Board Report, October 2025

Independent study shows OP&F again meets state funding requirement

The most recent actuarial study of the Ohio Police & Fire Pension Fund shows that it meets the state’s funding requirements. OP&F’s independent actuarial consultant, CavMac, presented its findings at the Board of Trustees meeting on Oct. 22.

The funding period as of Jan. 1, 2025, is 29.88 years. Ohio requires that the state pension funds maintain a funding period of less than 30 years. Despite structural underfunding, strong OP&F investment performance has contributed to continued compliance with the 30-year funding requirement. In 2024, the OP&F investment portfolio had a gross return of 11.13 percent, well above the target return of 7.5 percent.

Ohio law specifies that an actuarial valuation be performed every three years for OP&F. This year, 2025, is a required reporting year. If the triennial valuation determines that the funding period exceeds 30 years, a plan must be submitted indicating how OP&F plans to meet the requirement.

CavMac performs valuations for OP&F each year in order to monitor the funding of the retirement system. The 2025 funding period is slightly higher than the results of the Jan. 1, 2024 valuation, which showed a funding period of 29.77 years.

Inadequate employer contributions have kept OP&F from making progress in paying down unfunded liabilities. When OP&F was established in 1967, the funding was not equitable – the system started with $490 million of the liabilities from the cities and only 15 percent of the funds required to cover those liabilities. The promise made to public safety officers was never properly funded.

PORTFOLIO UPDATE

Board of Trustees Committee Notes

(Motions voted on by the Board are listed separately)

DISABILITY: The Committee conducted its scheduled reviews and hearings.

FINANCE: OP&F’s independent actuarial firm, CavMac, presented the Triennial Actuarial Valuation Report as of Jan. 1, 2025; and also, the 2025 Health Care Solvency Valuation Report as of Jan. 1, 2025.

INVESTMENT:Staff presented their monthly review of the portfolio value and year-to-date performance. Aksia presented the Private Equity and Private Credit Co-Investment Program Review.

Motions:

At its October 2025 meeting, the OP&F Board of Trustees approved the following motions:

• Approved recommendations for six Initial Determinations of Disability hearings.
• Approved recommendations for six Appeal hearings.
• Approved recommendations for four Death Benefit Fund applications.
• Approved the Disability Reporting Waivers list.

NEXT BOARD OF TRUSTEES MEETINGS: Dec. 2-3, 2025