Monthly Board Report

Public Safety Pension Modernization Act announced

Ohio State Representatives Cindy Abrams and Brian Baldridge introduced the Public Safety Pension Modernization Act on Dec. 2, 2021. The bill has many components, but the most significant change updates employer’s contributions to the pensions of OP&F members.

While the pension’s financial outlook appears rosy, meeting and beating the benchmark 30-year solvency, the forecast is based on a higher-than-industry-average investment returns of 8.0 percent. OP&F’s success so far has also been dependent on $3.2 billion in benefit cuts (which includes a 2.25 percent increase in employee contributions) and an additional $150 million from changes to retiree health care in the last eight years.

It’s important to note that employers’ contributions have remained unchanged since 1986.

Add on new pressures like an increasing number of early retirements and more difficulty recruiting first responders, which limits payroll growth, and the formula is there for future challenges.

Representative Abrams said that the time is now to make these changes.

“This bill is meant to ensure the long-term stability of the pension fund,” Abrams said. “This is good government at its best – looking ahead, acknowledging challenges on the horizon, and answering those challenges in a fiscally responsible way before it’s too late.”

It’s important to note that reducing the fund’s assumed rate of return by just one quarter of one percent moves the fund outside the 30-year required funding window.

Representative Baldridge said that first responders have always deserved and received the support of Ohio taxpayers.

“I’m proud of our commitment to first responders, and I’m glad this pension fund has been a stable source for retirees, but after cuts and increasing what the employee must contribute to their pension, we must look for bigger solutions to ensure the next generation of first responders has our full support.”

The bill has the support of the OP&F Board of Trustees. Additionally, the Fraternal Order of Police of Ohio and the Ohio Association of Professional Firefighters support this bill.

“This is a vitally important issue, and I’m proud that the Ohio Police and Fire Pension Fund is addressing this issue now, said Ohio FOP President Gary Wolske.

“We’re here in solidarity with our police brothers and sisters,” said OAPFF President Mike Taylor. “And we’re here to ensure that the public investment in our retirement fund is equitable.”

OP&F Executive Director Mary Beth Foley praised Representatives Abrams and Baldridge for their help.

“Representative Abrams and Baldridge have been great partners for us as we work to modernize our fund for the next generations,” Foley said. “Their experience as first responders coupled with their commitment to good government should be an example for every member of the general assembly.”

The Public Safety Pension Modernization Act will now pass through hearings and a house vote before going to the Senate.

PORTFOLIO UPDATE

OP&F’s investment portfolio value:

  • Current value (11/30/21): $19.0 billion
  • End of October value: $19.1 billion
  • End of September value: $18.6 billion

Board of Trustees Committee Notes

(Motions voted on by the Board are listed separately)

  • ADMINISTRATION/AUDIT: The Committee received the Internal Audit Status Update Report and an Information Technology update in addition to voting on several items (listed in Motions below).
  • DISABILITY: The Committee conducted its scheduled initial determination and appeal hearings and also received an update on the status of Annual Earnings Statements, the Annual Report of Disability Terminations, the Annual Report of Disability and Fraud Activity and the 3rd Quarter Disability Experience Report.
  • PERSONNEL: The Personnel Committee met and approved its schedule for 2022, along with reviewing compensation adjustments, succession planning, the 2022-2024 Strategic Plan and discussing aggregate staffing data.
  • HEALTH CARE: Representatives from Aon Retiree Health Solutions were present to discuss the current open enrollment season and plan choices available to retirees in 2022. The Committee also reviewed the 3rd Quarter Health Care Stabilization Fund report.
  • INVESTMENT: Staff discussed the month-end portfolio values, significant cash movements and investment performance. Wilshire presented the Investment Performance Report for periods ended Sept. 30, 2021 as well as the Private Equity and Private Credit Program analysis for periods ended June 30, 2021. Staff also presented the Private Markets Program Review and the Semi-Annual Proxy Voting Report for the period ended June 30, 2021.

