Monthly Board Report

New trustees take oath, seated for January meeting

Three new members of the OP&F Board of Trustees have been sworn in following elections that concluded in December.

Tanya Czack (Parma Heights) represents active police members, Mark Drum (Delaware) represents retired police members and John Deal (Cincinnati) represents active firefighters. Election results were announced Dec. 21, and new terms for the candidates commenced Jan. 4.

Two of the Board’s three investment expert members also have new terms. David Heller, was re-appointed by the Ohio Senate and House of Representatives for a new term on Nov. 5, 2020. Charles Moore was re-appointed by the Governor for a new term on Nov. 25, 2020.

Gallagher announces retirement

On Feb. 3, OP&F Executive Director John Gallagher announced his retirement from the organization effective July 1, 2021.

The OP&F Board of Trustees, led by Chair Stephen Corvi, thanked Mr. Gallagher for his years of service and began implementation of a national search process.

“We appreciate John’s years of service to Ohio Police and Fire retirees,” Corvi said. “There were significant challenges facing the fund over the last several years and with John’s help, we’ve emerged stronger to support our members.”

Police and fire retirees won’t be affected by the transition. Mr. Gallagher made special note about the fund’s senior staff.

“The highlight of my time has been working with an incredibly experienced team of professionals committed to funding the retirements of Ohio’s first responders,” Gallagher said. “I have no doubt that the board and senior staff will continue the good work during the search for a new executive director.”

The Chair appointed a search committee to conduct a comprehensive search for a new executive director.

“Our vision is to be a leader and model retirement system that provides peace of mind to our members and a level of service that exceeds expectations,” Corvi said. “That will be at the heart of our search – we want to find someone committed to the wellbeing of all our members, our staff and to securing our pensions.”

PORTFOLIO UPDATE

OP&F’s investment portfolio value:

  • Current value (1/26/21): $17.2 billion
  • End of December value: $17.0 billion
  • End of November value: $16.5 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. Also reviewed during the meeting was the 4th Quarter 2020 Disability Experience Report.
  • BENEFITS: The Committee received the 4th Quarter 2020 Deferred Retirement Option Plan Experience Report, which was reviewed and discussed.
  • GOVERNMENTAL AFFAIRS AND POLICY: The Committee was updated on the leadership of the Ohio House and Senate with the beginning of the new General Assembly. The Committee was updated on the PTSD study required by recently passed legislation. The Committee was advised that legislation concerning OP&F’s disability process that was not passed before the conclusion of the previous General Assembly is hoped to be expedited this year.
  • INVESTMENT: Staff discussed the month-end and estimated year-end portfolio values, significant cash movements and investment performance. The Committee received and discussed the 3rd quarter reviews on the Real Estate and Real Assets portfolios.

Motions:

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

  • Approved Townsend’s recommendation to adopt the 2021 Real Estate Investment Plan. Motion passed by unanimous vote (Investment Committee).
  • Approved Townsend’s recommendation to adopt the 2021 Real Assets Investment Plan. Motion passed by unanimous vote (Investment Committee).
  • Approved Wilshire’s and staff’s recommendation to grant an exception to the Manager Search Policy in regards to a Non-US Equity mandate. Motion passed by unanimous vote (Investment Committee).
  • Approved General Counsel’s recommendation to elect Mr. Robert E. Britt as Chair-Elect of the Ohio Police & Fire Pension Fund Board of Trustees. Motion passed by unanimous vote (Investment Committee).
  • Approved the Administrative Rule as outlined in staff’s memorandum dated Jan. 26, 2021. Motion passed by unanimous vote (Benefits Committee).
  • Approved the 2020 Annual Mandatory Disability Experience Report for filing with the appropriate public officials. Motion passed by unanimous vote (Disability Committee).
  • Approved the following from the Disability Committee:
    • The recommendations for the 16 Initial Determination Hearings.
    • The recommendations for three reconsiderations.
    • The recommendations for three Appeal Hearings.
    • The recommendations for four Death Benefit Fund cases.
    • The list of waivers for mandatory medical evaluations and future filing of annual earnings statements for the members listed.

    NEXT BOARD OF TRUSTEES MEETINGS: Feb. 23-24

    Posted 1/4/2021

Previous Reports

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.