Enable Collision checkbox does not affect static meshes from static mesh editor when set to false

Setting the Enable Collision checkbox to false in the static mesh editor does not alter collision on static mesh objects.

1. Open Editor (any project with a pre-generated character such as First Person or Third Person)
2. Open any static mesh actor
3. Set LOD0 "Enable Collision" to false, save
4. Place a copy of the actor in level
5. Press PIE, move into object

Results:

Collision remains intact.

Expected:

Character moves through object that no longer has collision enabled.