Message from the Executive Director
I have been attending meetings of the Ohio Retirement Study Council, ORSC. This committee oversees all 5 public pension systems in Ohio. Late last year the actuary did an analysis of the Ohio Police and Fire Pension Fund, OP & F. It was discovered that the fund was not in compliance with the State mandated 30 year funding requirement. It was at 47 years. This meant by law the OP & F Fund had to submit a plan to the ORSC within 90 day that would get the fund to the required 30 year funding requirement. This plan had to be submitted to the ORSC by January 18, 2014.
The Executive Board of the OP & F Fund submitted to the OSRC the following recommendations to achieve the 30 year funding:
The next meeting of the ORSC will be in February to discuss the proposed changes. All of the above recommendations would need to go through the legislature except for the lowering of the percentage going into the health care stabilization fund. It is unknown if or even when any action would be taken by the legislative body on these recommendations. The OP & F Fund had an extremely good year of returns on investments in 2013. That along with the poor returns of 2008 coming off the actuary calculations should also help the fund in the future. The good returns along with the recently enacted changes from SB 340, pension reform, should assist the fund in achieving its 30 year target. The OPBA will continue to monitor the changes moving forward.
It is that time of year to remind our membership that the OPBA policy is not to release any information to any company or vendor. If a company has information that they wish to send our membership they must use our mail house and incur all the costs of such mailings. There is one free benefit, a $4000 Accidental Death and dismemberment policy, that is currently provided by American Income Life, AIL. Members in good standing do not need to do anything to receive this benefit. If you choose to return the enclosed card from AIL they will contact you to list your beneficiary and to also present other insurance or investment products. This information is in the cover letter. They have assisted at least 6 families over the last 5+ years of being associated with the OPBA. They have similar relationships with other police and labor unions in Ohio.
This year, as in the first 2 years of my term, we will be moving our General Membership Meeting to Columbus in March and again to Toledo in October. The purpose of moving the meetings is to allow the membership from different areas of the state the ability to attend without a 2 to 4 hour drive to North Royalton.
Also during the first 2 years of my term the OPBA wanted to give membership in other areas of the state the opportunity to attend a family day closer to their homes. In 2012 we had an event with the Columbus Clippers. In 2013 we had an event with the Dayton Dragons. This year the second event will be in Toledo at the Toledo Mudhens Stadium on Saturday June 21,2014 along with our Indians day on Friday, June 14, 2014. There is limited quantity of tickets for each event and are on a first come first serve basis. There will be the opportunity to purchase additional tickets. There will be additional information as to how to obtain tickets when they become available.
Last Updated (Monday, 17 March 2014 18:22)