OP&F News

Latest actuarial study shows OP&F still meets funding requirements

The annual actuarial valuation to be presented this month to the Ohio Police & Fire (OP&F) Board of Trustees shows that the retirement system continues to meet state funding requirements. The study, which includes data through Jan. 1, 2019, shows that OP&F’s funding period is 29 years. Ohio requires that retirement systems are able to pay off all unfunded liabilities within 30 years or less. By having a funding period of 29 years.

The funding period increased one year from the previous valuation, from 28 years to 29, primarily due to the poor investment environment in 2018. The funding ratio as of Jan. 1, 2019 is 69.4 percent. The ratio is the amount of assets vs. liabilities in the pension system. In the 2018 valuation the ratio was 69.9 percent.

A retiree health care funding valuation was also conducted and shows a solvency period of 13 years, 10 months as of Jan. 1, 2019, down from 15 years, 11 months the previous year. Again, the drop is mostly attributable to negative investment returns in 2018. However, the study also concluded that without the significant changes to retiree health care that were implemented in 2019, solvency for the health care fund would have dropped to under seven years as of Jan. 1, 2019.

Pension reform legislation passed in 2012 (SB 340) requires the Ohio Retirement Study Council to review OP&F’s actuarial valuation every three years, including 2019. For both the 2016 and 2019 valuations OP&F has remained compliant with Ohio’s funding requirements. The next required ORSC review will be when the Jan. 1, 2022 study is completed.

Cavanaugh Macdonald Consulting, OP&F’s independent actuary, conducted the study.

Posted 10/14/2019

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