Monthly Board Report

November 2013 Monthly Board Report

OP&F WORKING WITH OTHER OHIO SYSTEMS TO PREPARE FOR NEW ACCOUNTING STANDARDS
Ohio’s five public retirement systems are working together to prepare for new rules adopted by the Government Accounting Standards Board (GASB) that will affect how public employers are required to report pension liabilities. Retirement systems have always disclosed pension liabilities in their financial reports.

Beginning with the fiscal 2014 reporting year, municipalities will also be required to recognize these liabilities in financial statements since they are the employers of those who will receive the pension benefits. The reporting of these liabilities on the employers’ financial statements impacts only the accounting and reporting requirements. It does not shift any funding responsibility to the employer.

These complex new accounting standards are required for 2014 fiscal year-end financial statements. The objective for Ohio’s retirement systems is to educate elected officials, public employers and the media so there is a better understanding of the new requirements.

DECEMBER BOARD MEETING DATES
As in previous years, the OP&F Board of Trustees will hold its monthly meeting earlier than usual in December to avoid conflicts with the holiday season. The meetings will be Tuesday, Dec. 17 and Wednesday, Dec. 18.

PORTFOLIO UPDATE
OP&F's investment portfolio value:

  Current value (11/19): $13.8 billion
  End of October value: $13.8 billion
  End of September value: $13.5 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 also discussed a timeline of the disability benefit process and received an update on the disability fraud hotline, which is a part of the 2014 budget. The Committee/Board received an update on the Annual Earnings Statements and was notified that letters and travel vouchers were mailed to volunteers in the Helping Our Survivors in Transition program.
  • BENEFITS: The Committee received the Deferred Retirement Option Plan (DROP) monthly statistics and discussed participation trends in the program.
  • INVESTMENT: In addition to the monthly portfolio update, the Committee/Board received a presentation from its general investment consultant, Wilshire Associates, on OP&F’s 3rd quarter investment performance results.

  • HEALTH CARE: The Committee/Board received an update on the Health Care Stabilization Fund and an update from UnitedHealthcare representatives concerning the following topics: Prescription Drug List changes as of Jan. 1, 2014; coverage and costs associated with shingles vaccine coverage; attendance at the Annual Change Period presentations and the 2014 Pharmacy Clinical Programs.

  • FINANCE: The Finance Committee discussed the proposed 2014 Finance Department and Capital Budgets.
Motions:
At its November 2013 meeting, the OP&F Board of Trustees voted on the following motions:
  • Approved the recommended technical revisions to the Real Estate Strategic Plan as presented to the Board on Nov. 20 2013. Motion passed by unanimous vote (Investment Committee).
  • Approved Townsend’s recommendation to invest $50 million in the real estate fund, Exeter Industrial Value Fund III. Motion passed by unanimous vote (Investment Committee).
  • Approved Investment Staff’s recommendation to invest $50 million in the private markets fund, The Resolute Fund III. Motion passed by unanimous vote (Investment Committee).
  • Approved Investment Staff’s recommended manager ratings for Columbia Asset Management and State Street Global Advisors. Motion passed by unanimous vote (Investment Committee).
  • Approved Investment Staff’s recommended changes to the investment guidelines for the Bridgewater Global Inflation-Protected Securities portfolio. Motion passed by unanimous vote (Investment Committee).
  • Approved the Committee recommendations for the initial determination of disability for the 13 members as identified in the initial determination hearings list presented to the Board on Nov. 20, 2013. Motion passed by unanimous vote (Disability Committee).
  • Approved the recommendations for the appeal hearings for the seven members identified in the appeals list presented to the Board on Nov. 20, 2013. Motion passed by unanimous vote (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 Nov. 20, 2013. Motion passed by unanimous vote (Disability Committee).
  • Approved the Finance Committee recommendation to move the 2014 Annual Budget to the Board for approval in the form submitted to the Board of Trustees on Nov. 20, 2013. Motion passed by unanimous vote (Finance Committee).
  • Approved a motion for Mr. Wainscott to attend the Opal Financial Public Funds Summit in Scottsdale, Arizona on Jan. 7-9. Motion passed by unanimous vote (Health Care Committee).
  • Approved the 2014 Medicare Part B reimbursement at the 2014 level of $104.90. Motion passed by unanimous vote (Benefits Committee).
  • Approved the changes to the Administrative Rules as outlined in staff’s memorandum dated Nov. 19, 2013, and authorizes the required filing of the rule with the proper agencies. Motion passed by unanimous vote (Benefits Committee).

Next Board of Trustees Meetings: Dec. 17-18, 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.

Board and Committee Meetings

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Board Members and Committee Assignments

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