Board Report, January 2025
OP&F keeping an eye on when Social Security refunds will be available from WEP repeal
The Social Security Fairness Act which was passed late in 2024 eliminates the Windfall Elimination Provision and the Government Pension Offset. These provisions lowered Social Security Benefits for millions of public employees nationwide, including police and firefighters who worked jobs covered by Social Security in addition to their public safety positions.
The new law is retroactive to the beginning of 2024, meaning that retirees affected should receive a refund of the benefits withheld last year. OP&F is monitoring the implementation of the law and will announce when the refund is to be expected.
In December, the U.S. Senate passed the Social Security Fairness Act. President Biden signed the bill before leaving office in January.
To read the recently updated information, visit Social Security Fairness Act: Windfall Elimination Provision (WEP) and Government Pension Offset (GPO) update | SSA.
Meeting dates changed for March, October
The OP&F Board of Trustees updated its schedule for 2025, changing the dates for two scheduled meetings. The Board will now convene on March 25-26, and also on October 21-22 in addition to the other previously announced meetings.
PORTFOLIO UPDATE
As of 1/28: $19.0 billion
End of December: $18.7 billion
End of November: $19.1 billion
Board of Trustees Committee Notes
(Motions voted on by the Board are listed separately)
DISABILITY: The Committee conducted its scheduled reviews and hearings, and also received the Annual Mandatory Disability Experience Report by Employer.
INVESTMENT: Staff presented its monthly review of the portfolio value and year-to-date performance. Townsend presented their View of the World global and regional market outlook on economic conditions and investment themes in regard to real estate. Wilshire presented a 2024 year in review analysis on global and U.S. economic investing conditions in 2024.
GOVERNMENT AFFAIRS AND POLICY: Adam Hewit updated the committee on our pending state legislation, the structure of new Statehouse committees and how they may affect OP&F.
Motions:
At its January 2025 meeting, the OP&F Board of Trustees approved the following motions:
The Board approved Wilshire’s recommendation to terminate Western Asset Management from the enhanced cash mandate. Motion passed by unanimous vote (Investment Committee).
The Board approved the travel for Mr. Moore and Ms. Maloney Stifler to attend the Investment Client Conference on April 8-9, 2025. Motion passed with one abstention. (Government Affairs and Policy Committee).
The Board approved the travel for Mr. Cozart, Mr. Steel, Mr. Miller and Mr. Drum to attend the NCPERS Trustee Education Seminar on May 17-21, 2025. Motion passed with one abstention. (Government Affairs and Policy Committee).
The Board approved the travel for Mr. Drum and Mr. Deal to attend the NCPERS Annual Conference on Oct 26-29, 2025. Motion passed with two abstentions. (Government Affairs and Policy Committee).
The Board approved the recommendation for excusable neglect for the Health Care Stipend of four members. Motion passed by unanimous vote (Health Care Committee).
The Board approved the following from the Disability Committee. Motions passed by unanimous vote:
Approved recommendations for 16 Initial Determinations of Disability hearings.
Approved the recommendations for five Appeal Hearings.
Approved recommendations for one Death Benefit Fund application.
Approved the Disability Reporting Waivers list.
Approved the recommendation for excusable neglect for the Health Care Stipend of one member.
NEXT BOARD OF TRUSTEES MEETINGS: March 25-26, 2025