Monthly Board Report

Board Report, December 2022

OP&F

A major retirement bill, which is commonly known as the SECURE Act 2.0, in the end-of-year omnibus appropriations bill, cleared Congress on Dec, 27, 2022, and signed into law by President Biden. OP&F worked on many of the provisions in the SECURE Act 2.0 and also we were the originator and sponsor of the language which removed the “direct payment” requirement from the public safety officers’ tax exclusion for health care.

In other legislative news closer to home, Ohio House Bill 512 the legislation introduced late in 2021 that would have made long overdue changes to the employer contribution rates, which have not been changed since 1986 did not pass.

However, the work on this legislation was not in vain. OP&F provided early warning of its funding issues, educated members, members of the General Assembly and the public about the looming funding issues and lack of equalization between police and fire employer rates. OP&F is hopeful these efforts have created opportunities in the new General Assembly, which will began Jan. 1.

HB 512 remains historic as the first to be introduced to equalize and raise the employer share on behalf of Ohio’s municipal public safety officers since 1986. 

PORTFOLIO UPDATE

  • As of 12/26: $16.9 billion
  • End of November: $17.2 billion
  • End of October: $16.7 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 and also reviewed the Annual Earnings Statement, the Annual Report of Disability Terminations and the Annual Report of Disability Fraud Activity.

    ADMINISRATION AND AUDIT: The Summary of Internal Audit Activity was reviewed along with the 2023 Administration and Audit Committee Agenda Schedule.

    HEALTH CARE: OP&F’s health care administrator, Alight, presented updates on the 2022 retiree health care plan.

    INVESTMENT: In addition to a review and discussion of the investment portfolio, the Board received the Private Markets Program Review and the Investment Performance Report for periods ended Sept. 30, 2022, as well as the Private Equity and Private Credit Program Analysis for periods ended June 30, 2022.

    Motions:

    At its December 2022 meeting, the OP&F Board of Trustees approved the following motions:

  • The Board approved Townsend’s recommended changed to the Real Estate Investment Policy. Motion passed by unanimous vote. (Investment Committee)
  • The Board approved Townsend’s recommendation to make no changes to the Real Assets Investment Policy. Motion passed by unanimous vote. (Investment Committee)
  • The Board approved Staff’s and Aksia’s recommendation to commit up to $50 million to GTCR XIV, L.P. Motion passed by unanimous vote. (Investment Committee)
  • The Board approved Staff’s and Wilshire’s recommended changes to the Private Markets Investment Plan. Motion passed by unanimous vote. (Investment Committee)
  • The Board approved the recommendation of Staff and Wilshire to conduct a closed search for the commodities mandate. Motion passed by unanimous vote. (Investment Committee).
  • The Board approved Staff’s and Wilshire’s recommendation to commit up to $50 million to HPS Specialty Loan Fund VI. Motion passed by unanimous vote. (Investment Committee).
  • The Board approved Staff’s and Wilshire’s investment manager rating recommendations for Arrowstreet Capital Partners, Harding Loevner, State Street Global Advisors, and Western Asset Management. Motion passed by unanimous vote. (Investment Committee).
  • The Board approved the Administrative Rules as presented. Motion passed by unanimous vote. (Administration and Audit Committee).
  • The Board approved the 2023 Annual Audit Plan. Motion passed by unanimous vote. (Administration and Audit Committee).
  • The Board approved the Board Governance Policy Manual as presented. Motion passed by unanimous vote. (Administration and Audit Committee).
  • The Board approved the 2023 OP&F Communications Plan. Motion passed by unanimous vote. (Administration and Audit Committee).
  • The Board approved the 2023 OP&F Operating and Capital Budgets. Motion passed by unanimous vote. (Administration and Audit Committee). (Administration and Audit Committee).
  • The Board approved the following from the Disability Committee. Motions passed by unanimous vote:
    • Approved two, and disapproved one, Death Benefit Fund cases.
    • Approved 12 Initial Determination of Disability. One Initial Determination was disapproved.
    • Approved one Reconsideration hearing.
    • Approved four Appeal hearings.
    • Approved the Disability Reporting Waivers list.

    NEXT BOARD OF TRUSTEES MEETINGS: Jan. 24-25, 2023

    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



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