2025 Board Meeting Resolutions

PSERB Resolution 2025-03
Governance and Administration Committee 2025 Work Plan
January 10, 2025

RESOLVED, that the Public School Employees' Retirement Board accepts the recommendation of the Governance and Administration Committee and approves the attached Governance and Administration Committee Work Plan for 2025 to guide the Committee Chair in the development of agendas and authorizes the Committee Chair to revise the Work Plan, as needed.

PSERB Resolution 2025-04
2025 Board Education Plan
January 10, 2025

RESOLVED, that the Public School Employees' Retirement Board ("the Board) accepts the recommendation of the Governance and Administration Committee and adopts the 2025 Board Education Plan and authorizes the Executive Director, in consultation with the Board Chairperson, to alter the schedule or topic or provide for additional presentations as a result of changing priorities.

PSERB Resolution 2025-05
Defined Contribution Committee 2025 Work Plan
January 10, 2025

RESOLVED, that the Public School Employees' Retirement Board accepts the recommendation of the Defined Contribution Committee and approves the attached Defined Contribution Committee Work Plan for 2025 to guide the Committee Chair in the development of agendas and authorizes the Committee Chair to revise the Work Plan, as needed.

PSERB Resolution 2025-06
Benefits and Appeals Committee 2025 Work Plan
January 10, 2025

RESOLVED, that the Public School Employees' Retirement Board accepts the recommendation of the Benefits and Appeals Committee and approves the attached Benefits and Appeals Committee Work Plan for 2025 to guide the Committee Chair in the development of agendas and authorizes the Committee Chair to revise the Work Plan, as needed.

PSERB Resolution 2025-07
Investment Committee 2025 Work Plan
January 10, 2025

RESOLVED, that the Public School Employees' Retirement Board accepts the recommendation of the Investment Committee and approves the attached Investment Committee Work Plan for 2025 to guide the Committee Chair in the development of agendas and authorizes the Committee Chair to revise the Work Plan, as needed.

PSERB Resolution 2025-08
Audit, Compliance and Risk Committee 2025 Work Plan
January 10, 2025

RESOLVED, that the Public School Employees' Retirement Board accepts the recommendation of the Audit, Compliance and Risk Committee and approves the attached Audit, Compliance and Risk Committee Work Plan for 2025 to guide the Committee Chair in the development of agendas and authorizes the Committee

PSERB Resolution 2025-09
Re: Womble Bond Dickinson (US) LLP Internal Investigation Recommendations
January 10, 2025

RESOLVED, that the Public School Employees' Retirement Board (the “Board”) accepts the submission of the Internal Investigation Recommendations submitted by Womble Bond Dickinson (US) LLP and authorizes the Board Chairperson to assign the recommendations to the relevant committees for consideration and adoption.

PSERB Resolution 2025-10
RFP#2024-5 Election Management and Administrative Services for the Election of Public School Employees’ Retirement Board Trustees
February 26, 2025

RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) adopts the recommendation of the Governance and Administration Committee and engages Merriman River Associates, LLC DBA Merriman River Associates Group for RFP #2024-4. The final terms and conditions of the contract are subject to legal due diligence and must be satisfactory to the Deputy Executive Director for Administration, the Office of Chief Counsel, and the Office of Executive Director, as evidenced either by the appropriate signatures on, or by a memo to that effect appended to, the implementing contract.

PSERB Resolution 2025-11
2025 Cyber Security Insurance Policy
February 26, 2025

RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby approves the 2025 cyber insurance policy through Arthur J. Gallagher Risk Management Services (Gallagher), an insurance broker, with an aggregate insurance limit and retention within ranges as outlined in the Gallagher insurance proposal. The final terms and conditions of the insurance policy must be satisfactory to the Office of Chief Counsel, the Deputy Executive Director for Administration, and the Office of Executive Director.

PSERB Resolution 2025-12
Re: Fiscal Year 2024-2025 Enterprise Compliance Plan
March 21, 2025

RESOLVED, that the Public School Employees' Retirement Board accepts the recommendation of the Audit, Compliance and Risk Committee and adopts the Fiscal Year 2024-2025 Enterprise Compliance Plan.

PSERB Resolution 2025-13
Re: Community College of Philadelphia; Docket No. 2019-15
March 21, 2025

RESOLVED, that in the matter of Community College of Philadelphia, Docket No. 2019-15, the Public School Employees’ Retirement Board (the "Board") accepts the recommendation of the Benefits and Appeals Committee and adopts the proposed Opinion and Order of the Board, and refers this matter back to the Hearing Examiner to determine which Community College of Philadelphia employees must be enrolled in PSERS.

PSERB Resolution 2025-14
Re: 2024 Stress Test Report
March 21, 2025

RESOLVED, that the Public School Employees’ Retirement Board accepts the recommendation of the Finance and Actuarial Committee and adopts the 2024 Stress Test Report.

