Board Report, June 2026

OP&F receives a clean audit from independent firm

The annual independent financial audit of OP&F resulted in an unmodified opinion of OP&F’s financial statements for 2025. An unmodified opinion means that the financial statements provided to the auditing firm present fairly the financial position of the pension fund. The independent firm conducting the audit, Crowe, reported the findings to the OP&F Board of Trustees on June 24.

Steel elected Board Chair; Corvi to serve as Vice Chair

Brian Steel (Columbus Police) will serve as chair of the OP&F Board of Trustees after being nominated and elected at the June meeting. Steel was first elected to the OP&F Board in 2023. Also at the June meeting, Stephen Corvi (Columbus Fire) was elected to serve as vice-chair of the Board.

PORTFOLIO UPDATE

• As of 6/23: $22.1 billion

• End of May: $22.5 billion

• End of April:$22.2 billion

Board of Trustees Committee Notes

(Motions voted on by the Board are listed separately)

DISABILITY: The Committee conducted its scheduled reviews and hearings.

ADMINISTRAION AND AUDIT: Staff and Alight presented an update on the New Pension Administration System scheduled for implementation on Oct. 1. Staff also presented a general update on information technology projects and the Internal Audit Status Report.

PERSONNEL: A review of the Strategic Plan and Succession Plan were both presented to the Committee.

FINANCE: Finance Department staff introduced representatives from OP&F’s independent auditor, Crowe, who presented the findings of the 2025 financial audit.

INVESTMENT: Staff presented the monthly portfolio update and year-end investment performance. Investment consultant, Wilshire, presented the Investment Performance Report for periods ending March 31, 2026, as well as the Private Equity and Private Credit Program Analysis for periods ending Dec. 31, 2025. Wilshire also presented an overview of OP&F’s Public Markets Asset Classes.

Staff and Aksia provided an update on OP&F’s Private Credit portfolio and the asset class.

Motions:

At its June 2026 meeting, the OP&F Board of Trustees approved the following motions:

• The Board approved Aksia and staff’s recommendation to commit up to $50 million to TPG Twin Brook Direct Lending Fund VI. Motion passed by unanimous vote (Investment Committee).

• The Board approved staff’s recommended changes to the Private Credit Investment Policy. Motion passed by unanimous vote (Investment Committee).

• The Board approved staff and Wilshire’s 2026-27 Private Credit Investment Plan. Motion passed by unanimous vote (Investment Committee).

• The Board approved the Risk Management Policy as presented. Motion passed by unanimous vote (Administration/Audit Committee).

• The Board approved the Internal Audit Department Charter as presented. Motion passed by unanimous vote (Administration/Audit Committee).

• The Board approved the Administrative Rules outlined in staff’s memorandum dated June 24, 2026. Motion passed by unanimous vote (Disability Committee).

• The Board approved the following from the Disability Committee. Motions passed by unanimous vote:

• Approved recommendations for 13 Initial Determinations of Disability Hearings and one recommendation for a re-examination.

  • Approved recommendations for four Appeal Hearings.

    • Approved recommendations for two Death Benefit Fund application, and one reconsideration.

      • Approved the Disability Reporting Waivers list.

        • Approved the recommendation for excusable neglect for the Health Care Stipend of one member.

      • NEXT OF TRUSTEES MEETINGS: Aug. 25-26, 2026