Ohio Police & Fire Pension Fund MINUTES Board of Trustees 140 East Town Street, Columbus, Ohio January 24, 2018

Transcription

1 Call to Order: The meeting was called to order at 1:00 p.m. Chair Jeffrey Moore asked for a moment of silence for those members who have passed in the last month. In attendance: Trustees Present: Desmond, Maloney Stifler, Montgomery, Charles Moore, Patton, Wainscott and Jeffrey Moore Trustees Absent: Deighton and Heller AGENDA ITEM 1: Excuse Mr. Deighton and Mr. Heller Mr. Desmond moved, and Mr. Patton seconded a motion to excuse Mr. Deighton and Mr. Heller from the January 2018 Board meeting. The motion passed with the roll call vote as follows: AGENDA ITEM 2: Approval of December 2017 Minutes Mr. Patton moved, and Mr. Montgomery seconded, a motion that the approves the December 2017 Board minutes. The motion passed with the roll call vote as follows: AGENDA ITEM 3: Executive Director s Report Talking Points for the Executive Director 1/24/2018 PORTFOLIO UPDATE As of 1/23: $16.2 billion all-time high End of January value: $15.7 billion high for the year, 13.8% return End of December value: $15.6 billion BOARD RETREAT Staff is finalizing the agenda and preparations for the annual Board Retreat scheduled for March MAILING OP&F will be mailing approximately 35,000 IRS 1099-R forms beginning tomorrow HEALTH CARE TRANSITION LINK ADDED TO WEBSITE OP&F s website has a new Quick Link on its homepage for news on the new retiree health care plan This link will include the most up-to-date information on the transition, scheduled for Jan. 1,

2 AGENDA ITEM 4 INVESTMENT COMMITTEE/BOARD Ms. Maloney Stifler read the Investment Committee/Board talking points Mr. Hall commented on the December 2017 year-end portfolio value, significant cash movements and 2017 investment performance. Mr. Leighton, from the Townsend Group, commented on the Real Estate Performance Review for periods ending September 30, Mr. Luke commented on the Private Markets Program Review from the program s inception up through September 30, The Board approved Townsend s recommendation to commit up to $60 million to Almanac Realty Securities Fund VIII. The Board approved Staff s, Wilshire s and TorreyCove s recommendation to adopt the 2018 Private Markets Investment Plan. The Board approved Staff s and TorreyCove s recommendation to commit up to 25 million Euros to EQT VIII, L.P. AGENDA ITEM 5 DISABILITY COMMITTEE Mr. Montgomery read the Disability Committee talking points and motions: Ms. Harville presented the 4 th Quarter Disability Experience Report. The Committee reviewed the Annual Mandatory Disability Experience Report by Employer for The Committee voted unanimously to recommend the Board to submit the report to the appropriate legislative branches by the March 1, 2018 due date. The Committee recommended the Board approve twelve (12) initial determination hearings. Two (2) initial determination hearings were denied, one was postponed for re-examination and one was postponed for additional information. Initial Determination Hearings Mr. Montgomery moved and Mr. Patton seconded a motion that the Board approves the Committee recommendations for the initial determination of disability for the sixteen (16) members as identified in the initial determination hearings list presented to the Board on. The motion passed with the roll call vote as follows: No Reconsideration Hearings for the month of January 2

3 Appeal Hearings Mr. Montgomery moved and Mr. Desmond seconded a motion that the Board approves the recommendations for the appeal hearings for the Five (5) members as identified in the appeals list presented to the Board on. The motion passed with the roll call vote as follows: No Death Benefit Fund Hearings for the month of January Reporting Waivers Mr. Montgomery moved and Ms. Maloney Stifler seconded a motion that the Board waives 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. The motion passed with the roll call vote as follows: 2017 Annual Disability Experience Report by Employer DC Mr. Montgomery moved and Mr. Charles Moore seconded a motion, that the Board approve the 2017 Employer Disability Experience Report, in the form presented to the Board on, and authorizes staff to forward the report to the appropriate public officials, in accordance with Section of the Ohio Revised Code. The motion passed with the roll call vote as follows: AGENDA ITEM 6 HEALTH CARE COMMITTEE/BOARD Mr. Desmond read the Health Care Committee/Board talking points: GRS presented information regarding potential stipend scenarios and the health care cost and savings that could be realized. None AGENDA ITEM 7 - BENEFIT COMMITTEE Mr. Patton read the Benefit Committee talking points: Ms. Harville presented the 4th Quarter 2017 DROP Experience Report. 3

