Monthly Board Report

January 2013 Monthly Board Report

OP&F AGAIN RECEIVES AWARD FOR COMPREHENSIVE FINANCIAL REPORTING
The Government Finance Officers Association has informed OP&F that the 2011 edition of its Comprehensive Annual Financial Report (CAFR) has again been awarded the Certificate of Achievement for Excellence in Financial Reporting. OP&F has received the recognition in 22 of the past 23 years. The CAFR is a detailed report and review of OP&F's financial statements and investments for each fiscal year. The 2012 CAFR will be published in June.

ACTUARIES REVIEW DROP, PROGRAM FOUND TO BE "COST NEUTRAL"
Buck Consultants, OP&F's independent actuary, has reviewed the Deferred Retirement Option Plan (DROP) and found it to be cost neutral. The Ohio Revised Code requires OP&F to conduct an actuarial review of DROP to find if the program is operating as intended and is cost neutral. Cost neutral means that offering DROP to eligible OP&F members will not be an additional cost to the retirement system and not have an adverse impact on OP&F's ability to pay pension benefits. Past DROP reviews in 2008 and prior to the implementation of the program also found it to be cost neutral. DROP was implemented in 2003 and is designed to allow members who are eligible for a normal service retirement to continue working and serving their communities while accruing a lump-sum of money for retirement.

PORTFOLIO UPDATE
OP&F's investment portfolio value:

  Current value (1/29): $12.9 billion
  End of December value: $12.6 billion
  End of November value: $12.4 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 reviewed the 4th Quarter 2012 Disability Experience Report and the Annual Mandatory Disability Experience Report by Employer. The Committee/Board also requested data on off-duty disability benefit recipients that can be reviewed during the February meetings.
  • BENEFITS: The Committee reviewed and discussed the Deferred Retirement Option Plan (DROP) Quarterly Update presented by staff, along with additional DROP statistics that were provided.
  • ADMINISTRATION/AUDIT:  The Committee listened to the Information Services Update and also received an update on current Internal Audit projects. The Committee also discussed the Annual Compensation and Paid Leave Buyback program.
  • HEALTH CARE: The Committee/Board discussed fees associated with the Federal Affordable Care Act for which OP&F will be responsible.
  • INVESTMENT: In addition to the monthly portfolio update, the Committee/Board heard a presentation on the 3rd Quarter Real Estate Performance Review and the Private Markets Review.
Motions:
At its January 2013 meeting, the OP&F Board of Trustees voted on the following motions:

  • Approved the manager ratings for EARNEST Partners, MacKay Shields, Mellon Capital and FX Concepts as presented by staff. Motion passed by unanimous vote (Investment Committee).
  • Approved the 2013 Private Markets Investment Plan, which calls for committing $330 million to the private markets asset class for the period of Jan. 31, 2013 through Dec. 31, 2013, subject to market conditions. Motion passed by unanimous vote (Investment Committee).
  • Approved the Committee recommendations for the initial determination of disability for the 28 members as identified in the initial determination hearings list presented to the Board on Jan. 30, 2013. Motion passed by unanimous vote, except for four "no" votes for the member identified as #12 and one "no" vote for the member identified as #10. (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 six of the seven members identified in the appeals list presented to the Board on Jan. 30, 2013. Motion passed by unanimous vote for five members and by a 5-3 vote for the member identified as #4. The appeal for member #3 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).
  • 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 Jan. 30, 2013. Motion passed by unanimous vote (Disability Committee).
  • Approved the 2012 Employer Disability Experience Report, in the form presented to the Board on Jan. 29, 2013, and authorizes staff to forward the report to the appropriate public officials, in accordance with Section 742.381 of the Ohio Revised Code. Motion passed by unanimous vote (Disability Committee).
  • Rescinded the Administrative Rule as outlined in staff's memorandum dated Jan. 29, 2013, and authorizes the required filing with the proper agencies. Motion passed by unanimous vote (Benefits Committee)..
  • Approved the Administration/Audit Committee's travel recommendation as amended and discussed on January 29, 2013. Motion passed by unanimous vote (Administration/Audit Committee).

Next Board of Trustees Meetings: February 25-27, 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.

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Board Members and Committee Assignments

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