Monthly Board Report

Board Report, April 2023

OP&F clarifies position on ESG bills

Different bills are being debated at the Ohio Statehouse concerning social and governance-related investing – commonly known as ESG. OP&F cannot support legislation that makes our fiduciary duty secondary to any other objective, or that promotes benefits or goals unrelated to the economic interests of our pension plan participants, including shareholder-sponsored proposals focused on ESG issues. An examination of the language in the current version of Ohio’s Senate Bill 6 recognizes our fiduciary duty and OP&F’s investment responsibilities to act “with the sole purpose of maximizing the return on its investments.”

OP&F has shared these principles with the bill sponsors and the committee examining potential legislation. We trust that the legislative process will conclude with a decision that will not harm Ohio’s public retirement systems and the thousands of Ohioans we represent.

Maloney Stifler re-appointed

Karin Maloney Stifler has been re-appointed as the Investment Expert member of the OP&F Board of Trustees representing the Ohio Treasurer of State. This will be her third term on the Board after being originally appointed in 2015.

Two active police officers vie for spot on Board

The election to elect an active police member to the OP&F Board of Trustees will take place in May with ballots being mailed to active police members. Brian Steel from the Columbus Division of Police and Matthew Pfeifer, of the Twinsburg Police Department are the candidates for the position. Ballots were mailed in early May to eligible active police members with the election results announced by May 31. The four year term for the election winner will begin June 5.

While three seats on the OP&F Board of Trustees are eligible for re-election this spring, two incumbent members of the Board were uncontested and will begin new four-year terms in June. Marco Miller (retired, Columbus Fire) will continue to represent retired firefighters and serve his second term on the Board. Stephen Corvi (Columbus Fire) will again be an active fire representative to the Board and also serve a second term.


  • As of 4/25: $17.3 billion
  • End of March $17.3 billion
  • End of February: $17.0 billion
  • Board of Trustees Committee Notes

    (Motions voted on by the Board are listed separately)

    DISABILITY: The Committee conducted its scheduled reviews and appeal hearings.

    HEALTH CARE: Staff and OP&F health care partner, Alight, presented the 2022 Health Care Play Year in Review. Staff presented the results of its review of the feasibility to allow funds remaining at year’s end in a member’s Health Reimbursement Arrangement to be used for Medicare Part B premiums. Both staff and Alight agreed that this should not be allowed, and after discussion, the Committee agreed. The Committee also received the 4th Quarter 2022 Health Care Stabilization Fund Report.

    INVESTMENT: In addition to a review and discussion of the investment portfolio, the Board received the Semi-Annual Proxy Voting Report. Dated Dec. 31, 2022 in addition to approving several motions (outlined below).


    At its April 2023 meeting, the OP&F Board of Trustees approved the following motions:

  • The Board approved staff’s and Wilshire’s recommendation to hire Parametric Portfolio Associates to manage OP&F assets in its Commodity Strategy Motion passed by unanimous vote. (Investment Committee).
  • The Board approved staff’s and Aksia’s recommended commitment of up to $40 million to Cortec Group. Motion passed by unanimous vote. (Investment Committee).
  • The Board approved recommendation of staff and Aksia to adopt the Ohio Police & Fire Pension Fund Private Credit Investment Policy and Guidelines. Motion passed by unanimous vote. (Investment Committee).
  • The Board approved the amended Co-Investment Proposal for private credit co-investments. Motion passed by unanimous vote. (Investment Committee).
  • The Board approved manager rating recommendations for Dimensional Fund Advisors and Loomis Sayles. Motion passed by unanimous vote. (Investment Committee).
  • The Board affirmed that the OP&F eligible expense list for its HRA stipend program remain the same and that Medicare Part B premiums will not be added to the list. Motion passed by unanimous vote. (Health Care Committee).
  • The Board approved the ORSC Health Care Report. Motion passed by unanimous vote. (Health Care Committee).
  • The Board approved the following from the Disability Committee. Motions passed by unanimous vote:
    • Approved one Death Benefit Fund case.
    • Approved nine Initial Determinations of Disability, denied two and sent two for re-examination.
    • Confirmed that two Reconsideration cases heard remain the same.
    • Approved five appeals.
    • Approved the Disability Reporting Waivers list.


    Previous Reports

    Monthly Report For June 2024
    - Posted June 27, 2024
    Monthly Report For April 2024
    - Posted May 02, 2024
    Monthly Report For March 2024
    - Posted March 13, 2024
    Monthly Report for January 2024
    - Posted January 31, 2024
    Monthly Report for December 2023
    - Posted January 11, 2024
    Monthly Report for November 2023
    - Posted November 13, 2023
    Monthly Report for September 2023
    - Posted October 06, 2023
    Monthly Report for August 2023
    - Posted September 18, 2023
    Monthly Report for June 2023
    - Posted July 09, 2023
    Monthly Report for May 2023
    - Posted June 01, 2023
    Monthly Report for April 2023
    - Posted May 03, 2023
    Monthly Report for February 2023
    - Posted March 20, 2023
    Monthly Report for January 2023
    - Posted February 01, 2023
    Monthly Report for December 2022
    - Posted December 29, 2022
    Monthly Report for October 2022
    - Posted November 04, 2022
    Monthly Report for September 2022
    - Posted October 07, 2022
    Monthly Report for August 2022
    - Posted September 09, 2022
    Monthly Report for June 2022
    - Posted July 06, 2022
    Monthly Report for May 2022
    - Posted June 02, 2022
    Monthly Report for April 2022
    - Posted May 05, 2022
    Monthly Report for March 2022
    - Posted April 19, 2022
    Monthly Report for February 2022
    - Posted March 15, 2022
    Monthly Report for January 2022
    - Posted February 02, 2022
    Monthly Report for December 2021
    - Posted December 08, 2021
    Monthly Report for October 2021
    - Posted November 02, 2021
    Monthly Report for September 2021
    - Posted October 07, 2021
    Monthly Report for August 2021
    - Posted September 01, 2021
    Monthly Report for June 2021
    - Posted July 12, 2021
    Monthly Report for May 2021
    - Posted June 02, 2021
    Monthly Report for April 2021
    - Posted May 24, 2021
    Monthly Report for March 2021
    - Posted April 08, 2021
    Monthly Report for February 2021
    - Posted March 04, 2021
    Monthly Report for January 2021
    - Posted February 04, 2021

    Board of Trustee Elections

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    Board and Committee Meetings

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    Board Members and Committee Assignments

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