Monthly Board Report

March 2016 Monthly Board Report

TRUSTEE RETREAT PROVIDES TIME FOR IN-DEPTH DISCUSSIONS

OP&F Trustees, staff and consultants gathered March 3-4 for the annual Board of Trustees’ Retreat and while familiar topics were discussed, attendees focused on long-term planning to address issues. The future of the OP&F retiree health care plan, pension funding and investment strategies again were on the agenda. Educating lawmakers and OP&F members of the issues facing the system were seen as imperative actions in the coming months. The Board of Trustees Retreat once again included valuable sessions and allowed for in-depth discussions that are not possible during the regular monthly meetings.

PORTFOLIO UPDATE
OP&F's investment portfolio value:

  Current value (3/29/16): $13.6 billion
  End of February value: $13.2 billion
  End of January value: $13.3 billion

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

  • DISABILITY: In addition to the regularly scheduled hearings and appeals, OP&F staff presented the 2015 HOST (Helping Our Survivors in Transition) Experience Report, which showed that the program now has 35 volunteers. The Committee also discussed presumptive disability grants and how pre-existing conditions may impact disability decisions and overall costs to OP&F.
  • HEALTH CARE: In a presentation from AARP, the Committee learned of a pilot program introduced in Ohio that provides telephone and in-home support to high-risk members who are coping with multiple chronic conditions. Member Services staff also presented information on topics from the Board Retreat and discussed proposed timelines for potential changes to the health care plan.
  • FINANCE: The Committee was presented the 4th quarter 2015 Budget-to-Actual Report for 2015 and a report on the status of past due employers. The Committee and staff also discussed the status of the State Treasurer’s on-line checkbook project.The Treasurer’s office now has OP&F’s data from 2014 and will receive the 2015 data once the external audit is complete.
  • INVESTMENT: In addition to the monthly portfolio update, the Board received the Semi-Annual Proxy Voting Report for the second half of 2015. The Board also received reports on Manager Compliance for the 4th quarter of 2015 and the Private Markets and Timberland Reports for the 4th quarter of 2015.

 

Motions:
At its March 2016 meeting, the OP&F Board of Trustees voted on the following motions:
  • Approved several revisions to the Investment Policy and Guidelines statement as recommended by staff. Motion passed by unanimous vote (Investment Committee).
  • Approved several revisions to the Proxy Voting Policy to incorporate recommendations by ISS, OP&F’s proxy voting advisor. Motion passed by unanimous vote (Investment Committee).
  • Approved Staff’s and Wilshire’s recommendation to invest in Blue Mountain Credit Alternatives Fund through Flight I, which is managed by Grosvenor Capital Management. Motion passed by unanimous vote (Investment Committee).
  • Approved Staff’s and TorreyCove’s recommendation to commit up to €31.2 million to Cinven Sixth Fund, L.P. Motion passed by unanimous vote (Investment Committee).
  • Approved Staff’s recommended manager ratings for Grosvenor Capital Management, Neuberger Berman, and Russell Implementation Services Inc. 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 March 30, 2016. Motion passed by unanimous vote, with the exception member #2, which passed by a vote of 5-2 (Disability Committee).
  • Approved the recommendations for the appeal hearings for the members identified in the appeals hearings list presented to the Board on March 30, 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 March 30, 2016. Motion passed by unanimous vote (Disability Committee).
  • Approved a motion to waive the one-year requirement for Board travel. Motion passed by unanimous vote (Full Board).
  • Approved trustee travel expenses as presented on March 29, 2016. Motion passed by unanimous vote (Full Board).

Next Board of Trustees Meetings:

April 26-27, 2016

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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