Motions:

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

  • Approved the Internal Audit Department Charter. Motion passed by unanimous vote (Administration/Audit Committee).
  • Approved the 20022 Audit Plan. Motion passed by unanimous vote (Administration/Audit Committee).
  • Approved the Board Governance Policy Manual. Motion passed by unanimous vote (Administration/Audit Committee).
  • Approved the 2021 Communications Plan. Motion passed by unanimous vote (Administration/Audit Committee).
  • Approved Townsend’s recommendation to make no changes to the Real Estate Investment Policy. Motion passed by unanimous vote (Investment Committee).
  • Approved Townsend’s recommendation to commit up to $125 million to Prologis Targeted US Logistics Fund. Motion passed by unanimous vote (Investment Committee).
  • Approved Townsend’s recommendation to make no changes to the Real Assets Investment Policy. Motion passed by unanimous vote (Investment Committee).
  • Approved staff’s and Aksia TorreyCove’s recommended changes to the Private Markets Investment Policy. Motion passed by unanimous vote (Investment Committee).
  • Approved staff’s and Wilshire’s recommended 2022 Private Markets Investment Plan. Motion passed by unanimous vote (Investment Committee).
  • Approved staff’s and Wilshire’s investment manager rating recommendations for Arrowstreet, Harding Loevner, State Street Global Advisors, Western Enhanced Cash and Bridgewater GM and TIPS mandates. Motion passed by unanimous vote (Investment Committee).
  • Voted to conclude the State Posttraumatic Stress Fund Study. Motion passed by unanimous vote (Disability Committee).
  • Approved OP&F Strategic Plan for the years 2022-24. Motion passed by unanimous vote (Personnel Committee).
  • Approved the following from the Disability Committee:
    • The recommendations for 11 Initial Determination Hearings and three were disapproved
    • The recommendations for the one Death Benefit Fund case
    • The recommendations for the four Appeal Hearings and one was postponed
    • The Disability Reporting Waivers List

