Monthly Board Report

Limited in-person retirement meetings available again

While virtual retirement interviews are here to stay, OP&F has started hosting in-person appointments at its headquarters at 140 E. Town Street in Columbus. Throughout the pandemic, OP&F members approaching retirement have been able to have retirement interviews, first over the phone, and then also virtually via video conferencing tools. OP&F Customer Service will continue to offer these options, but have been scheduling limited in-person interviews as well. A release is required and COVID safe protocols are in place. Members scheduled for appointments will be contacted for their preference.

May Board of Trustee meeting open to the public under Covid Safe protocols

Since March of 2020, meetings of the OP&F Board of Trustees have been available to the public by teleconference only. That will change in May as OP&F will allow limited public attendance to the meeting. Appropriate social distancing and other precautions will be in place for the May 25 and 26 committee and trustee meetings. Sign-ups will be available on the OP&F website in mid-May.

A Personal Note from OP&F Interim Executive Director, Mary Beth Foley: Thank you to the OP&F Board, Directors, staff and friends of OP&F for the tremendous outpouring of support and love in our family’s loss of our son, John. Your kindness is truly appreciated.

PORTFOLIO UPDATE

OP&F’s investment portfolio value:

• Current value (4/28/21): $17.8 billion
• End of March value: $17.4 billion
• End of February value: $17.1 billion

Board of Trustees Committee Notes

(Motions voted on by the Board are listed separately)

• DISABILITY: The Committee conducted its scheduled initial determination and appeal hearings. The Committee also received the 1st Quarter Disability Experience Report, the 2020 Helping our Survivors in Transition Experience Report and the 2021 Disability Committee Schedule.
• INVESTMENT: Staff discussed the month-end portfolio values, significant cash movements and investment performance. Bridgewater Associates, an OP&F investment manager, discussed recent and historical performance, the current macroeconomic and policy environment and opportunities they present.

Motions:

At its April 2021 meeting, the OP&F Board of Trustees approved the following motions:

• Approved the investment manager rating recommendations for Bridgewater TIPS, Loomis Sayles High Yield and Dimensional Fund Advisors. Motion passed by unanimous vote (Investment Committee).
• Approved staff’s and Wilshire’s recommendation to commit an additional $25 million to the Annaly Credit Opportunities Fund. Motion passed by unanimous vote (Investment Committee).
• Approved staff’s and Aksia’s recommendation to commit up to $20 million to the Veritas Capital Vantage Fund. Motion passed by unanimous vote (Investment Committee).
• Approved staff’s and Aksia’s recommendation to commit up to $25 million to the TA XIV Fund. Motion passed by unanimous vote (Investment Committee).
• Approved the following from the Disability Committee:
• The recommendations for the five Initial Determination Hearings.
• The recommendations for the one Death Benefit Fund case.
• The recommendations for one Appeal Hearing.
• The recommendation for one reconsideration.
• Waivers for mandatory medical evaluations and future filing of annual earnings statements for the members listed.

NEXT BOARD OF TRUSTEES MEETINGS: May 25 - May 26

Posted 5/24/2021