OP&F News

Independent audit report shows OP&F is well run; good steward of funds

A report summarizing the required fiduciary audit of the Ohio Police & Fire Pension Fund (OP&F) has been released by the Ohio Retirement Study Council (ORSC). The report shows that “The OP&F Board appears to have acted with loyalty and impartiality solely in the interests of current and future members and beneficiaries.”

The audit was conducted by Funston Advisory Services, LLC who was hired by the ORSC. A fiduciary audit of each of Ohio’s five public pension systems is required every 10 years. OP&F is responsible for the cost of the audit, which was in excess of $600,000.

“The OP&F Board and staff are happy to confirm our successes and for the opportunity to improve and strengthen areas mentioned in the audit report,” said OP&F Executive Director Mary Beth Foley. “OP&F has established a financially sound pension fund, administered within the requirements established by the General Assembly in the Ohio Revised Code. Our disability, financial and investment portfolio management programs are routinely recognized for excellence.”

“We will share this report with legislators,” Foley continued. ”It is my hope that this gives them the confidence to use House Bill 512 to correct the unequal and insufficient funding provisions. After nearly 40 years, it is time to revisit and properly fund public safety retirement benefits.”

Among the observations that Funston reported in their audit report:

  • “OP&F appears to effectively control costs while maintaining high performance standards.”
  • “The OP&F Board of Trustees generally has leading practice authorities for budgets, staffing, and setting compensation and procurement.”
  • “The OP&F Board appears to act with appropriate prudence and care.”
  • OP&F’s 10-year performance is in the top quartile (14%) among peer public pension funds.
  • OP&F appears to have appropriate people, policies and processes to comply with the law and reporting requirements.”
  • “OP&F takes its recordkeeping and management responsibilities seriously.”
  • “OP&F has leading or prevailing practices for managing external manager fees both in public accounts and in alternative based accounts.”
  • “There are organizational checks and balances that provide effective controls and minimize the potential for single point of failure decision making.”
  • “The OP&F Finance and Accounting function is capable, and the accounting systems are effective.”
  • OP&F has appropriate ethics policies and standards of conduct in place.
  • We were particularly impressed by the level of respect and caring both the Board and Staff pay to the Plan beneficiaries – the police and fire officers of Ohio.
  • OP&F has a “small, but highly qualified in-house investment staff.”

Beyond the required fiduciary performance audit, the 238-page report also includes some operational recommendations for improvement that will be evaluated by the OP&F Board. The full report can be found at: https://orsc.org/Assets/Reports/1509.pdf

Posted 8/08/2022

Other News

Independent audit report shows OP&F is well run
- Posted August 08, 2022
Member’s Report Summer Newsletter now available
- Posted July 22, 2022
OP&F answers Toledo Blade editorial
- Posted July 08, 2022
Thin Blue Line offers an ACA accredited plan that is stipend-eligible for OP&F retirees
- Posted July 08, 2022
2021 Financial reports now available
- Posted July 06, 2022
ORSC defers action on HB 512 analysis
- Posted June 09, 2022
OP&F letter to ORSC regarding HB 512 analysis
- Posted June 09, 2022
Aon rebranding to Alight Retiree Health Solutions
- Posted May 16, 2022
ORSC: OP&F outperformed own benchmarks and peers in 2021
- Posted May 13, 2022
Members Report Spring Newsletter Now Available
- Posted May 06, 2022
OP&F Investment notes, April 2022
- Posted April 28, 2022
OP&F Investment notes, March 2022
- Posted March 31, 2022
Russian divestment update
- Posted April 28, 2022
OP&F Investment notes, January 2022
- Posted January 27, 2022
Testimony provided for HB 512
- Posted April 04, 2022
Members Report Winter Newsletter Now Available
- Posted January 24, 2022
Helpful tips for printing your 1099-R
- Posted January 21, 2022
2022 Direct deposit dates for benefit payments
- Posted January 03, 2022
OP&F recommends five-year pilot program to help first responders with posttraumatic stress
- Posted December 16, 2021
Aon to host webinars on Health Reimbursement Arrangement
- Posted December 07, 2021
OP&F pre-Medicare retirees county listings
- Posted December 02, 2021
OP&F helps introduce Public Safety Pension Modernization Act - House Bill 512
- Posted December 02, 2021
OP&F investment notes, December 2021
- Posted December 02, 2021
Pre-65 Members in the OPEN HRA: Solidarity Health providing ACA approved plans for this open enrollment
- Posted November 19, 2021
IRS Delays New Form W-4P until 2023
- Posted November 17, 2021
Member’s Report Fall Newsletter now available
- Posted November 03, 2021
Funding status improves according to independent actuarial report
- Posted November 01, 2021
OP&F Investment notes, October 2021
- Posted October 28, 2021
OP&F’s continued efforts for members on HELPS Act exclusion
- Posted October 22, 2021
OP&F investment notes, September 2021
- Posted October 04, 2021
OP&F Pre-Retirement Webinars 2021
- Posted October 08, 2021
Health care webinars Sept. 15-24
- Posted September 13, 2021
OP&F hosts flag raising ceremony on 9/11 anniversary
- Posted September 07, 2021
OP&F investment notes, August 2021
- Posted August 26, 2021