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:
|
Current value (11/18): |
$14.4 billion |
|
End of October value: |
$14.4 billion |
|
End of September value: |
$14.4 billion |
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.
Motions: At its November 2014 meeting, the OP&F Board of Trustees voted on the following motions:
- 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