Monthly Board Report

February 2017 Monthly Board Report

BOARD WILL LIKELY VOTE ON MORE HEALTH CARE CHANGES THIS SPRING

Much of the discussion at the Ohio Police & Fire Pension Fund Board of Trustee Spring Retreat focused on the future of the retiree health care plan. Both actuarial and health care consultants delivered presentations to the Board that showed that without significant changes that funding will be exhausted in less than 10 years. Options were presented to the Board that could extend the life of the health care plan up to 15 years. The Board will examine these options and likely vote on changes before summer, with an effective date targeted for Jan. 1, 2019. Funding for a retiree health care plan beyond 15 years is likely not available without a significant new funding stream dedicated to health care.

OP&F SURPASSES INVESTMENT RETURN ASSUMPTION FOR 2016

OP&F’s general investment consultant, Wilshire Associates, reported that net of fees investment return for 2016 was 10.9 percent. The report was given during the Board of Trustees meeting on Feb. 22. The assumed rate of return on investments is 8.25 percent. The investment portfolio was valued at $14.45 billion on Dec. 31, 2016, and most recently was valued at $14.8 billion.

PORTFOLIO UPDATE
OP&F's investment portfolio value:

  Current value (2/21/17): $14.8 billion
  End of January value: $14.7 billion
  End of November value: $14.5 billion

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

  • DISABILITY: In addition to the regularly scheduled hearings, the Committee and staff discussed information regarding the reporting of potential disability fraud.
  • FINANCE: The Committee received the 4th Quarter Budget-to-Actual Report for 2016 and asked for adjustments to the charts to show additional data. The Committee also reviewed the Status of Past Due Employers Report, specifically the City of Norwood and Paint Creek.
  • HEALTH CARE: The Committee heard an update on the Health Care Stabilization Fund through the end of 2016, and associated net costs for the health care plan. The Committee also reviewed participation numbers for the most recent Annual Change Period. The Committee had significant discussions about the future of the retiree health care plan and specifically the prescription drug plan currently in place.
  • INVESTMENT: In addition to the monthly portfolio update, the Board received a presentation from ISS on the process used for proxy voting, a review of the 2016 proxy season and a preview of significant 2017 proxy voting issues. Wilshire Associates presented the Investment Performance Report for the period ending Dec. 31, 2016 and representatives from UBS gave an overview of their outlook for real estate and an update on OP&F’s investment in the Trumbull Property Fund.

    Motions:
    At its February 2017 meeting, the OP&F Board of Trustees voted on the following motions:
  • Approved staff’s and TorreyCove’s recommendation to commit up to $30 million to the KKR Asia Fund III, L.P. Motion passed by unanimous vote (Investment Committee). Approved several revisions to the Derivatives Policy Statement as recommended by Staff and Wilshire Associates. Motion passed by unanimous vote (Investment Committee).
  • Approved staff’s recommended manager ratings for Causeway, Fidelity ACWI ex-US, and PIMCO. 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 Feb. 22, 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 Feb. 22, 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 Feb. 22, 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 Feb. 22, 2017. Motion passed by unanimous vote (Disability Committee).
  • Approved requiring the disability benefit recipient in staff’s memorandum dated Feb. 21, 2017 to undergo a medical examination, for the reasons outlined in that memorandum. Motion passed by unanimous vote (Disability Committee).
  • Approved the travel recommendations as presented to the Board on Feb. 21, 2017. Motion passed by unanimous vote (Health Care Committee).

NEXT BOARD OF TRUSTEES MEETINGS: March 28-29, 2017

Previous Reports

Monthy Report For September 2020
- Posted October 08, 2020
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.