Monthly Board Report

Russia Divestment Update

OP&F continues in its divestment from Russia as quickly as possible while keeping with the fund’s fiduciary duty, per a directive from the Board of Trustees.

Significant progress has been made to reduce OP&F’s exposure to Russian investments. OP&F’s total exposure in Russia is $10.5 million as of April 1, down from $59 million at the beginning of March. The value of direct holdings is $3.9 million. These markets have been frozen, so no additional change in value is expected until those markets re-open. Other funds may report this as a “zero” exposure. In an effort to be transparent, OP&F prefers to report the last known numbers.

Since the beginning of the Ukraine crisis, OP&F managers have been under a directive to not purchase any Russian holdings. OP&F continues to be responsible to our fiduciary duty, responsibly divesting these assets as opportunities arise.

HB 512 Update

A second hearing took place March 30 with proponent testimony for Ohio House Bill 512 in front of the House Insurance Committee. Representatives from several member groups provided testimony in support of the legislation, which would increase employer contribution rates for the first time since 1986.

The bill, co-sponsored by Representatives Cindy Abrams and Brian Baldridge, seeks the increase to improve OP&F’s long-term funding outlook and protect pensions for future retirees. Pressures like increased early retirements, difficulty recruiting first responders (which limits payroll growth) coupled with lower capital market assumptions, are expected to create future challenges.

The bill has the support of the OP&F Board of Trustees along with the Fraternal Order of Police of Ohio and the Ohio Association of Professional Firefighters.

Aon to re-brand to Alight this spring

OP&F retirees will notice a new logo and color scheme when they visit the website that services their Health Reimbursement Arrangements or receive mailings. Aon Retiree Health Solutions will become Alight beginning in May.

In 2021, Aon, who partnered with OP&F to provide retiree health care services, announced they were selling its Retiree Health Exchange business to Alight, who was already servicing the Health Reimbursement Arrangements for retirees eligible for the OP&F health care stipend.

For OP&F members, the acquisition is expected to be seamless. All communication will still be co-branded with OP&F to avoid any confusion.


OP&F’s investment portfolio value:

  • Current value (3/29/22): $19.04 billion
  • End of February value: $18.97 billion
  • End of January value: $19.02 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 administrative rules that were due for required five-year review.
  • HEALTH CARE: The Board/Committee received a presentation from retiree health care partner Aon, including information on their re-brand to Alight (see article above). Aon also provided data and statistics on enrollment for Medicare and pre-Medicare retirees and a stipend summary. The Committee/Board also reviewed a high level overview of the eligibility and enrollment process for Medicare participants. They reviewed the 2021 yearend report for the Health Care Stabilization Fund and a draft of the annual health care report to be submitted to the Ohio Retirement Study Council. At the request of an OP&F retiree member, the Board re-examined the stipend eligibility rules for member spouses. There are 3,578 Medicare age OP&F spouses not enrolled for a potential additional cost of $4.1 million.
  • INVESTMENT: In addition to a review and discussion of the investment portfolio, the Committee/Board had initial discussions with staff and OP&F investment consultant, Wilshire, on ongoing the Asset Liability Study. Also discussed was the Semi-Annual Proxy Voting Report.
  • Motions:

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

    • Approved Staff and Wilshire’s recommendation to adopt the amended Investment Policy and Guidelines. Motion passed by unanimous vote (Investment Committee).
    • Approved Staff recommendation to adopt the amended Investment Manager Monitoring and Evaluation Policy. Motion passed by unanimous vote (Investment Committee).
    • Approved Staff’s recommended changes to the Proxy Voting Policy. Motion passed by unanimous vote (Investment Committee).
    • Approved the investment manager rating recommendations for Bridgewater’s Global Macro and TIPS mandates, Grosvenor Flight Fund, Russell PAO & PIO and Neuberger Berman. Motion passed by unanimous vote (Investment Committee).
    • Approved Townsend’s recommendation to commit up to $50 million to EQT Exeter Industrial Core Plus Fund IV. Motion passed by unanimous vote (Investment Committee).
    • Approved eight Administrative Rules as outlined in staff’s memorandum dated March 29, 2022. Motion passed by unanimous vote (full Board).
      • Approved the following from the Disability Committee:
      • The recommendation for three Death Benefit Fund cases
      • The recommendations for nine Initial Determination Hearings
      • The recommendations for four Appeal Hearings were approved
      • The Disability Reporting Waivers List


    Posted 3/25/2022

    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

    Board of Trustee Elections

    Information on Board of Trustees elections can be viewed by clicking the link below.

    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.