Monthly Board Report

June 2016 Monthly Board Report

CHANGES APPROVED FOR HEALTH CARE WILL HELP EXTEND PLAN’S SOLVENCY

With approximately 40 active and retired members attending the June Board of Trustees meeting, several changes were made to the retiree health care plan sponsored by OP&F. The changes, effective Jan. 1, 2017, are designed to help extend life of the health care fund. The changes are for those enrolled in either the prescription drug plan or the medical plan for non-Medicare eligible retirees and dependents.

Without changes health care funding was expected to be exhausted in less than nine years. The approved changes will not significantly add to the solvency, but allows the Board and staff additional time to continue to search for a new funding stream that will permit OP&F to offer a health care option to retirees into the future.

The impact of the changes will be a savings of approximately $19 million in the first year of implementation. In 2015, OP&F’s total health care costs were $213 million.

MONTGOMERY CHAIRS OP&F BOARD FOR 2016-17

As of the June Board of Trustees meeting, Ed Montgomery (Columbus Police) is serving as the chair of the Board. This is his third time as the chair, having previously held the position in 2010-11 and 2012-13. Montgomery just began his third term on the Board, having run unopposed for an active police position this spring. He was originally elected to the Board in 2008.

PORTFOLIO UPDATE
OP&F's investment portfolio value:

  Current value (6/28/16): $13.7 billion
  End of May value: $14.0 billion
  End of April value: $13.9 billion

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

  • DISABILITY: In addition to the regularly scheduled hearings, the Committee reviewed the Disability Committee Schedule for 2016-17 and learned about the mailing of the Annual Earnings Statements for 2015.
  • FINANCE: The Committee discussed the status of the annual financial audit with staff and RSM, OP&F’s independent auditor. RSM reported that during the audit an internal control deficiency was discovered that related to certain information not being included in data provided to OP&F’s independent actuary. This data should have been included in the data used to create OP&F’s annual actuarial valuation. To account for this deficiency a paragraph will be added to the auditor’s report and a footnote added to OP&F’s Comprehensive Annual Financial Report. OP&F management will work with its auditors and actuary to ensure this information is reflected in the actuarial valuation each year moving forward. As a result of this issue an extension of one month was granted in order to complete the annual financial audit.Both RSM and staff confirmed that all funds are accounted for on the financial statements and member accounts. The issue discovered involved data that was not included in a report to OP&F’s actuary.The Committee also discussed the 1st Quarter 2016 Budget-to-Actual Report and also the current status of past due employers. The 2016-17 Finance Committee Schedule and the 1st Quarter Travel Expense Review were also presented.
  • HEALTH CARE: UnitedHealthcare presented information on changes to the prescription drug list that were effective July 1. Dates and locations of the Annual Change Period presentations were also announced by a representative of UnitedHealthcare. OP&F’s health care consultant, GRS, presented recommended changes to the health care plan, which were thoroughly discussed.
  • INVESTMENT: In addition to the monthly portfolio update, the Board received presentations from OP&F’s real estate consultant, the Townsend Group, including the Real Estate Performance Report for periods ended March 31, 2016; an analysis of the Strategic Real Estate Portfolio and the Real Estate Investment Plan Mid-Year Update. Three reports were presented to the Board covering the first quarter 2016: the Private Markets Report, the Timberland Report and the Manager Compliance Report. Also available for review was the 2016-17 Investment Committee Schedule and the 2015 Manager Fee Report.

     

    Motions:

    At its May 2016 meeting, the OP&F Board of Trustees voted on the following motions:
  • Approved Townsend’s 2016 Real Estate Investment Plan Mid-Year Update and an accompanying recommendation to give staff authority to redeem capital from funds in the Strategic Portfolio. Motion passed by unanimous vote (Investment Committee).
  • Approved the recommendation of staff and Wilshire to conduct a closed search for a levered Core Fixed Income manager. Motion passed by unanimous vote (Investment Committee).
  • Approved the recommendation of staff and Wilshire to conduct a closed search for a levered Global Inflation Linked Fixed Income manager. Motion passed by unanimous vote (Investment Committee).
  • Approved the Investment Committee Charter, which outlines the Investment Committee’s purpose and responsibilities. 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 June 298, 2016. 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 June 29, 2016. 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 June 29, 2016. Motion passed by unanimous vote (Disability Committee).
  • Approved 11 of the recommended benefit and eligibility changes for 2017, which includes moving to a four-tier prescription list, and removing coverage for any new enrollees who have access to another group benefit program, and any new step-children dependents. The Board did not approve any reduction to the Medicare Part B subsidy currently provided to eligible individuals. Motion passed by unanimous vote (Health Care Committee).
  • Approved the 2016-2017 Health Care Committee Charter. Motion passed by unanimous vote (Health Care Committee).
  • Approved the Ohio Retirement Study Council Health Care Report for 2015. Motion passed by unanimous vote (Full Board).
  • Approved the Finance Committee, Disability Committee and Personnel Committee Charters as presented to the Board on June 28-29, 2016. Motion passed by unanimous vote (Full Board).

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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