Monthly Board Report

February 2013 Monthly Board Report

OP&F's 2012 INVESTMENT RETURNS RANK HIGH AMONG PEERS
A report provided to the Board of Trustees from its general investment consultant, Wilshire Associates, confirms that OP&F's portfolio returns were among the best institutional investors. The 4th Quarter Performance Review, presented to the Board on Feb. 27, indicated that OP&F's portfolio earned a 14.9 percent return for the year ending Dec. 31, 2012. The number was well above OP&F's expected 8.25 percent rate of return.

The report showed that for 2012 OP&F ranked in the top seven percent of large institutional investors included in Wilshire's Cooperative Universe. OP&F ranked in the top four percent for the three-year period and in the top seven percent for the 10-year period. The OP&F investment portfolio ended 2012 with an approximate value of $12.6 billion. As of Feb. 26, the value had increased to $12.8 billion.

PORTFOLIO UPDATE
OP&F's investment portfolio value:

  Current value (2/26): $12.8 billion
  End of January value: $12.9 billion
  End of December value: $12.6 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 then had discussions on the results of the 2nd Half Disability Exam Satisfaction Survey and also on staff's recommendation with the Disability Evaluation Panel (DEP) physicians to begin using the 6th Edition of the AMA Guides for the visual system. The Committee/Board was also presented with a legal opinion from OP&F General Counsel on the Board's authority to waive the pre-employment physical requirement. In a special meeting on Monday, Feb. 25, the Board/Committee discussed the status of new mental health tests initiated in December 2012, reviewed non-disabling condition statistics from 2010-2012. The Board/Committee also discussed the impact of the departure of a DEP physician and the replacement candidate as well as possibly limiting the post-employment eligibility period. A potential plan to investigate potential disability fraud and abuse was discussed along with the possibility of offering a lump sum payout to off-duty disability grants recipients. The Committee/Board also discussed the possibility of adding a general medical release to the disability benefits application, and the possibility of excluding pre-existing conditions from disability awards.
  • BENEFITS: The Committee reviewed and discussed the Deferred Retirement Option Plan (DROP) statistics and requested additional data in future reports. The Committee also discussed the possibility of a DROP interest rate floor. Additional discussion included how OP&F membership is determined and the review process in place to determine membership.
  • HEALTH CARE: The Committee/Board reviewed the 4th Quarter Health Care Stabilization Fund Report and also received an update from UnitedHealthcare representatives on the Annual Change Period, the pharmacy transition project and AARP Medicare Supplement coverage letters. In a special meeting on Monday, Feb. 25, the Board/Committee also discussed fees associated with the Federal Affordable Care Act for which OP&F will be responsible and the possibility of a service-based health care subsidy.
  • INVESTMENT: In addition to the monthly portfolio update, the Committee/Board heard a presentation on the 4th Quarter Performance Review and the Semi-Annual Securities Lending Report.
Motions:
At its February 2013 meeting, the OP&F Board of Trustees voted on the following motions:

  • Approved the selection of Harvest Fund Advisors, Salient Partners and Tortoise Capital Advisors to manage OP&F's Master Limited Partnership allocation. Motion passed by unanimous vote (Investment Committee).
  • Approved the manager ratings for non-U.S. equity managers, Causeway, Pyramis (ACWI ex-U.S. mandate) and Thornburg, as presented by staff. Motion passed by unanimous vote (Investment Committee).
  • Approved the total fund implementation plan for moving the fund assets over several years from their current allocation to one that reflects the asset allocation policy adopted in December 2012. Motion passed by unanimous vote (Investment Committee).
  • Approved the historical and forward looking changes to the Total Fund Policy Benchmark that best reflect the transition recommended in the total fund implementation plan. Motion passed by unanimous vote (Investment Committee).
  • Approved the Committee recommendations for the initial determination of disability for the 21 members as identified in the initial determination hearings list presented to the Board on Feb. 27, 2013. Motion passed by unanimous vote, except for one "no" vote for the member identified as #11 (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 five of the six members identified in the appeals list presented to the Board on Feb. 27, 2013. Motion passed by unanimous vote for five members. The appeal for member #5 was not approved by a vote of 4-4 (Disability Committee).
  • Approved the recommendations for Death Fund benefits for the members identified. Motion passed unanimously (Disability Committee).
  • Approved the determination for Death Fund reconsiderations 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 Feb. 27, 2013. Motion passed by unanimous vote (Disability Committee).
  • Approved the termination the disability benefits for those disability benefit recipients identified in the list presented to the Board on February 27, 2013. Motion passed by unanimous vote (Disability Committee).
  • Approved the revisions to the Disability Evaluation Panel Procedures Manual in the form presented to the Board on February 26, 2013. Motion passed by unanimous vote (Disability Committee).
  • Approved the Administrative Rule outlined in staff's memorandum dated Feb. 26, 2013, and authorizes the required filing of the Rule with the proper agencies. Motion passed by unanimous vote (Disability Committee).
  • Approved a motion that OP&F proceed to participate in the Cristo Rey work study program and that the Executive Director and General Counsel proceed on terms favorable and protective to OP&F. Motion passed by unanimous vote (Full Board).
  • Approved the Administrative Rule outlined in staff�s memorandum dated Feb. 26, 2013, with no changes being made for the reason outlined in such memorandum, and authorizes the required filing of the Rule with the proper agencies. Motion passed by unanimous vote (Benefits Committee).

Next Board of Trustees Meetings: March 26-27, 2013.

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.