Monthly Board Report

March 2013 Monthly Board Report

ROULSTON APPOINTED TO OP&F BOARD AS GOVERNOR�S REPRESENTATIVE
Scott D. Roulston is the newest member of the Ohio Police & Fire Pension Fund (OP&F) Board of Trustees after being appointed as an investment expert member by Governor John Kasich. Roulston, who was sworn in on March 26, will serve a term that expires on Sep. 27, 2016.

Roulston has an accomplished career in investment research and investment management, most recently joining MAI Wealth Advisors earlier this year as managing director. For more than 20 years Roulston was the chief executive officer of Fairport Asset Management and its predecessor firm Roulston & Company. Recognized as an expert in the investment industry, he was a financial commentator on Cleveland�s National Public Radio station, WCPN, from 2000-2008.

Among Roulston�s community activities is serving as the director and board president for Bluecoats, Inc., an organization devoted to the well-being of families of Cuyahoga County safety forces who have lost their lives in the line of duty.

DISABILITIES, HEALTH CARE ON AGENDA AT ANNUAL BOARD RETREAT MEETING
The Board of Trustees will take an in-depth look at its retiree health care plan and disability benefit program along with several other topics when it convenes for the annual Board Retreat on April 4-5. The two-day meeting provides trustees time not available during the regular monthly meetings to study and discuss important topics. Also on the agenda are investment strategies, a legislative update and individual OP&F department reviews.

DATES CHANGED FOR OCTOBER 2013 BOARD MEETINGS
October�s Board of Trustee meetings have been changed to Oct. 22 and 23, 2013. The meetings were previously scheduled for Oct. 29 and 30.

PORTFOLIO UPDATE
OP&F's investment portfolio value:

  Current value (3/26): $13.0 billion
  End of February value: $12.9 billion
  End of January value: $12.9 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 reviewed the revised format for calculating disability benefit awards that no longer includes non-disabling conditions. The Committee/Board also revised Disability Exam Satisfaction Survey and requested information regarding post traumatic stress disorder.
  • BENEFITS: The Committee reviewed and discussed the Deferred Retirement Option Plan (DROP) statistics. The Committee also discussed rules on purchasing federal service credit and communicating to members nearing DROP eligibility prior to the July 1 implementation date for Senate Bill 340 provisions.
  • HEALTH CARE: The Committee/Board reviewed and approved a new wellness program that UnitedHealthcare will implement in 2014 for the pre-Medicare population enrolled in OP&F�s retiree health care plan. The Committee/Board also received a report on the potential effect and cost of losing the grandfather status for the health care plan.
  • FINANCE: The Finance Committee reviewed and discussed the 4th quarter Budget-to-Actual Report and the 4th quarter travel expenses. The Committee also reviewed the status of past due employers.
  • INVESTMENT: In addition to the monthly portfolio update, the Committee/Board received presentations on potential investment recommendations in real estate, private markets and timber. The Committee/Board also reviewed and discussed several reports, including: the Semi-Annual Proxy Voting Report, the 4th Qtr Compliance Review, the 4th Qtr Net of Fees Performance Report, the 4th Qtr Timberland Report, the 4th Qtr Private Markets Report and the annual Manager Meetings Report.
Motions:
At its March 2013 meeting, the OP&F Board of Trustees voted on the following motions:

  • Approved recommendations from staff and Wilshire on asset class rebalancing ranges for the new strategic asset allocation targets adopted by the Board in December 2012. Motion passed by unanimous vote (Investment Committee).
  • Approved the manager ratings for AQR, Grosvenor, Russell Implementation Services, and Neuberger Berman as presented by staff. Motion passed by unanimous vote (Investment Committee).
  • Approved recommended revisions to the Investment Policy and Guidelines to incorporate changes to OP&F�s asset allocation targets and rebalancing ranges and to revise certain asset class objectives. Motion passed by unanimous vote (Investment Committee).
  • Approved revisions to the Proxy Voting Policy recommended by OP&F�s proxy voting advisor. Motion passed by unanimous vote (Investment Committee).
  • Approved revisions to Investcorp�s Investment Management Guidelines to incorporate cash and cash equivalents. Motion passed by unanimous vote (Investment Committee).
  • Approved the Committee recommendations for the initial determination of disability for the 14 members as identified in the initial determination hearings list presented to the Board on March 27, 2013. Motion passed by unanimous vote (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 March 27, 2013. Motion passed by unanimous vote for five members. The appeal for member #6 passed by a vote of 7-1. 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).
  • 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 March 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 March 26, 2013. Motion passed by unanimous vote (Disability Committee).
  • Approved the motion for trustee travel as presented. Motion passed by unanimous vote (Health Care Committee).
  • Approved the Administrative Rules outlined in staff�s memorandum dated March 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: April 4-5, 2013 (Board of Trustees retreat); April 23-24, 2013.

Previous Reports

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



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