November 2014 Monthly Board Report

DECEMBER BOARD MEETING DATES
OAs in previous years, the OP&F Board of Trustees will hold its monthly meeting earlier than usual in December to avoid conflicts with the holiday season. The meetings will be Tuesday, Dec. 9 and Wednesday, Dec. 10.

GATEWOOD NAMED OP&F DIRECTOR OF INFORMATION SERVICES
Maureen Gatewood joined OP&F on Oct. 13 as the Director of Information Services. Gatewood will manage the development and maintenance of information technology systems, operations, hardware and software for the organization.

Gatewood comes to OP&F after serving as the assistant director of information technology with the School Employees Retirement System (SERS). She has worked at SERS since 2001, previously serving as the information technology project lead and as the quality assurance coordinator. Along with her position at SERS, she serves as the Central District Director of Public Retirement Information Systems Management (PRISM).

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 Committee/Board also received data on the mandatory medical reexaminations of a disability recipient and received information on members who have not submitted a required Annual Earnings Statement. Additionally, the Committee/Board reviewed a memorandum concerning the termination of disability benefits for an OP&F member.
• HEALTH CARE: The Board received a presentation on the Health Care Stabilization Fund for the 3rd quarter of 2014 and discussed a comparison to one year ago. UnitedHealthcare representatives were present at the meeting and presented information on prescription drug list changes scheduled for Jan. 1, 2015, and also reviewed statistics from the Annual Change Period.
• ADMINISTRATION/AUDIT: The Committee received the Information Services Report, which included updates on the following projects: V3 browser project; service credit purchases; Vitech co-development; SharePoint upgrade, electronic records management; ContractLogix upgrade; MS Dynamics AX; the 1099R project; OP&F’s security assessment; and business continuity testing. The Committee also received a presentation on the 2015 salary and wages budget planning and the 2015 employee health care budget planning.
• FINANCE: The Committee received a presentation on the 2015 Annual Budget and discussed with staff.
• INVESTMENT: In addition to the monthly portfolio update, the Committee/Board received and discussed the 3rd Quarter Investment Performance Review from OP&F’s investment consultant, Wilshire Associates.

• Approved staff and Torrey Cove’s recommendation to commit up to $30 million to Glendon Opportunities Fund. Motion passed by unanimous vote (Investment Committee).
• Approved Townsend’s recommendation to commit up to $50 million to AEW Partners VII. Motion passed by unanimous vote (Investment Committee).
• Approved Townsend’s recommended revision to the Real Estate Strategic Plan. Motion passed by unanimous vote (Investment Committee).
• Approved the manager ratings for Columbia Asset Management, State Street Global Advisors and the Western Asset Short Term mandate. Motion passed by unanimous vote (Investment Committee).
• Approved the Committee recommendations for the initial determination of disability for the 13 members as identified in the initial determination hearings list presented to the Board on Nov. 19, 2014. Motion passed by unanimous vote (Disability Committee).
• Approved the recommendations for the appeal hearings for the six members identified in the appeals list presented to the Board on Nov. 19, 2014. Motion passed by unanimous vote (Disability Committee).
• Approved the recommendations for Death Fund benefits for the members 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 Nov. 19, 2014. Motion passed by unanimous vote (Disability Committee).
• Approved the termination of disability benefits for the member identified in staff’s memorandum dated Nov. 18, 2014 for the reason stated therein. Motion passed by unanimous vote (Disability Committee).
• Approved the Finance Committee recommendation to accept the 2015 Annual Budget in the form submitted on Nov. 19, 2014. Motion passed by unanimous vote (Finance Committee).
• Approved the 2014 OP&F Communications Plan for submission to the Ohio Retirement Study Council in the form presented on Nov. 18, 2014. Motion passed by unanimous vote (Administration/Audit Committee).
  

Next Board of Trustees Meetings: Dec. 9-10, 2014