September 2015 Monthly Board Report
OP&F SIGNS UP TO PUT ADMINISTRATIVE EXPENSES ON TREASURER’S WEBSITE
Following a vote of the Board of Trustees on Sept. 30, OP&F announced a
partnership to voluntarily participate in the OhioCheckbook.com initiative. OP&F
will work with representatives of the Treasurer’s office to place administrative
expenses on the website following the implementation of new a financial
reporting system at OP&F. The financial system is expected to be complete by
January.
“In a show of support for Treasurer Mandel's initiative, the
Ohio Police & Fire Pension Fund Board of Trustees has authorized our staff to
work with officials at the Treasurer's office to participate in the
OhioCheckbook.com project,” stated John J. Gallagher, Jr., OP&F Executive
Director. “We believe participation in this project will enhance our already
comprehensive financial transparency efforts and provide a tool for increased
understanding of our system."
PORTFOLIO UPDATE
OP&F's investment portfolio value:
|
Current value (09/28): |
$13.4 billion |
|
End of August value: |
$14.0 billion |
|
End of July value: |
$14.6 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 memo regarding the
disability benefit recipients who were sent certified letters and still have
not submitted the required annual earnings statement.
- HEALTH CARE: The Board reviewed the Health Care
Stabilization Fund report for the 2nd quarter of 2015. A health care plan
update was given and included information about the current request for
proposal for health care consulting services. The Board also received an
update about the OP&F members affected who no longer have access to health
care from the Ohio Public Employees Retirement System and that they will
have the ability to enroll in the OP&F plan. OP&F staff is contacting these
members to make sure they are aware of the options available. The
UnitedHealthcare report included information on Annual Change Period
mailings and a discussion on the dates and locations of the presentations
throughout October. The AARP Medicare Supplemental Rate information
effective April 1, 2016 was provided to the Board. No change in the rate for
Plan L, and a 1.4 percent increase for Plans B and F. The Board was also
provided with attendance figures for the recently concluded pre-retirement
seminar sessions, where nearly 600 members and spouses attended.
- FINANCE: The committee received the 2nd Quarter
Budget to Actual Report for 2015 and the Status of Past Due Employers
Report.
- INVESTMENT: In addition to the monthly portfolio
update, the Board received and discussed the following reports: the 2nd
Quarter Real Estate Performance Review; the Semi-Annual Proxy Voting Report
and Semi-Annual Securities Lending Report; the 2nd Quarter Manager
Compliance Report; and the Private Markets and Timberland Reports.
Motions: At its September 2015 meeting, the OP&F Board of Trustees voted on the following motions:
- At its September 2015 meeting, the OP&F Board of Trustees voted on the
following motions:
- Approved manager rating for Bridgewater’s Global Macro mandate as
recommended by staff. Motion passed by unanimous vote (Investment
Committee).
- Approved Wilshire’s and staff’s recommended minimum criteria for the
portable alpha manager search. Motion passed by unanimous vote (Investment
Committee).
- Approved OP&F’s voluntary participation in the Ohio Treasurer of State’s
OhioCheckbook.com program to report administrative expenses once the
transition to the new financial reporting system is implemented. Motion
passed by a vote of 8-1 (Full Board).
- Approved the Committee recommendations for the initial determination of
disability for the 23 members as identified in the initial determination
hearings list presented to the Board on Sept. 30, 2015. Motion passed by
unanimous vote (Disability Committee).
- Approved the recommendation for the appeal hearing for the members
identified in the appeals list presented to the Board on Sept. 30, 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).
- 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 Administrative Rules as outline in staff’s memorandum dated
Sept. 29, 2015 and authorizes the required filing of the rules with the
proper agencies. Motion passed by unanimous vote (Administration Audit
Committee).
Next Board of Trustees Meetings: October 20-21, 2015