June 2014 Monthly Board Report

CLEVELAND’S HUFF NOW CHAIR OF BOARD OF TRUSTEES
Scott Huff has assumed leadership of the OP&F Board of Trustees as chair at the group’s June meeting. Huff served as the Chair Elect for the past year and was elected to the Board of Trustees in 2011. Huff is a member of the Cleveland Police Department, where he has served since 1997. He is a graduate of the University of Akron, where he earned a B.A. Business Administration. He also has current Series 7 and 65 securities licenses.

David Witner (Cuyahoga Falls fire) served as the Board’s chair for the past year. He remains a trustee, being first elected in 2010 and re-elected this spring to a new four-year term. Witner was elected Chair-Elect for 2014-15, meaning he will be in line to serve as Chair again next June. John Wainscott (retired, Cincinnati Police) will serve as the Board’s Vice Chair for 2014-15.

UPCOMING BOARD MEETINGS
The next scheduled Board of Trustees meeting will be August 26-27 (there will be no meeting in July). Also, the September Board of Trustee meetings will be to Sept. 16-17 rather than the traditional last week of the month.

PORTFOLIO UPDATE
OP&F's investment portfolio value:

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

• DISABILITY: The Committee/Board reviewed disability cases in addition to the regularly scheduled hearings and appeals. The 2014-15 Disability Committee Schedule was also presented and the Committee/Board was informed that the Annual Earnings Statement mailing was completed in June.
• BENEFITS: The Benefits Committee schedule for the next 12 months was presented for review by the Committee.
• HEALTH CARE: The items discussed and reviewed included the 2014-15 Health Care Committee Schedule, a report on the Health Care Stabilization Fund for through the first quarter of 2014, and a chart of the approved health care rates for 2015. UnitedHealthcare representatives reviewed a list of prescription drug list changes and the dates and locations of the Annual Change Period seminars.
• INVESTMENT: In addition to the monthly portfolio update, the Committee/Board received several reports, including: the 1st Quarter 2014 Net of Fees Performance Report; the 1st Quarter Private Markets Report; 1st Quarter Manager Compliance Review; 1st Quarter Timberland Report; and the Timber Portfolio Review. The Committee/Board also reviewed the 2014-15 Investment Committee Calendar along with information on potential direct lending and private markets investment opportunities.
• FINANCE:  The Finance Committee reviewed and discussed the 1st Quarter 2014 Budget-to-Actual Report and reviewed a report on past due employers. The Committee also received the 2014-15 Finance Committee Schedule and the 1st Quarter 2014 Travel Expense Report.

• Approved the Investment Committee Charter, which outlines the Committee’s purpose and responsibilities. Motion passed by unanimous vote (Investment Committee).
• Approved the 2014 Real Estate Investment Plan with no proposed changes at this time. Motion passed by unanimous vote (Investment Committee).
• Approved the Committee recommendations for the initial determination of disability for the 11 members as identified in the initial determination hearings list presented to the Board on June 25, 2014. Motion passed by unanimous vote (Disability Committee).
• Approved the determination for reconsiderations for the members identified. Motion passed by unanimous vote (Disability Committee).
• Approved the recommendations for the appeal hearings for five of the six members identified in the appeals list presented to the Board on June 25, 2014. Motion passed by unanimous vote for five of the six members. The recommendation for Member number three’s appeal failed by a vote of 3-4 (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 June 25, 2014. Motion passed by unanimous vote (Disability Committee).
• Approved the recommendations for Death Fund benefits for the members identified. Motion passed unanimously (Disability Committee).
• Approved the Disability Committee Charter, which outlines the Committee’s purpose and responsibilities. Motion passed by unanimous vote (Disability Committee).
• Approved the Finance Committee Charter, which outlines the Committee’s purpose and responsibilities. Motion passed by unanimous vote (Finance Committee).
• Approved the Benefits Committee Charter, which outlines the Committee’s purpose and responsibilities. Motion passed by unanimous vote (Benefits Committee).
• Approved the 2015 and 2016 dental and vision rates. Motion passed by unanimous vote (Finance Committee).
• Approved the 2015 Discount Program and Poverty Level Guidelines as presented. Motion passed by unanimous vote (Benefits Committee).
• Approved the 2013 ORSC Health Care Report as presented. Motion passed by unanimous vote (Benefits Committee).
• Approved the increasing the Discount Program qualifications from 200 percent to 225 percent of the Health and Human Services income poverty level guidelines. Motion passed by unanimous vote (Benefits Committee).
• Approved the Administrative Rules as outlined in staff’s memorandum dated June 24, 2014, and authorizes the required filing of the rules with the proper agencies. Motion passed by unanimous vote (Benefits Committee).
  

Next Board of Trustees Meetings: August 26-27, 2014