Monthly Board Report

Sen. Brown sponsors legislation allowing retired first responders to buy into Medicare

On Sept. 26, Senator Sherrod Brown (D-OH) and Congressman Tom Malinowski (D-NJ) introduced the Expanding Health Care Options for Early Retirees Act (S. 2552 and H.R. 4527, respectively). The legislation would provide an option for qualified first responders to buy-in to Medicare (Parts A, B, and D benefits). As defined in the proposed legislation, a qualified first responder is a first responder (firefighter, police, or emergency medical technician as defined in U.S. code) between the ages of 50-64 who has been separated from service as the result of retirement or disability. OP&F has been instrumental in promoting this legislation and helped draft the language used in the bill.

PORTFOLIO UPDATE

OP&F’s investment portfolio value:
Current value (9/24/19): $15.75 billion
End of August value:     $15.68 billion
End of July value: $15.87 billion

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

  • DISABILITY: In addition to the scheduled hearings and appeals, the Committee received an updated list of those who have not submitted Annual Earnings Statements by the Sept. 1 deadline.
  • FINANCE: The Committee received and discussed the 2020 OP&F Department Operating Budgets and discussed the reimbursement payment from Aon for temporary employees at OP&F.
  • BENEFITS: The Committee had a discussion with OP&F’s independent actuary, Cavanaugh Macdonald Consulting, concerning the Deferred Retirement Option Plan (DROP) and an overview of the actuarial valuation process. The actuary was asked to comment on the potentially implementing a floor for the DROP interest rate.
  • ADMINISTRATION/AUDIT:The Committee received an updated from the Business & Technology Solutions Director concerning ongoing projects, had a review of the Internal Audit Activity Report and discussed the retiree survey, which is tentatively planned for early 2020. The Committee also reviewed the proposed 2020 Board meeting and events calendar.
  • INVESTMENT:Staff discussed the monthly portfolio performance update and significant cash movements with the Board in addition to items under investment consideration.

Motions:

    At its September 2019 meeting, the OP&F Board of Trustees approved the following motions:

  • Approved staff’s and Wilshire’s recommended ratings for OP&F’s private credit managers. Motion passed by unanimous vote (Investment Committee).
  • Approved staff’s and Wilshire’s recommendation to commit up to $50 million to the Blackrock Direct Lending Fund IX. Motion passed by unanimous vote (Investment Committee).
  • Approved staff’s and Wilshire’s investment manager rating recommendations for the Bridgewater Global Macro mandate and the MacKay Shields High Yield Active Core mandate. Motion passed by unanimous vote (Investment Committee).
  • Approved Townsend’s recommendation to commit up to $50 million to the Black Creek Industrial Fund. Motion passed by a vote of 7-1 (Investment Committee).
  • Approved Townsend’s recommended ratings for OP&F’s real estate investment managers. Motion passed by unanimous vote (Investment Committee).
  • Approved staff’s and TorreyCove’s recommendation to commit up to $20 million to Cortec Group Fund VII, LP. 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 Sept. 25, 2019. Motion passed by unanimous vote, except for member #17, which passed 4-3, and member #16, which passed 6-0 with one abstention (Disability Committee).
  • Approved the Committee recommendation for reconsideration for the members identified in the reconsideration hearings list. Motion passed by unanimous vote (Disability Committee).
  • Approved the Committee recommendations for appeal hearings for the members identified in the appeals list presented to the Board on Sept. 15, 2019. Motion passed by unanimous vote with the exception of member #3, which failed by a vote of 4-3 (Disability Committee).
  • Approved the Committee recommendation for Death Fund benefits for the members identified. Motion passed by unanimous vote (Disability Committee).
  • Approved the Committee recommendation to waive 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 Sept. 25, 2019. Motion passed by unanimous vote (Disability Committee).
  • Approved the revisions to the DEP Operating Guidelines in the form presented to the Board on Sept. 25, 2019. Motion passed by unanimous vote (Disability Committee).
  • Approved the Administrative Rules outlined in staff’s memorandum dated Sept. 25, 2019 and authorizes the required filing of the rules with the proper agencies. Motion passed by unanimous vote (Benefits Committee).
  • Approved the 2019 Communications Plan as discussed on Sept. 24, 2019. Motion passed by unanimous vote (Administration/Audit Committee).

  • NEXT BOARD OF TRUSTEES MEETINGS: Oct. 22-23, 2019

    Posted 10/05/2019

Previous Reports

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.