Boards and Commissions

Ohio Legislative Service Commission

Ohio Police and Fire Pension Fund, Board of Trustees of the

Status	Type of Board	Full-time	Expiration Date
Current	Permanent	No

Subject to Sunset Review	Partisan Affiliation Restriction	Senate Confirmation Required
No	No	No

Authority	Total Membership
R.C. 742.03 - 742.04 742.045 742.046 742.07 742.08 742.104 742.105 742.114 - 742.116 742.14 742.16 742.30 742.381	9

Dates of Appointment		Term Length
1 in June 2010 and in June each 4th year thereafter 2 in June 2011 and in June each 4th year thereafter 2 in June 2012 and in June each 4th year thereafter 1 in June 2013 and in June each 4th year thereafter 3 in 2012 (investment designee and investment experts) and each 4th year thereafter		4 years;term begins the first Monday in June (elected members)

Ending Date Of Term	Report Requirements
Day before first Monday in June (elected members)	--To the Ohio Retirement Study Council (ORSC) and the House and Senate standing committees (the committees) responsible for retirement legislation: (1) Annual actuarial valuation report, not later than November 1 following the year for which the valuation was made; (2) Actuarial investigation of mortality and service report, at least quinquennially not later than November 1 following the last fiscal year of the period the report covers; (3) Report regarding unfunded actuarial accrued pension liability, not later than 90 days after receipt of a valuation indicating that more than a 30-year amortization period is needed; (4) Annual health benefits cost report, not later than June 30 following the year for which the report was made; (5) If not included in (2), above, actuarial investigation of deferred retirement option plan, at least quinquennially not later than November 1 following the last fiscal year of the period the report covers. --Actuarial analysis of retirement legislation having measurable financial impact, to the Legislative Service Commission, ORSC, and the committees, not later than 60 days from the date the legislation was introduced. --Annual report to the Governor, ORSC, and the committees of the disability retirement experience of each employer, by March 1. --Annual gift disclosure report to the Ohio Ethics Commission (by date set by the Commission). --Annual reports (date not specified) to the ORSC regarding: (1) The committee to oversee selection of internal auditors; (2) The agents executing securities transactions; (3) Investment managers. --Biennial report to the General Assembly during its first regular session on the condition of the retirement system and payment of employers' accrued liabilities.

Ending Date Of Term

Report Requirements

Day before first Monday in June (elected members)

--To the Ohio Retirement Study Council (ORSC) and the House and Senate standing committees (the committees) responsible for retirement legislation: (1) Annual actuarial valuation report, not later than November 1 following the year for which the valuation was made; (2) Actuarial investigation of mortality and service report, at least quinquennially not later than November 1 following the last fiscal year of the period the report covers; (3) Report regarding unfunded actuarial accrued pension liability, not later than 90 days after receipt of a valuation indicating that more than a 30-year amortization period is needed; (4) Annual health benefits cost report, not later than June 30 following the year for which the report was made; (5) If not included in (2), above, actuarial investigation of deferred retirement option plan, at least quinquennially not later than November 1 following the last fiscal year of the period the report covers. --Actuarial analysis of retirement legislation having measurable financial impact, to the Legislative Service Commission, ORSC, and the committees, not later than 60 days from the date the legislation was introduced. --Annual report to the Governor, ORSC, and the committees of the disability retirement experience of each employer, by March 1. --Annual gift disclosure report to the Ohio Ethics Commission (by date set by the Commission). --Annual reports (date not specified) to the ORSC regarding: (1) The committee to oversee selection of internal auditors; (2) The agents executing securities transactions; (3) Investment managers. --Biennial report to the General Assembly during its first regular session on the condition of the retirement system and payment of employers' accrued liabilities.

Appointment Authority	Membership Composition
Governor, Other, Senate President, Speaker	Members with other stated qualifications

Compensation		Staff Assistance
Expenses Only		Own staff

Chairperson	Additional Information
Elected from the Board's membership	None

Qualifications
The Treasurer of State appoints the Treasurer's investment designee, the Governor appoints 1 investment expert member, and the House Speaker and Senate President jointly appoint 1 investment expert member. These three Board members must be Ohio residents, have direct experience in the management, analysis, supervision, or investment of assets, and, within 3 years preceding their appointment, must not have been employed by any of the 5 state retirement systems or by any person, partnership, or corporation that has provided to any of the state retirement systems services of a financial or investment nature. In addition, the investment designee must not currently be employed by the state or any of its political subdivisions. 4 elected members known as employee members, 2 of whom must be police officers and elected by members of the Fund who are police officers, and 2 of whom must be firefighters elected by members of the Fund who are firefighters; 1 firefighter retirant member who is an Ohio resident elected by firefighter retirants; and 1 police retirant member who is an Ohio resident elected by police retirants. A Board member who served for one or more entire fiscal years in fiscal years 2000, 2001, or 2002 is ineligible for re-election or reappointment to the Board if the Board paid to, or reimbursed the member for, travel-related expenses that averaged more than $10,000 annually for those one or more fiscal years. An employee or retirant member who is convicted of or pleads guilty to a felony, a theft offense, or specified ethics or other criminal code violations is deemed to have vacated the member's office, and a person who has been convicted of or pleaded guilty to such an offense is ineligible for election as an employee or retirant member.

Qualifications

The Treasurer of State appoints the Treasurer's investment designee, the Governor appoints 1 investment expert member, and the House Speaker and Senate President jointly appoint 1 investment expert member. These three Board members must be Ohio residents, have direct experience in the management, analysis, supervision, or investment of assets, and, within 3 years preceding their appointment, must not have been employed by any of the 5 state retirement systems or by any person, partnership, or corporation that has provided to any of the state retirement systems services of a financial or investment nature. In addition, the investment designee must not currently be employed by the state or any of its political subdivisions. 4 elected members known as employee members, 2 of whom must be police officers and elected by members of the Fund who are police officers, and 2 of whom must be firefighters elected by members of the Fund who are firefighters; 1 firefighter retirant member who is an Ohio resident elected by firefighter retirants; and 1 police retirant member who is an Ohio resident elected by police retirants. A Board member who served for one or more entire fiscal years in fiscal years 2000, 2001, or 2002 is ineligible for re-election or reappointment to the Board if the Board paid to, or reimbursed the member for, travel-related expenses that averaged more than $10,000 annually for those one or more fiscal years. An employee or retirant member who is convicted of or pleads guilty to a felony, a theft offense, or specified ethics or other criminal code violations is deemed to have vacated the member's office, and a person who has been convicted of or pleaded guilty to such an offense is ineligible for election as an employee or retirant member.