Email: [email protected] www.pfro.com Gary Siniff, Chairman Pension Fund Report March 26, 2008
• The Fund total was 11.99 Billion on 3-25-08. We are still down.
The committee voted to recommend to the full board approval of the recommended changes to HB 431. This is the presumptive on-duty cancer, contagious disease or infectious disease bill for firefighters and police officers. A majority of the full board voted in favor of the changes and to support the bill. One board member Mr. Maynor voted against support for the bill. The funds actuaries reported this bill would have little impact to the fund. The committee discussed again the boards ability to modify disability benefits as a result a recipients other vocational earnings and the intent of the annual earnings statement reporting. Again no conclusion was reached and they will bring up again in April. Recommended changes to Rule 742-3-05 / Disability Benefits Procedure was discussed at length and will be reworked the by the staff consul and resubmitted. This covers the time limits for filing, accepting the award and actually retiring. Approximately 3800 Annual earnings Statements will be mailed to disability retirees and must be returned by September 1, 2008.
Seven administrative rules dealing with Drop were up for the 5 year rule review and no changes were made at this time. The DROP cost neutrality report from Buck Consultants will be presented at the April meeting. A possible 3% interest cap on DROP money at the federal level was presented to the board by their legislative agent. He will keep them informed.
Reps from UHC and AARP were present to answer questions again and to hear the comments from the board of trustees about the health care coverage problems our members are enduring. Some of the issues presented were: Nexium Prescriptions- Tablets are not covered but Nexium Suspension Pack is. Medicare crossover claims- Should allow 45 days for change to AARP. AARP enrollment - AARP enrollment has reached 14,345. UHC has attempted to contact all Medicare A&B eligible members about enrollment. Late enrollees can still spread out premiums, instead of paying all at once. All coverage is from 1-1-08.
Group numbers for OP&F Members – On members UHC ID cards, but not on AARP cards. Names of deceased members listed on letters and ID cards. - UHC will investigate and update records. The fact that the original information came from the OP&F was discussed. Mr. Deighton opened discussion on the issue of a lack of dentist’s in the UHC network and inaccurate provider lists. He asked OP&F legal consul if we can legally return to Delta Dental in January 2009 or offer members a choice. The UHC rep said that the provider list is growing in Arizona, Florida and Ohio. Ms Harrell asked for the growth percentage in Ohio. On the Vision coverage there was much discussion about the plans offered by Spectera and which we had. The UHC rep said there is only one plan and it is an easy to use program. UHC will verify that their system accurately reflects the coverage information in our book. Have your prescriptions written with DAW (dispense as written) on them and the fund will cover them if they are in the plan guidelines. This insures the proper quantities or doses as prescribed.
• Pension Fund Legislative Agent Report:
HB-431 cancer bill will have a hearing in April. HB-479 mandates a retiree can be chairman of the OP&F Pension board. It’s unknown if there will be a hearing in April on this bill. Watch for a bill to clean up OP&F issues. We should be on alert for this. Comments from the legislature; Legislators want anyone on disability terminated immediately if working a police of fire job. They did not understand due process requirements. The age issue for public employees is being discussed at the legislature, excluding police and fire so far. Health care is the big issue with the legislature but the legislature won’t make it mandatory. Comments
• It seems that as usual we are under attack from all sides. If the intent of everyone is to
take care of us in retirement, then I’m sure glad it’s not the other way around or we would all get the big needle instead. It was a not a good week at the OP&F for us in my opinion.
• There is some confusion about taking the $3000.00 tax credit for Healthcare premiums if
you’re on a disability pension consult your tax preparer.
• The board will discuss the Governance Policy dealing with the chairmanship at the board
• Please pass on that the only prescription plan that is subsidized is with UHC not any
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