OP&F’s actuarial consultant presented the annual actuarial valuation at the Oct. 27 Board of Trustees meeting and results showed continued improvement to the system’s long-term funding. The funding period is now down to 25 years, an improvement from 28 years in last year’s report. The funding period estimates the amount of time it will take to pay off all unfunded liabilities. Ohio has a 30 year funding rule that retirement systems must remain below. The funding ratio increased to 71.2 percent from 69.7 percent (representing the system’s assets to its liabilities). All data in the valuation presented is from Jan. 1, 2021. Despite the improvements to long-term funding, lower capital market returns have been predicted, which OP&F must consider when looking to adjust actuarial assumptions.
Additionally, it was reported at the Board meeting that the OP&F investment portfolio reached an all-time high value at $19.03 billion as of Oct. 26, 2021. Estimated investment returns so far in 2021 are approximately 13.3 percent, above the 8.0 target return for the portfolio.
As a part of the valuation study, Cavanaugh Macdonald also studied the solvency of the OP&F Health Care Stabilization Fund. As of Jan. 1, 2021, OP&F’s health care reserves are expected to last until December 2037.
OP&F’s investment portfolio value:
(Motions voted on by the Board are listed separately)
At its October 2021 meeting, the OP&F Board of Trustees approved the following motions:
Posted 11/2/2021
Information on Board of Trustees elections can be viewed by clicking the link below.
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.