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:

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.

• 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