Board Report, June 2025

Independent auditor gives OP&F a clean opinion

In addition to the investment performance, the annual independent financial audit of OP&F resulted in an unmodified opinion of OP&F’s financial statements for 2024. 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 17.

Deal elected Board Chair, Steel to serve as Vice Chair

John Deal (Cincinnati Fire) will serve as chair of the OP&F Board of Trustees after being nominated and elected at the June meeting. Deal is serving his second term as an OP&F trustee. Mark Drum (retired, Delaware Police) has served as chair for the past year and remains on the Board as a trustee. Also at the June meeting, Brian Steel (Columbus Police) was elected to serve as vice-chair of the Board.

OP&F mourns loss of trustee Clay Cozart

Clay Cozart, OP&F trustee and longtime member of the Akron Police Department, died unexpectedly on June 23. Cozart was elected to represent active police officers on the OP&F Board of Trustees in 2024. Cozart had been with the Akron Police Department for 29 years and most recently serving as a detective. He had been on the Fraternal Order of Police Akron Lodge 7 executive board for 20 years, including four years as president.

PORTFOLIO UPDATE

As of 6/17: $19.5 billion

End of May: $19.5 billion

End of April: $19.2 billion

Board of Trustees Committee Notes

(Motions voted on by the Board are listed separately)

DISABILITY: The Committee conducted its scheduled reviews and hearings.

ADMINISTRATION/AUDIT: Staff presented the Risk Management Policy to the Board for review as well as the Internal Audit Charter.

FINANCE: Finance Department staff introduced representatives from OP&F’s independent auditor, Crowe, who presented the findings of the 2024 financial audit.

INVESTMENT: Staff presented their monthly review of the portfolio value and year-to-date performance. Townsend discussed real estate and real assets performance and portfolio reviews for the fourth quarter of 2024. Wilshire presented a summary of investment performance for the 1st quarter of 2025 as well as the private equity and private credit program analysis as of Dec. 31, 2024.

Motions:

At its June 2025 meeting, the OP&F Board of Trustees approved the following motions:

The Board approved staff and Aksia’s recommendation to commit up to $50 million to the Ares Pathfinder Core Fund. 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 2025-26 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 Charter as presented. Motion passed by unanimous vote (Administration/Audit Committee).

The Board approved the Administrative Rules outlined in staff’s memorandum dated June 17, 2025, and authorizes the required filing of the rules with the proper agencies. Motion passed by unanimous vote (Administration/Audit Committee).

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

• Approved recommendations for 11 Initial Determinations of Disability hearings and two reconsiderations.
• Approved recommendations for two Death Benefit Fund applications.
• Approved recommendations for five Appeal Hearings.
• Approved the Disability Reporting Waivers list.

NEXT BOARD OF TRUSTEES MEETINGS: August 26-27, 2025