to run in the next scheduled election in 2027.

OP&F funding legislation now has a Senate companion bill

Ohio House Bill 280, introduced earlier this year, now has a companion bill in the Senate, Senate Bill 239. These are the latest versions of bills drafted to correct the long-overdue funding inequity at OP&F. The Senate bill is co-sponsored by Senators Al Cutrona and Andy Brenner. These bills have an actuarily determined employer contribution component included that – if passed – would not only increase employer contributions but would provide a pathway to keep OP&F in compliance with funding requirements.

PORTFOLIO UPDATE

Board of Trustees Committee Notes

(Motions voted on by the Board are listed separately)

DISABILITY: The Committee conducted its scheduled reviews and hearings.

HEALTH CARE: OP&F’s retiree health care partner, Alight, presented a 2026 enrollment period planning overview and an update on the issues with Thin Blue Line insurance.

INVESTMENT: Staff presented their monthly review of the portfolio value and year-to-date performance. Wilshire presented a summary of investment performance as of June 30, 2025, as well as the private equity and private credit program analysis as of March 31, 2025.

Motions:

At its August 2025 meeting, the OP&F Board of Trustees approved the following motions:

• Approved recommendations for 15 Initial Determinations of Disability hearings and one reconsideration.
• Approved recommendations for five Death Benefit Fund applications and one reconsideration.
• Approved recommendations for six Appeal Hearings.
• Approved the Disability Reporting Waivers list.

NEXT BOARD OF TRUSTEES MEETINGS: Sept. 17, 2025