February/March 2018 Monthly Board Report

RETREAT NEWS: HEALTH CARE MAIN TOPIC OF DISCUSSIONS

OP&F’s annual Board of Trustees Retreat on March 1-2, included a lengthy discussion and presentations concerning the retiree health care transition. OP&F’s health care consultant and independent actuary delivered presentations during the first day of the retreat that included cost and stipend examples for trustees to consider. Aon, OP&F’s partner in the transition scheduled for next January, was also at the meeting and provided timelines for the roll-out of the new health care plan. The Board of Trustees will discuss the available alternatives again at their March 27 meeting and also possibly vote to accept a stipend scenario.

Other sessions during the retreat included a review of OP&F’s private markets investment program and a discussion on board governance and the upcoming 2019 fiduciary audit.

BOARD REPORT TO BE EMAIL NEWSLETTER IN 2018

OP&F expects to transition to an email-only delivery of the Board Report newsletter during 2018. To continue to receive the Board Report, forward your email address to: dgraham@op-f.org.

PORTFOLIO UPDATE
OP&F's investment portfolio value:

Board of Trustees Committee Notes
(Motions approved by the Board are listed separately)

• DISABILITY: In addition to the regularly scheduled hearings and appeals, the Committee received the 2017 Disability Exam Satisfaction Survey results for the second half of the year.
• FINANCE: The Committee reviewed the 4th Quarter 2-17 Budget-to-Actual Report and discussed the stats of past due employers.
• INVESTMENT: In addition to the monthly portfolio performance update, the Board reviewed the Investment Performance Report for the periods ending Dec. 31, 2017.
  
  Motions:
  At its February 2018 meeting, the OP&F Board of Trustees voted on the following motions:
• Approved staff’s and Wilshire’s recommended finalists for the Non-US Equity Investment Manager Search. Motion passed by unanimous vote (Investment Committee).
• Approved the investment manager rating recommendations for Causeway and Fidelity ACWI ex-US. Motion passed by unanimous vote (Investment Committee).
• Approved staff’s and TorreyCove’s recommendation to commit up to $30 million to Resolute Fund IV, LP. Motion passed by unanimous vote (Investment Committee).
• Approved staff’s recommendation to commit up to $50 million to MC Tax Services Fund, LP. Motion passed by a vote of 6-0 with one abstention (Investment Committee).
• Approved the Committee recommendations for the initial determination of disability for the members as identified in the initial determination hearings list presented to the Board on Feb. 20, 2018. Motion passed by unanimous vote. (Disability Committee).
• Approved the Committee recommendations for appeal hearings for the members identified in the appeals list presented to the Board on Feb. 20, 2018. (Disability Committee).
• Approved the Committee recommendation for Death Fund benefits for the member identified. Motion passed by unanimous vote (Disability Committee).
• Waived the mandatory medical evaluation and filing of annual earnings statements for future years for the members identified in the disability reporting waivers list presented to the Board on Jan. 24, 2018. Motion passed by unanimous vote (Disability Committee).
  

NEXT BOARD OF TRUSTEES MEETINGS: March 27-28, 2018

Posted 3/7/2018