Board Report, January 2025

OP&F keeping an eye on when Social Security refunds will be available from WEP repeal

The Social Security Fairness Act which was passed late in 2024 eliminates the Windfall Elimination Provision and the Government Pension Offset. These provisions lowered Social Security Benefits for millions of public employees nationwide, including police and firefighters who worked jobs covered by Social Security in addition to their public safety positions. 

The new law is retroactive to the beginning of 2024, meaning that retirees affected should receive a refund of the benefits withheld last year. OP&F is monitoring the implementation of the law and will announce when the refund is to be expected.

In December, the U.S. Senate passed the Social Security Fairness Act. President Biden signed the bill before leaving office in January.

To read the recently updated information, visit Social Security Fairness Act: Windfall Elimination Provision (WEP) and Government Pension Offset (GPO) update | SSA.

Meeting dates changed for March, October

The OP&F Board of Trustees updated its schedule for 2025, changing the dates for two scheduled meetings. The Board will now convene on March 25-26, and also on October 21-22 in addition to the other previously announced meetings.

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, and also received the Annual Mandatory Disability Experience Report by Employer.

INVESTMENT: Staff presented its monthly review of the portfolio value and year-to-date performance. Townsend presented their View of the World global and regional market outlook on economic conditions and investment themes in regard to real estate. Wilshire presented a 2024 year in review analysis on global and U.S. economic investing conditions in 2024.

GOVERNMENT AFFAIRS AND POLICY: Adam Hewit updated the committee on our pending state legislation, the structure of new Statehouse committees and how they may affect OP&F.

Motions:

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

• Approved recommendations for 16 Initial Determinations of Disability hearings.
• Approved the recommendations for five Appeal Hearings.
• Approved recommendations for one Death Benefit Fund application.
• Approved the Disability Reporting Waivers list.
• Approved the recommendation for excusable neglect for the Health Care Stipend of one member.

NEXT BOARD OF TRUSTEES MEETINGS: March 25-26, 2025