November 2015 Monthly Board Report
BOARD OF TRUSTEES APPROVES 2016 OPERATING BUDGET
The 2016 budget process concluded when the Ohio Police & Fire Pension Fund
(OP&F) Board of Trustees approved the operating budget for the coming year
during its meeting on Nov. 18. The total operating budget of $65.91 million is
just 0.8 percent above the 2015 budget. Also approved is the rolling three-year
capital improvements budget for the years 2016-18. This budget of $4.6 million
includes capital improvements to the offices of OP&F, equipment, computer
hardware and software.
PORTFOLIO UPDATE
OP&F's investment portfolio value:
|
Current value (11/17): |
$13.9 billion |
|
End of September value: |
$14.1 billion |
|
End of August value: |
$13.6 billion |
Board of Trustees Committee Notes
(Motions approved by the Board are listed separately)
- DISABILITY: In addition to the regularly scheduled
hearings and appeals, the Disability Committee received a report detailing
members who have not submitted an annual earnings statement. The Committee
also discussed ideas to improve the process for preparing disability case
files.
- HEALTH CARE: The Health Care Committee received an
overview of the Health Care Stabilization Fund for the 3rd quarter of 2015.
UnitedHealthcare representatives provided information on Annual Change
Period participation, changes to the Prescription Drug List as of Jan. 1,
2016 and the move from the current specialty pharmacy to BriovaRx. Also
discussed was the topic of rising psychological disability claims among
public safety plans which was a topic at the recent National Conference on
Public Employee Retirement Systems meetings.
- FINANCE: The Committee received the 2016 Total
Plan Assets Budget for review and discussion.
- INVESTMENT: In addition to the monthly portfolio
update, the Board received and discussed the 3rd Quarter Investment
Performance Review, presented by Wilshire Associates.
Motions: At its November 2015 meeting, the OP&F Board of Trustees voted on the following motions:
- Approved the Real Estate Strategic Plan as recommended by the Townsend
Group. Motion passed by unanimous vote (Investment Committee).
- Approved Investment Staff’s and TorreyCove’s recommendation to invest up
to $50 million in Advent International GPE VIII. Motion passed by unanimous
vote (Investment Committee).
- Approved Investment Staff’s recommended manager ratings for State Street
Global Advisors and Western Asset Short Term. Motion passed by unanimous
vote (Investment Committee).
- Approved the travel expenses for three Board members to conduct a due
diligence visit to Bridgewater Associates. Motion passed by unanimous vote
(Investment Committee).
- Approved the Committee recommendations for the initial determination of
disability for the members as identified in the initial determination
hearings list presented to the Board on Nov. 18, 2015. Motion passed by
unanimous vote (Disability Committee).
- Approved the recommendation for the appeal hearing for the members
identified in the appeals hearings list presented to the Board on Nov. 18,
2015. Motion passed by unanimous vote (Disability Committee).
- Approved the Committee recommendation for Death Fund benefits for the
members identified. Motion passed by unanimous vote (Disability Committee).
- Approved the Committee’s recommendation for dependent disabled child
benefits for the member’s requesting these benefits. 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 Sept. 30, 2015. Motion
passed by unanimous vote (Disability Committee).
- Approved the 2016 Annual Budget in the form submitted to the Board of
Trustees on November 18, 2015. Motion passed by unanimous vote (Full Board).
- Approved the 2015 OP&F Communications Plan for submission to the Ohio
Retirement Study Council in the form presented on Nov. 18, 2015. Motion
passed by unanimous vote (Full Board).
- Approved a renewal of the administrative services agreement with
UnitedHealthcare on terms favorable and protective to OP&F. Motion passed by
unanimous vote (Full Board).
Next Board of Trustees Meetings: Dec. 15-16, 2015