Monthly Board Report

October 2014 Monthly Board Report

ACTUARIAL VALUATION SHOWS CONTINUED IMPROVEMENT IN PENSION FUNDING
OP&F’s most recent annual actuarial valuation indicates that pension reform and additional changes put in place by the Board of Trustees is working as intended to strengthen long term funding. The funding ratio for OP&F improved from 64.2 percent in last year’s study to 66.7 percent as of Jan. 1, 2014. The funding period is now 33 years, just barely outside the state’s 30-year requirement. The funding period improved 14 years from the 2013 valuation (47 years). The valuation study was presented by OP&F’s independent actuary, Buck Associates, at the Oct. 29 Board meeting and included assets and liabilities through Jan. 1, 2014.

WEST CHESTER’S MOORE APPOINTED TO VACANT TRUSTEE POSITION
Jeffrey Moore, a West Chester Township firefighter and paramedic since 2000, was appointed to the Ohio Police & Fire Pension Fund Board of Trustees on Oct. 28. Moore fills the active fire representative position vacated when David Witner resigned from the Board after retiring from active fire service. Moore will serve until the spring of 2015, when he will be eligible to run for a full four-year term on the Board of Trustees.

In addition to his full time position with the West Chester Township Fire Department, Moore has served as president of the West Chester Professional Fire Fighters Local 3518 of the International Association of Fire Fighters since 2004, and previously served as its secretary and treasurer. He has served as a member of the West Chester Township Health Care Committee since 2006.

PORTFOLIO UPDATE
OP&F's investment portfolio value:

  Current value (10/28): $14.3 billion
  End of September value: $14.4 billion
  End of August value: $14.7 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 discussed the 3rd quarter 2014 Disability Experience Report and also the status of Annual Earnings Statements..
  • BENEFITS: The Benefits Committee received the 3rd quarter 2014 Deferred Retirement Option Plan Experience Report during its meeting.
  • INVESTMENT: In addition to the monthly portfolio update, the Committee/Board heard presentations from direct lending and private markets managers.
Motions:
At its October 2014 meeting, the OP&F Board of Trustees voted on the following motions:
  • Approved the Nominating Committee recommendation to appoint Jeffrey H. Moore, a full-time firefighter with the West Chester Township Fire Department, to fill the vacant Active Firefighter position on the Board (Full Board).
  • Approved staff and Wilshire’s recommendation to commit up to $75 million to KKR Lending Partners II. Motion passed by unanimous vote (Investment Committee).
  • Approved staff and Wilshire’s recommendation to commit up to $75 million to GSO European Senior Debt Fund. Motion passed by unanimous vote (Investment Committee).
  • Approved staff and Torrey Cove’s recommendation to commit up to $40 million to Francisco Partners IV. Motion passed by unanimous vote (Investment Committee).
  • Approved staff and Torrey Cove’s recommendation to commit $40 million to Black Diamond Capital Management Opportunity Fund IV. Motion passed by unanimous vote (Investment Committee).
  • Approved the manager ratings for OP&F’s real estate managers as recommended by Townsend. Motion passed by unanimous vote (Investment Committee).
  • Approved staff’s recommended manager ratings for OP&F’s international small-cap managers and the PIMCO fixed income mandate. Motion passed by unanimous vote (Investment Committee).
  • Approved the Committee recommendations for the initial determination of disability for the seven members as identified in the initial determination hearings list presented to the Board on Oct. 29, 2014. Motion passed by a vote of 7-0 with one abstention for six of the seven members. The determination for member #3 passed 4-3 with one abstention (Disability Committee).
  • Approved the recommendations for the appeal hearings for the five members identified in the appeals list presented to the Board on Oct. 29, 2014. Motion passed by a vote of 7-0 with one abstention (Disability Committee).
  • Approved the recommendations for Death Fund benefits for the members identified. Motion passed by a vote of 7-0 with one abstention (Disability Committee).
  • Approved the determination for Death Benefit Fund and Death Benefit Fund reconsideration hearings for the members identified. Motion passed by a vote of 7-0 with one abstention (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 Oct. 29, 2014. Motion passed by a vote of 7-0 with one abstention (Disability Committee).
  • Approved the 2015 Medicate Part B reimbursement at the 2014 level of $104.90. Motion passed by unanimous vote (Benefits Committee).
  • Approved trustee travel recommendations as presented on Aug. 26, 2014. Motion passed by unanimous vote (Full Board).
  • Approved the submission of OP&F’s Actuarial Pension Valuation and the Health Care Valuation (GASB 43) as of Jan. 1, 2014 to the Ohio Retirement Study Council as presented by Buck Consultants. Motion passed by unanimous vote (Full Board).
  • Approved the movement of the 2015 department and capital budgets to the November Finance Committee as presented to the Board on Oct. 29, 2015. Motion passed by unanimous vote (Full Board).

Next Board of Trustees Meetings: Nov. 18-19, 2014

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

OP&F encourages you to come to our monthly board meetings. Board agendas and minutes can be viewed by clicking the link below.

Board Members and Committee Assignments

Please click the links below to view Committee Assignments and Board Members.