PSERB Resolution 2025-15
Re: Renewal of the Administrative Services Agreement (“ASA”) with Voya Institutional Plan Services, LLC
March 21, 2025

RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) accepts the recommendation of the Defined Contribution Committee of the Board and renews the Administrative Services Agreement (“ASA”) with Voya Institutional Plan Services, LLC for the Second Renewal Period of an additional twelve months beginning July 1, 2025 through June 30, 2026 pursuant to Section 5.1 of the ASA.

PSERB Resolution 2025-16
Re: Investment Due Diligence Package Policy
March 21, 2025

RESOLVED, that the Public School Employees' Retirement Board accepts the recommendation of the Investment Committee and adopts the Investment Due Diligence Package Policy, attached.

PSERB Resolution 2025-17
Re: Institutional Limited Partners Association Templates Endorsement
March 21, 2025

RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) accepts the recommendation of the Investment Committee and adopts the following statement:

WHEREAS, in recognition of the Board’s core value of public accountability and transparency and commitment to the highest standards of ethics and accountability; and

WHEREAS, a single standard for fee disclosures and a greater standardization towards cash flow reporting and methodology for performance metrics are strongly desired to efficiently monitor and report private markets investments activity; and

WHEREAS, the recently revised ILPA Reporting Template and the newly created ILPA Performance Template prepared by the Institutional Limited Partners Association (“ILPA”) provide effective and efficient uniform reporting by general partners throughout private markets investments; and

WHEREAS, in acknowledgement of the Board’s historical and continued strong preference that its general partners adopt and use the ILPA templates throughout its private markets investments; and

NOW THEREFORE, the Board endorses the recently revised ILPA Reporting Template and the newly created ILPA Performance Template and strongly encourages all general partners to complete and adopt these new templates in accordance with IPLA guidance.

PSERB Resolution 2025-18
Re: Intermediate Capital Group (“ICG”)
March 21, 2025

RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) adopts the recommendation of the Investment Committee and delegates the authority to the Chief Investment Officer in his discretion to commit new or additional sums to private markets investment vehicles managed by Intermediate Capital Group (“ICG”) and/or their affiliates, subject to each of the following constraints:

a. Any new or additional commitments must be compliant with the External Manager exposure risk limits outlined in the Private Markets Asset Class Policy.

b. For any new or additional commitments, PSERS total Private MarketsExposure (“NAV and unfunded”) to ICG shall not represent more than 10% ofPSERS Total Private Markets target allocation.

c. Each individual new or additional commitment to ICG shall not exceed 1.5% of PSERS Total Private Markets target allocation.

Utilization of this delegated authority is subject to the notification and periodic reporting as prescribed within the External Manager Due Diligence and Monitoring Policy and this delegation prospectively supersedes and nullifies any prior grants of discretion by way of board resolutions related to ICG.

The final terms and conditions of new or additional commitments authorized under this delegation are subject to legal due diligence and must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Office of Executive Director, as evidenced either by the appropriate signatures on, or by a memo to that effect appended to, the implementing investment contracts.

PSERB Resolution 2025-19
Re: NISA Investment Advisors, LLC
March 21, 2025

RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) accepts the recommendation of the Investment Committee of the Board and

(i) Allocates an initial amount of $500 million to a core fixed income account to be separately managed by NISA Investment Advisors, LLC, and

(ii) Authorizes the Chief Investment Officer in his discretion to invest additional sums up to $1.5 billion to the core fixed income separate account managed by NISA Investment Advisors, LLC, provided that at the time of any such investment, the total aggregate amount of market exposure allocated to the core fixed income and directed beta overlay program separate accounts does not exceed $10 billion.

(iii) This authorization prospectively revises Resolution 2023-49 such that the $10 billion total allocation amount to the directed beta overlay program shall now apply to both the core fixed income and directed beta overlay separate accounts in aggregate.

The final terms and conditions of the engagement are subject to legal due diligence and must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Office of Executive Director, as evidenced either by the appropriate signatures on, or by a memo to that effect appended to, the implementing investment contracts.

PSERB Resolution 2025-20
Re: I Squared Global Infrastructure Credit Fund II
March 21, 2025

RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) accepts the recommendation of the Investment Committee and commits an amount not to exceed $150 million, plus reasonable and normal investment expenses, to I Squared Global Infrastructure Credit Fund II, and/or related investment vehicles in accordance with the recommendation of Sean T. Sarraf, Portfolio Manager and Aksia, LLC.

The final terms and conditions of the investment are subject to legal due diligence and must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Office of Executive Director, as evidenced either by the appropriate signatures on, or by a memo to that effect appended to, the implementing investment contracts.

PSERB Resolution 2025-21
Re: I Squared Global Infrastructure Fund IV
March 21, 2025

RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) accepts the recommendation of the Investment Committee and commits an amount not to exceed $200 million plus reasonable and normal investment expenses, in I Squared Global Infrastructure Fund IV, and/or related investment vehicles in accordance with the recommendation of Cody Steele, Portfolio Manager and Aksia, LLC.

