Monthly Board Report

Board Report, December 2023

OP&F responds to opponent testimony; Ohio Senate introduces companion bill

In testimony presented to the Ohio House Pension Committee ahead the Nov. 28, 2023 meeting on House Bill 296, several opponents of the bill seem unaware of the repeated actuarial studies that comment on equalizing employer contributions to the OP&F.

“We are disappointed that our employer partners do not support the public safety forces that keep our cities safe,” said Mary Beth Foley, Executive Director of OP&F. “Most Ohio big cities have a budget well over or approaching a billion dollars and are complaining about a reasonable phased in equalization that they have avoided for nearly 40 years.”

OP&F is seeking a solution to a real problem requiring employers to play a role after already cutting members’ benefits and increasing their own share of the pension. The Ohio Municipal League, in its testimony, accused the pension fund of seeking to put the burden only on employers who haven’t seen an increase in their share since the mid-1980s.

Another assertion from several Ohio municipalities is that the Ohio Retirement Study Council should further examine the reasons why OP&F is facing a future funding shortfall. The independent ORSC actuary has looked at the sufficiency of contributions for OP&F annually for more than 30 years.

Most recently stated in the September 14, 2023, ORSC meeting, ORSC actuary William Fornia stated: “It probably would completely solve the issue if the contribution rates were set to the higher amount.”

Representatives Cindy Abrams and Thomas Hall introduced the updated Public Safety Pension Modernization Act on Oct. 5, 2023. Senator Michele Reynolds recently introduced a companion bill, Senate Bill 194.

The legislation refines a previous one from the last session, compromising with and reasonable changes to modernize and ensure the ongoing solvency of OP&F.

The primary component of the bill, which also marks a departure from two years ago, concerns the employer share of the pension payments for first responders. While this bill maintains the employer share for firefighter pensions at 24%, it proposes to equalize the employer share for police to 24%, ensuring parity for all first responders.


  • As of 12/4: $17.2 billion
  • End of October: $16.7 billion
  • End of September: $16.9 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.

    PERSONNEL: The OP&F Executive Director provided a year-end review to the Committee. The Chair suggested a Board and staff event for spring 2024. Staff presented the Aggregate Staffing Data and Personnel Strategies on the Succession, Strategic and ERP plans for review and discussion.

    FINANCE: The Committee reviewed and approved the 2024 OP&F Operating Budget and Capital Budget and also reviewed the recommended changes to the Administrative Rules.

    INVESTMENT: In addition to a review and discussion of the investment portfolio, staff provided the Semi-Annual Proxy Voting Reports for periods ending June 30, 2023. Staff also provided the Private Asset Class Manager Fee Reports for the periods ending Dec. 31, 2022. Investment consulted, Wilshire, presented the Executive Summary of Investment Performance Report for periods ending Sept. 30, 2023, as well as the Private Equity and Private Credit Program Analysis for periods ending June 30, 2023.

    HEALTH CARE: OP&F’s retiree health care partner, Alight, presented the 2024 Open Enrollment Update and staff presented the 3rd Quarter 2023 Health Care Stabilization Fund Report.


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

  • The Board approved Townsend’s recommendation to commit $100 million to Blackstone Property Partners. Motion passed by unanimous vote. (Investment Committee).
  • The Board approved staff and Aksia’s recommendation to commit up to $40 million to Trinity Hunt Partners VII. Motion passed by unanimous vote with one abstention. (Investment Committee).
  • The Board approved staff and Wilshire’s recommended ratings for Arrowstreet, Harding Loevner, State Street Global Advisors and Western Asset Management Enhanced Cash. Motion passed by unanimous vote. (Investment Committee).
  • The Board approved the 2024 OP&F Operating Budget and Capital Budget in the form submitted. Motion passed by unanimous vote. (Finance Committee).
  • The Board approved changes to the Administrative Rules as presented. Motion passed by unanimous vote. (Finance Committee).
  • The Board approved the following from the Disability Committee. Motions passed by unanimous vote:
    • Approved 10 Initial Determinations of Disability.
    • Approved four appeal hearings.
    • Approved one reconsideration hearing.
    • Approved one Death Benefit Fund application.
    • 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

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