4 None AGENDA ITEM 8 GOVERNMENTAL AFFAIRS & POLICY COMMITTEE Mr. Desmond read the GAPC talking points: Items discussed: Mr. Adam Hewit and Mr. Robert Blazer updated the committee on the following items: Sub SB 144 (includes language to stagger one of the OP&F firefighter positions) should pass within the next two weeks; HB 362 Highway Patrol Retirement System passed the house and is pending their 2 nd hearing in the senate; The legislative agenda for this year includes elections for the Governor and Speaker of the House due to term limits along with at least 22 republicans seats; and Discussions continue to develop on a blended contribution rate. The committee approved the December, GAPC minutes. AGENDA ITEM 9 ADMINISTRATION/AUDIT COMMITTEE Mr. Wainscott read the Administration/Audit Committee talking points and motions: Items discussed: Ms. Gatewood updated the committee on the following items: Security assessment and other Business & Technology Solutions projects. The October 24, 2017 Administration/Audit Committee Minutes; The Administration/Audit Committee 2018 Audit Plan Manual; and The 2017 Annual Audit Report to ORSC; and The Travel recommendations Annual Audit Plan AAC Mr. Wainscott moved and Mr. Montgomery seconded a motion that the approves the CY 2016 Annual Audit Plan in the form submitted to the on January 23, The motion passed with the roll call vote as follows: 2017 Annual Audit Report for Ohio Retirement Study Council AAC Mr. Wainscott moved and Ms. Maloney Stifler seconded a motion that the approves the 2016 Annual Audit Report in the form submitted to the on January 23, The motion passed with the roll call vote as follows: 4

5 Trustee Travel AAC Mr. Wainscott moved and Mr. Charles Moore seconded a motion that the approves the Administration Audit Committee travel recommendations presented on January 23, The motion passed with the roll call vote as follows: AGENDA ITEM 10: Other Business: None AGENDA ITEM 11: Address Audience None AGENDA ITEM 12: Adjournment Chair Jeffrey Moore announced that the next board meeting will be held on Wednesday, February 21, 2018 around 1:00 p.m. The meeting adjourned at 1:15 p.m. John J. Gallagher Jr. Executive Director Board materials provided: 1. Disability Committee Materials. 2. Benefit Committee Materials 3. Administration/Audit Committee Materials. 4. Health Care Committee/Board Materials. 5. Governmental Affairs & Policy Committee Materials 6. Investment Committee/Board Materials. 7. General Counsel Materials. 8. FYI Section: Pre-approved Trustee Travel 9. Chart of Motion Practice: FYI. 10. Administration Appendix Materials: January Board Notice; December Investment Committee/Board Minutes; and December BOT Meeting Minutes. 11. Investment Appendix Materials. 12. Member Service Appendix Materials. 13. Executive Director Report Dated 1/24/ Disability Motions: Initial Determination Hearings; No Reconsideration Hearings; Appeal Hearings; No Death Fund Benefit Hearings; Reporting Waivers and 2017 Annual Disability Experience Report by Employer. 15. Administration/Audit Motions: 2018 Annual Audit Plan; 2017 Annual Audit Report for ORSC and Trustee Travel Motion. Handouts: January 2018 Disability Committee; Benefits Committee; Health Care Committee/Board; Administration/ Audit Committee; Governmental Affairs & Policy Committee and Investment Committee/Board Talking Points and Investment Monthly Portfolio Valuation Update