The final terms and conditions of the investment are subject to legal due diligence and must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Office of Executive Director, as evidenced either by the appropriate signatures on, or by a memo to that effect appended to, the implementing investment contract.

PSERB Resolution 2025-22
Re: I Squared Capital Advisors (“ISQ”)
March 21, 2025

RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) adopts the recommendation of the Investment Committee and delegates the authority to the Chief Investment Officer in his discretion to commit new or additional sums to private markets investment vehicles managed by I Squared Capital Advisors (“ISQ”) and/or their affiliates, subject to each of the following constraints:

a. Any new or additional commitments must be compliant with the External Manager exposure risk limits outlined in the Private Markets Asset Class Policy.

b. For any new or additional commitments, PSERS total Private Markets Exposure (“NAV and unfunded”) to ISQ shall not represent more than 10% of PSERS Total Private Markets target allocation.

c. Each individual new or additional commitment to ISQ shall not exceed 1.5% of PSERS Total Private Markets target allocation.

Utilization of this delegated authority is subject to the notification and periodic reporting as prescribed within the External Manager Due Diligence and Monitoring Policy and this delegation prospectively supersedes and nullifies any prior grants of discretion by way of board resolutions related to ISQ.

The final terms and conditions of new or additional commitments authorized under this delegation are subject to legal due diligence and must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Office of Executive Director, as evidenced either by the appropriate signatures on, or by a memo to that effect appended to, the implementing investment contracts.

PSERB Resolution 2025-23
Re: K6 Private Investors, L.P.
March 21, 2025

RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) accepts the recommendation that the Investment Committee and commits an amount not to exceed $100 million, plus reasonable and normal investment expenses, in K6 Private Investors, LP and/or related investment vehicles in accordance with the recommendation of Jarrett Richards, Portfolio Manager and Aksia, LLC.

The final terms and conditions of the investment are subject to legal due diligence and must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Office of Executive Director, as evidenced either by the appropriate signatures on, or by a memo to that effect appended to, the implementing investment contract.

PSERB Resolution 2025-24
Re: Realterm Europe Logistics Fund II, SCSp
March 21, 2025

RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) accepts the recommendation of the Investment Committee and commits an amount not to exceed €75 million, plus reasonable and normal investment expenses, in Realterm Europe Logistics Fund II, SCSp and/or related investment vehicles in accordance with the recommendation of Melissa A. Quackenbush, Senior Portfolio Manager and Aksia, LLC. The final terms and conditions of the investment are subject to legal due diligence and must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Office of Executive Director, as evidenced either by the appropriate signatures on, or by a memo to that effect appended to, the implementing investment contract.

PSERB Resolution 2025-25
Re: Stellex Capital Partners III LP
March 21, 2025

RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) accepts the recommendation that the Investment Committee and commits an amount not to exceed $133 million, plus reasonable and normal investment expenses, in Stellex Capital Partners III LP, and/or related investment vehicles in accordance with the recommendation of Luke M. Jacobs, Portfolio Manager and Aksia, LLC. The final terms and conditions of the investment are subject to legal due diligence and must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Office of Executive Director, as evidenced either by the appropriate signatures on, or by a memo to that effect appended to, the implementing investment contract.

PSERB Resolution 2025-26
Re: Commonwealth Holdings, Inc.
March 21, 2025

RESOLVED, that the Public School Employees' Retirement Board (the “Board”), accepts the recommendation of the Investment Committee and authorizes the disposition of the assets held by Commonwealth Holdings, Inc.

The final terms and conditions of the disposition are subject to legal due diligence and must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Office of Executive Director, as evidenced either by the appropriate signatures on, or by a memo to that effect appended to, the implementing investment contract.

PSERB Resolution 2025-27
Re: Board Policy Development Policy
March 21, 2025

RESOLVED, that the Public School Employees' Retirement Board accepts the recommendation of the Governance and Administration Committee and adopts the attached Board Policy Development Policy.

PSERB Resolution 2025-28
Re: Strategic Planning Policy
March 21, 2025

RESOLVED, that the Public School Employees' Retirement Board accepts the recommendation of the Governance and Administration Committee and adopts the attached amendments to the Strategic Planning Policy.

PSERB Resolution 2025-29
Re: Board Inquiry Policy
March 21, 2025

RESOLVED, that the Public School Employees' Retirement Board accepts the recommendation of the Governance & Administration Committee and adopts the attached Board Inquiry Policy.

PSERB Resolution 2025-30
Re: Executive Search Procurement
March 21, 2025

RESOLVED, that the Public School Employees' Retirement Board (the “Board”), adopts the recommendation of the Governance and Administration Committee and engages Hudepohl & Associates, Inc. for a contract term not to exceed one (1)year.

The final terms and conditions of the contract are subject to legal due diligence and must be satisfactory to the Deputy Executive Director for Administration, the Office of Chief Counsel, and the Office of Executive Director, as evidenced either by the appropriate signatures on, or by a memo to that effect appended to, the implementing contract.