OP&F continues in its divestment from Russia as quickly as possible while keeping with the fund’s fiduciary duty, per a directive from the Board of Trustees.
Significant progress has been made to reduce OP&F’s exposure to Russian investments. OP&F’s total exposure in Russia is $10.5 million as of April 1, down from $59 million at the beginning of March. The value of direct holdings is $3.9 million. These markets have been frozen, so no additional change in value is expected until those markets re-open. Other funds may report this as a “zero” exposure. In an effort to be transparent, OP&F prefers to report the last known numbers.
Since the beginning of the Ukraine crisis, OP&F managers have been under a directive to not purchase any Russian holdings. OP&F continues to be responsible to our fiduciary duty, responsibly divesting these assets as opportunities arise.
A second hearing took place March 30 with proponent testimony for Ohio House Bill 512 in front of the House Insurance Committee. Representatives from several member groups provided testimony in support of the legislation, which would increase employer contribution rates for the first time since 1986.
The bill, co-sponsored by Representatives Cindy Abrams and Brian Baldridge, seeks the increase to improve OP&F’s long-term funding outlook and protect pensions for future retirees. Pressures like increased early retirements, difficulty recruiting first responders (which limits payroll growth) coupled with lower capital market assumptions, are expected to create future challenges.
The bill has the support of the OP&F Board of Trustees along with the Fraternal Order of Police of Ohio and the Ohio Association of Professional Firefighters.
OP&F retirees will notice a new logo and color scheme when they visit the website that services their Health Reimbursement Arrangements or receive mailings. Aon Retiree Health Solutions will become Alight beginning in May.
In 2021, Aon, who partnered with OP&F to provide retiree health care services, announced they were selling its Retiree Health Exchange business to Alight, who was already servicing the Health Reimbursement Arrangements for retirees eligible for the OP&F health care stipend.
For OP&F members, the acquisition is expected to be seamless. All communication will still be co-branded with OP&F to avoid any confusion.
OP&F’s investment portfolio value:
(Motions voted on by the Board are listed separately)
At its March 2022 meeting, the OP&F Board of Trustees approved the following motions:
Posted 3/25/2022
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OP&F encourages you to come to our monthly board meetings. Board agendas and minutes can be viewed by clicking the link below.
Please click the links below to view Committee Assignments and Board Members.