Monthly Board Report

December 2013 Monthly Board Report

FUNDING PLAN APPROVED AT DECEMBER MEETINGS
The Ohio Police & Fire Pension Fund Board of Trustees approved a new funding plan on Dec. 18 which will be forwarded to legislators for consideration next month. The recommendations included in the plan range from a lower cost-of-living allowance (COLA) for those receiving OP&F benefits to more contributions to the fund from active and future police officers and firefighters.

OP&F is scheduled to submit the plan to the Ohio Retirement Study Council by Jan. 17 with a presentation slated for the council’s February meeting. Elements of the plan include:

  • Reducing COLAs from 3.0 percent to 2.25 percent for OP&F benefit recipients and granting authority to the OP&F Board to set the COLA amount in order to comply with the 30-year funding requirement;

  • Increasing the active member contribution rate to 12.25 percent one year earlier than scheduled (From July 1, 2015 to July 1, 2014);

  • Setting the active member contribution rate at 13.0 percent for new hires to OP&F; and

  • Reducing the funding amount earmarked for the retiree health care program (from 2.85 percent to 0.5 percent of the employer contribution amount).

    The Board also recommended that the contribution rate for police and fire employers be equalized. Currently, employers pay 19.5 percent of a police officer salary to OP&F while firefighter employers pay 24 percent. Equalizing the amount would not provide additional funding to OP&F but would allow employers to pay the same amount to help fund a public safety officer’s pension.

    With the exception of health care funding, each element of the funding plan would require legislative action before being implemented.

    Pension reform legislation passed in 2012 that went into effect in July 2013 resulted in a significant improvement in the system’s long-term funding picture. Without any additional changes, OP&F’s funding period is expected to improve with the addition of unrealized investment gains and the continued affects of Senate Bill 340.

    OP&F RECEIVES AWARD FOR PENSION STANDARDS
    OP&F has received the Recognition Award for Administration for 2013 from the Public Pension Coordinating Council (PPCC). The award is in recognition of meeting professional standards for plan administration as set forth in the Public Pension Standards.

    The Public Pension Standards were established in 2002 to reflect expectations for public retirement system management and administration. These standards serve as a benchmark to measure public defined benefit plans. The PPCC is composed of executive officers from three national associations serving state and local government retirement system administrators: the National Association of State Retirement Administrators (NASRA), the National Conference on Public Employee Retirement Systems (NCPERS), and the National Council on Teacher Retirement (NCTR).

    PORTFOLIO UPDATE
    OP&F's investment portfolio value:

      Current value (12/17): $13.7 billion
      End of November value: $13.9 billion
      End of October value: $13.8 billion

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

    • DISABILITY: The Committee/Board reviewed disability cases in addition to the regularly scheduled hearings and appeals. The Committee/Board also received an update on the status of receiving Annual Earnings Statements from disability benefit recipients. An Annual Report of Disability Terminations was reviewed and discussed as well as a report on disability fraud activity.
    • INVESTMENT: In addition to the monthly portfolio update, the Committee/Board discussed the private markets consulting service search and the 3rd Quarter Compliance Report. Several reports were provided for the Board’s review, including the 3rd Quarter Net of Fees Performance Report; the 3rd Quarter Private Markets Report and the 3rd Quarter Timberland Report.
    • FINANCE: The Finance Committee discussed the 3rd Quarter Budget-to-Actual Report and the Review of Past Due Employers. The Committee also discussed new rules to be implemented from the Government Accounting Standards Board and was provided with the 3rd quarter travel expenses for review.

    Motions:
    At its December 2013 meeting, the OP&F Board of Trustees voted on the following motions:
    • Approved Townsend’s recommendation to adopt the 2014 Real Estate Investment Plan as presented to the Board on Dec. 18, 2013. Motion passed by unanimous vote (Investment Committee).
    • Approved staff’s recommendation to extend the 2013 Private Markets Investment Plan. Motion passed by unanimous vote (Investment Committee).
    • Approved the Committee recommendations for the initial determination of disability for the 11 members as identified in the initial determination hearings list presented to the Board on Dec. 18, 2013. Motion passed by unanimous vote (Disability Committee).
    • Approved the determination for reconsiderations for the members identified. Motion passed by unanimous vote (Disability Committee).
    • Approved the recommendations for the appeal hearings for the eight members identified in the appeals list presented to the Board on Dec. 18, 2013. Motion passed by unanimous vote (Disability Committee).
    • Approved the recommendations for Death Fund benefits for the members identified. Motion passed unanimously (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 Dec. 18, 2013. Motion passed by unanimous vote (Disability Committee).
    • Approved the revisions to the DEP Operating Guidelines in the form presented to the Board on Dec. 18, 2013. Motion passed unanimously (Disability Committee).
    • Approved the 2014 Annual Budget as presented to the Board on Dec. 18, 2013. Motion passed by unanimous vote (full Board).
    • Approved the 2014 Trustee election materials as presented to the Board on Dec. 18, 2013. Motion passed by unanimous vote (full Board).
    • Approved five separate motions on Dec. 18, 2013, that together will be presented as OP&F’s 30-year funding plan to the Ohio Retirement Study Council (full Board).

    Next Board of Trustees Meetings: January 28-29, 2014

  • Previous Reports

    Monthly Report For August 2020
    - Posted September 02, 2020
    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.