NEXT BOARD OF TRUSTEES MEETINGS: Jan. 25-26, 2022

Posted 12/8/2021

Previous Reports

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
Monthly Report for December 2020
- Posted December 09, 2020
Monthy Report For October 2020
- Posted October 28, 2020
Monthy Report For September 2020
- Posted October 08, 2020
Monthly Report For August 2020
- Posted September 02, 2020
Monthly Report for June 2020
- Posted June 29, 2020
Monthly Report for February 2020
- Posted March 06, 2020
Monthly Report for January 2020
- Posted February 12, 2020
Monthly Report for December 2019
- Posted December 23, 2019
Monthly Report for October 2019
- Posted October 30, 2019
Monthly Report for September 2019
- Posted October 04, 2019
Monthly Report for August 2019
- Posted September 27, 2019
Monthly Report for June 2019
- Posted July 17, 2019
Monthly Report for May 2019
- Posted June 07, 2019
Monthly Report for April 2019
- Posted May 08, 2019
Monthly Report for March 2019
- Posted March 28, 2019
Monthly Report for February 2019
- Posted March 08, 2019
Monthly Report for January 2019
- Posted February 01, 2019
Monthly Report for December 2018
- Posted December 27, 2018
Monthly Report for November 2018
- Posted November 21, 2018
Monthly Report for October 2018
- Posted November 01, 2018
Monthly Report for September 2018
- Posted October 03, 2018
Monthly Report for August 2018
- Posted August 29, 2018
Monthly Report for June 2018
- Posted June 27, 2018
Monthly Report for May 2018
- Posted May 31, 2018
Monthly Report for April 2018
- Posted May 02, 2018
Monthly Report for March 2018
- Posted April 04, 2018
Monthly Report for February/March 2018
- Posted March 07, 2018
Monthly Report for January 2018
- Posted January 30, 2018
Monthly Report for December 2017
- Posted December 19, 2017
Monthly Report for November 2017
- Posted November 29, 2017
Monthly Report for October 2017
- Posted November 01, 2017
Monthly Report for September 2017
- Posted October 03, 2017
Monthly Report for August 2017
- Posted September 14, 2017
Monthly Report for June 2017
- Posted July 11, 2017
Monthly Report for May 2017
- Posted May 23, 2017
Monthly Report for March 2017
- Posted April 07, 2017
Monthly Report for February 2017
- Posted March 08, 2017
Monthly Report for January 2017
- Posted February 01, 2017
Monthly Report for December 2016
- Posted December 20, 2016
Monthly Report for November 2016
- Posted November 21, 2016
Monthly Report for October 2016
- Posted October 28, 2016
Monthly Report for September 2016
- Posted October 05, 2016
Monthly Report for August 2016
- Posted September 07, 2016
Monthly Report for June 2016
- Posted July 06, 2016
Monthly Report for May 2016
- Posted May 25, 2016
Monthly Report for April 2016
- Posted May 04, 2016
Monthly Report for March 2016
- Posted April 08, 2016
Monthly Report for February 2016
- Posted March 02, 2016
Monthly Report for January 2016
- Posted January 27, 2016
Monthly Report for December 2015
- Posted December 22, 2015
Monthly Report for November 2015
- Posted November 22, 2015
Monthly Report for October 2015
- Posted October 27, 2015
MONTHLY REPORT for September 2015
- Posted October 06, 2015
MONTHLY REPORT for August 2015
- Posted September 01, 2015
MONTHLY REPORT for June 2015
- Posted June 30, 2015
MONTHLY REPORT for May 2015
- Posted May 28, 2015
MONTHLY REPORT for January 2015
- Posted February 04, 2015
MONTHLY REPORT for April 2015
- Posted May 07, 2015
MONTHLY REPORT for March 2015
- Posted April 01, 2015
MONTHLY REPORT for February 2015
- Posted March 03, 2015
MONTHLY REPORT for November 2014
- Posted November 25, 2014
MONTHLY REPORT for October 2014
- Posted November 05, 2014
MONTHLY REPORT for September 2014
- Posted September 23, 2014
MONTHLY REPORT for August 2014
- Posted September 02, 2014
MONTHLY REPORT for June 2014
- Posted July 02, 2014
MONTHLY REPORT for May 2014
- Posted May 28, 2014
MONTHLY REPORT for April 2014
- Posted May 09, 2014
MONTHLY REPORT for March 2014
- Posted April 04, 2014
MONTHLY REPORT for February 2014
- Posted March 05, 2014
MONTHLY REPORT for December 2013
- Posted December 30, 2013
MONTHLY REPORT for November 2013
- Posted December 02, 2013
MONTHLY REPORT for September 2013
- Posted October 02, 2013
MONTHLY REPORT for August 2013
- Posted September 04, 2013
MONTHLY REPORT for April 2013
- Posted May 01, 2013
MONTHLY REPORT for May 2013
- Posted June 10, 2013
MONTHLY REPORT for March 2013
- Posted April 03, 2013
MONTHLY REPORT for February 2013
- Posted March 07, 2013
MONTHLY REPORT for January 2013
- Posted February 06, 2013
MONTHLY REPORT for December 2012
- Posted December 18, 2012
MONTHLY REPORT for November 2012
- Posted November 21, 2012
MONTHLY REPORT for October 2012
- Posted November 05, 2012
MONTHLY REPORT for September 2012
- Posted October 05, 2012
MONTHLY REPORT for July 2012
- Posted August 01, 2012
MONTHLY REPORT for June 2012
- Posted July 03, 2012
MONTHLY REPORT for May 2012
- Posted June 06, 2012
MONTHLY REPORT for April 2012
- Posted May 01, 2012
MONTHLY REPORT for March 2012
- Posted April 04, 2012
MONTHLY REPORT for February 2012
- Posted February 29, 2012
MONTHLY REPORT for January 2012
- Posted February 01, 2012
MONTHLY REPORT for December 2011
- Posted December 20, 2011
MONTHLY REPORT for September 2011
- Posted December 15, 2011
MONTHLY REPORT forOctober 2011
- Posted December 16, 2011
MONTHLY REPORT for November 2011
- Posted December 19, 2011
MONTHLY REPORT for July 2011
- Posted July 01, 2011
MONTHLY REPORT for June 2011
- Posted June 01, 2011
MONTHLY REPORT for May 2011
- Posted May 01, 2011
MONTHLY REPORT for April 2011
- Posted April 01, 2011
MONTHLY REPORT for March 2011
- Posted March 01, 2011
MONTHLY REPORT for February 2011
- Posted February 01, 2011
MONTHLY REPORT for January 2011
- Posted January 01, 2011



Board of Trustee Elections

In 2020, OP&F will hold elections for three positions on the Board of Trustees; a retired police representative, an active police representative and an active fire representative.

Board and Committee Meetings

OP&F encourages you to come to our monthly board meetings. Board agendas and minutes can be viewed by clicking the link below.

Board Members and Committee Assignments

Please click the links below to view Committee Assignments and Board Members.