November 2016 Monthly Board Report
OHIO SENATE, HOUSE REAPPOINT HELLER FOR THIRD TERM AS OP&F TRUSTEE
J. David Heller begins his third term with the OP&F Board of Trustees after
being re-appointed by the Ohio Senate and Ohio House of Representatives on Nov.
5. Heller will serve as one of three investment expert member’s on the Board. He
will serve a four-year term that expires on Nov. 4, 2020. He was originally
appointed to the Board in December 2008.
Heller is a founder and principal of The NRP Group, a full-service developer,
general contractor, and property manager specializing in providing affordable
single-family, multi-family and senior housing. Heller’s professional experience
also includes serving as a real estate consultant with the Townsend Group and
with Arthur Andersen & Co. in Chicago as a manager in the real estate consulting
division.
PORTFOLIO UPDATE
OP&F's investment portfolio value:
|
Current value (11/15/16): |
$14.2 billion |
|
End of October value: |
$14.2 billion |
|
End of September value: |
$14.4 billion |
Board of Trustees Committee Notes
(Motions approved by the Board are listed separately)
- DISABILITY: In addition to the regularly scheduled
hearings, the Committee discussed the Board’s authority to modify disability
benefits on appeal and reconsideration.
- HEALTH CARE: The Committee discussed the status of the
Health Care Stabilization Fund and net cost reports with staff. A
representative from UnitedHealthcare presented updates to the prescription
drug list, effective January 2017 and also reported preliminary numbers from
the Annual Change Period. Additional discussion took place on the status of
health care funding.
- INVESTMENT: In addition to the monthly portfolio
update, the Board received an overview of the real estate market and an
update on OP&F’s investment in the JP Morgan Strategic Property Fund from
representatives of JP Morgan Asset Management. OP&F’s general investment
consultant, Wilshire Associates, presented the Investment Performance Report
for periods ending Sept. 30.
Motions:
At its
November 2016 meeting, the OP&F Board of Trustees voted on the following motions:
- Approved staff’s, Wilshire’s and Townsend’s recommendations to convert
the strategic asset allocation to Timber of 5.0 percent to a Real Assets
allocation consisting of timber, infrastructure and agriculture. Motion
passed by unanimous vote (Investment Committee).
- Approved Townsend’s
recommendation to commit up to $50 million to Exeter Industrial Fund IV.
Motion passed by unanimous vote (Investment Committee).
- Approved the Real
Estate Strategic Plan as recommended by the Townsend Group. Motion passed by
unanimous vote (Investment Committee).
- Approved staff’s recommended
manager ratings for State Street Global Advisors, Western Asset and Pacific
Investment Management Company. 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. 16, 2016. Motion
passed by unanimous vote. (Disability Committee).
- Approved the Committee
recommendation for reconsideration for the members identified in the
reconsideration hearings list presented to the Board on Nov. 16, 2016.
Motion passed by unanimous vote (Disability Committee).
- Approved the
Committee recommendations for appeal hearings for the members identified in
the appeals list presented to the Board on Nov. 16, 2016. 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).
- 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. 16, 2016. Motion passed by unanimous vote
(Disability Committee).
- Approved the 2017 Annual Budget in the form
submitted to the Board of Trustees on Nov. 15, 2016. Motion passed by
unanimous vote (Finance Committee).
NEXT BOARD OF TRUSTEES MEETINGS: Dec. 13-14, 2016