Monthly Board Report

OP&F well managed and exceeds all expectations for 2021; current economic downturn makes HB 512 imperative

The need for changes in the Ohio Police & Fire Pension Fund (OP&F) employer contribution formula remains vital for the long-term health of the retirement system, though the most recent actuarial study shows the system in compliance with Ohio’s funding requirements.

“We are very proud of the excellent stewardship the Board and staff of OP&F have provided to sustain this fund despite inequities in funding that have persisted for nearly 40 years. It is time for Ohio’s employers to do their part to protect the pensions of our protectors” said Mary Beth Foley, OP&F Executive Director.

House Bill 512 currently under consideration by Ohio legislators would make long overdue changes to the employer contribution rates, which have not been changed since 1986. A poll released in September indicated 63 percent of Ohioans support this bill, and 78 percent said they are more likely to vote for a legislator who supports House Bill 512.

Also, results of a recent poll conducted by the Ohio Chamber of Commerce show that the business community is in universal agreement that discussion about defunding police should be put to a stop and businesses would like to see more police on patrol. A strong and healthy pension fund is a major tool to entice recruits to public safety jobs.

The most recent actuarial valuation of OP&F shows it remains compliant with Ohio’s funding requirements, despite a change in a key factor last February—the assumed rate of investment return.

“The amazing returns achieved by OP&F in 2021 primarily contributed to OP&F being at 28.07 years, despite the Board’s move to lower the assumed rate of return. However, U.S. market performance in 2022, as we predicted, is negative and cannot be included in the current valuation,” said Foley.

According to the independent actuarial study, OP&F’s funding period is under the state’s 30-year requirement and therefore in compliance for the three-year reporting period.

“Now is the time to act,” said Gary Wolske, President of the Ohio Fraternal Order of Police. “We and our sponsors warned the legislature and took bold action introducing this bill. It should have passed already. It is imperative the legislature act before the end of this year.”

“Our fund and our sponsors pursued good government,” added Jon Harvey, Ohio Association of Professional Fire Fighters President. “Further delay is inexcusable. The cities are well funded, and have received billions and billions under COVID and other federal relief bills. The time is now.”

House Bill 512 was conceived to equalize employer contributions and increase the amount that has been stagnant for nearly 40 years, and bring OP&F in line with the Ohio Highway Patrol’s rate. The changes in the bill are designed to secure future pensions for Ohio’s first responders.

While OP&F conducts an independent actuarial study annually, a quinquennial study is done every five years and looks at a broad range of assumptions. OP&F’s independent actuary studies and adjusts these assumptions as appropriate. The OP&F Board of Trustees will receive both the actuarial and quinquennial reports on Oct. 26. A vote to adopt the report is expected at that time.


  • As of 10/26: $16.7 billion
  • End of September: $16.4 billion
  • End of August: $17.5 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.

    FINANCE: OP&F’s independent actuary, Cavanaugh MacDonald Consulting, attended the meeting and presented the results of the Five-Year Experience Study and the Annual Actuarial Valuation. The five-year review and the three-year valuation due under 742.14 will be filed with the Ohio Retirement Study Council Nov. 1.

    INVESTMENT: In addition to a review and discussion of the investment portfolio, the Board received performance reviews on the real estate and real assets portfolios for the 2nd Quarter 2022.


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

  • The Board approved Townsend’s recommended ratings for OP&F’s real estate investment managers. Motion passed by unanimous vote. (Investment Committee)
  • The Board approved Wilshire’s recommended ratings for Dimensional Fund Advisors. Motion passed by unanimous vote. (Investment Committee)
  • The Board approved Wilshire’s recommendation to adopt the amended Investment Policy and Guidelines. Motion passed by unanimous vote. (Investment Committee)
  • The Board approved staff’s recommendation to adopt the amended Investment Manager Monitoring and Evaluation Policy. Motion passed by unanimous vote. (Investment Committee)
  • The Board approved Cavanaugh MacDonald’s recommendation to accept the assumptions and actuarial methods including an investment return assumption of 7.5 percent. Motion passed by unanimous vote. (Finance Committee).
  • The Board approved the triennial valuation as presented by Cavanaugh MacDonald. Motion passed by unanimous vote. (Finance Committee).
  • The Board approved the following from the Disability Committee. Motions passed by unanimous vote:
    • The Board approved two, and disapproved two, Death Benefit Fund cases.
    • The Board approved thirteen Initial Determination of Disability. One Initial Determination was sent for a re-exam.
    • The Board approved the Disability Reporting Waivers list.


    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

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