Monthly Board Report

Funston Services Presents Fiduciary Audit To Board

The firm that conducted the fiduciary audit of OP&F for the Ohio Retirement Study Council presented the findings to the Board yesterday. The audit is required every 10 years and while the ORSC selects the firm doing the study and sets the timeline, OP&F pays for the cost of the audit, which was $664,000. The last fiduciary audit report was dated December 2006, almost 16 years ago.

Open Enrollment

Open enrollment for retiree health care is approaching, and OP&F is again assisting our members to navigate the many choices they may face. OP&F’s health care partner, Alight, held in-person seminars throughout the state in September educating members about their choices. For Medicare-eligible retirees, open enrollment is from Oct. 15 through Dec. 7. For retirees not yet age 65, open enrollment is Nov. 1 through Dec. 15.

Alight 2022 Updates

  • Customer satisfaction year-to-date – 87% (interaction with Advisor)
  • Appointments year-to-date – 1,325 (100% on time)
  • Inbound calls year-to-date-16,304 @ 92% answered in 30 seconds or less
  • Inflation Reduction Act
    • Eliminates cost-sharing for adult vaccines covered under Medicare Part D in 2023.
    • Limits monthly cost-sharing for insulin products to $35 in 2023 for Medicare Retirees.
    • Other Part D legislative changes are scheduled to be implemented in the next few years.
    • Continues the ACA marketplace subsidies introduced in the American Rescue Plan Act through 2025, which removed the upper income limit on federal subsidies.

    HB 512

    A poll commissioned by the OAPFF and the FOP of likely Ohio voters shows support for the legislation, including 78 percent who say they are more likely to vote for a candidate who supports HB 512. We urge our members to contact their representatives to support House Bill 512.

    Retirement Webinars Set For Week of Oct. 10

    Dates have been set for the 2022 Pre-Retirement webinars for OP&F members approaching retirement:
  • Tuesday, Oct. 11, 10 a.m. and 2 p.m.
  • Wednesday, Oct. 12, 7 p.m.
  • Thursday, Oct. 13, 10 a.m.
  • Employer Survey

    Linea survey concerning the new pension system was emailed to OP&F employers in August. Feedback has been received throughout the month of September and a report of the findings will be available in early October.

    PORTFOLIO UPDATE

  • As of 9/27: $16.35 billion
  • End of August value: $17.5 billion
  • End of July value: $18.0 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: The Committee was provided with preliminary operating and capital budget documents for 2023 for review and discussion. The July and August financial statements were also presented and discussed.

    HEALTH CARE: Representatives from OP&F’s health care partner, Alight, attended the meeting and discussed the 2023 open enrollment process and the Health Reimbursement Arrangement for eligible retirees.

    INVESTMENT: In addition to a review and discussion of the investment portfolio, the Board discussed transition and implementation for the Asset Liability Plan approved in August. The current assumed investment rate of return of 7.50% was discussed and concluded it is still valid number based on the asset allocation policy last month.

    Motions:

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

  • The Board approved Wilshire’s recommendations of staff and Wilshire to adopt the benchmark transition plan. Motion passed by unanimous vote. (Investment Committee)
  • The Board approved the recommendation of Staff and Wilshire to adopt the revised asset class rebalancing ranges. Motions passed by unanimous vote. (Investment Committee)
  • The Board approved Wilshire’s recommendation to adopt the 2022 Private Markets Investment Plan Update. Motion passed by unanimous vote. (Investment Committee)
  • The Board approved staff’s and Wilshire’s investment manager rating recommendations for Bridgewater’s Global Macro and U.S. TIPS mandates and for Neuberger Berman. Motion passed by unanimous vote. (Investment Committee)
  • The Board approved staff’s recommended ratings for OP&F’s Managers. Motion passed by unanimous vote. (Investment Committee)
  • The Board approved staff’s recommended ratings for OP&F’s Private Credit Managers. Motion passed by unanimous vote. (Investment Committee)
  • The Board approved staff’s recommendation to adopt the ORSC budget reporting format for OP&F total operating and capital budgets. Motions passed by unanimous vote. (Finance Committee).
  • The Board approved the following from the Disability Committee. Motions passed by unanimous vote:
    • The Board approved four (4) Death Benefit Fund cases.
    • The Board approved thirteen (13) Initial Determination of Disability.
    • The Board approved one (1) reconsideration case.
    • The Board approved three (3) appeal hearings.
    • The Board approved the Disability Reporting Waivers list.

    NEXT BOARD OF TRUSTEES MEETINGS: Oct. 25-26, 2022

    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



    Board of Trustee Elections

    Information on Board of Trustees elections can be viewed by clicking the link below.

    Board and Committee Meetings

    OP&F encourages you to come to our monthly board meetings. Board agendas and minutes can be viewed by clicking the link below.

    Board Members and Committee Assignments

    Please click the links below to view Committee Assignments and Board Members.