PSERB Resolution 2006-01
Re: Securities Litigation Consultant
January 20, 2006
RESOLVED, that the Public School Employees Retirement Board hereby selects Reinhart Boerner Van Deuren SC and Berman Devalerio Pease Tobacco Burt & Pucillo, as the Securities Litigation Consultants for the period beginning with the execution of the contract through December 31, 2007, renewable on a year-to-year basis thereafter upon the mutual consent of the parties for up to three additional years, subject to negotiation of terms and conditions satisfactory to the Chief Investment Officer, the Office of Chief Counsel, and the Executive Director.
PSERB Resolution 2006-02
Re: Corporate Action Agency Committee
January 20, 2006
RESOLVED, that Public School Employees Retirement Board hereby concurs in the creation of PSERS Corporate Action Agency Committee, in accordance with the recommendation of Jeffrey B. Clay dated January 5, 2006.
PSERB Resolution 2006-03
Re: Sovereign Bancorp, Inc.
January 20, 2006
RESOLVED, that the Public School Employees Retirement Board hereby directs staff to send letters to the Securities Exchange Commission and the New York Stock Exchange regarding Sovereign Bancorp, Inc. (Sovereign), expressing its request that they investigate Sovereigns practices regarding shareholders rights with respect to the pending Santander/ICBC transaction.
PSERB Resolution 2006-04
Re: Catterton Partners VI, L.P.
January 20, 2006
RESOLVED, that the Public School Employees Retirement Board hereby invests an amount equal to 25 percent of the committed capital, but not to exceed $100 million plus reasonable normal investment expenses, in Catterton Partners VI, L.P., in accordance with the recommendation of Charles J. Spiller, Director of Alternative Investments, dated January 19, 2006. The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.
PSERB Resolution 2006-05
Re: Lubert-Adler Real Estate Fund V, L.P.
January 20, 2006
RESOLVED, that the Public School Employees Retirement Board hereby invests an amount equal to 25 percent of the committed capital, but not to exceed $100 million plus reasonable normal investment expenses, in Lubert-Adler Real Estate Fund V, L.P., in accordance with the recommendation of Charles J. Spiller, Director of Alternative Investments, dated January 19, 2006. The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.
PSERB Resolution 2006-06
Re: Strategic Partners Value Enhancement Fund
January 20, 2006
RESOLVED, that the Public School Employees Retirement Board hereby invests an amount equal to 25% of the committed capital, up to $62.5 million, but not less than $55.0 million, plus management fees and reasonable normal investment expenses, in Strategic Partners Value Enhancement Fund, in accordance with the recommendation of Charles J. Spiller, Director of Alternative Investments, dated January 19, 2006. The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.
PSERB Resolution 2006-07
Re: The Fourth Cinven Fund, L.P.
January 20, 2006
RESOLVED, that the Public School Employees Retirement Board hereby invests an amount equal to 85 million Euros plus reasonable normal investment expenses, in The Fourth Cinven Fund, L.P., in accordance with the recommendation of Charles J. Spiller, Director of Alternative Investments, dated January 19, 2006. The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.
PSERB Resolution 2006-08
Re: Blackstone Real Estate Partners V, L.P.
January 20, 2006
RESOLVED, that the Public School Employees Retirement Board hereby invests an amount equal to 25 percent of the committed capital, but not to exceed $200 million plus management fees and reasonable normal investment expenses, in Blackstone Real Estate Partners V, L.P., in accordance with the recommendation of Charles J. Spiller, Director of Alternative Investments, dated January 19, 2006. The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.
PSERB Resolution 2006-09
Re: ProLogis North American Industrial Fund, L.P.
January 20, 2006
RESOLVED, that the Public School Employees Retirement Board hereby invests an amount equal to $200 million plus reasonable normal investment expenses in ProLogis North American Industrial Fund, L.P., in accordance with the recommendation of Charles J. Spiller, Director of Alternative Investments, dated January 19, 2006. The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.
PSERB Resolution 2006-10
Re: Atlanta Airport Marriott Hotel
January 20, 2006
RESOLVED, that the Public School Employees Retirement Board hereby approves the proposed sale of PSERS investment in the Atlanta Airport Marriott Hotel, Atlanta, Georgia, in accordance with the recommendation of Charles J. Spiller, Director of Alternative Investments, dated January 19, 2006. The final terms and conditions of the sale must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.
PSERB Resolution 2006-11
Re: Accounts of Theodore Kirsch, Jacob Steinberg Thomas Doyle, and William Gormley (Claimants)
January 20, 2006
RESOLVED, that the Public School Employees Retirement Board (the Board) hereby grants the Claimants application for a remand to the Hearing Examiner; and that this matter shall be remanded to a Hearing Examiner to open the record and consider and make a recommendation to the Board regarding the actuarial costs and financial impact of Claimants appeal and such other issues as shall be raised by the parties that are relevant to the matter.
PSERB Resolution 2006-12
Re: 2006/07 Asset Allocation Plan
March 10, 2006
RESOLVED, the Public School Employees Retirement Board hereby adopts the proposed the 2006/07 Asset Allocation Plan for the Public School Employees Retirement Fund as proposed by Wilshire Associates Incorporated in its presentation material dated March 9, 2006 :
PSERB Resolution 2006-13
Re: Hiring of Investment Managers
March 10, 2006
RESOLVED, that the Public School Employees Retirement Board hereby adopts the proposed Investment Manager Hirings pursuant to the presentation and recommendations of Wilshire Associates Incorporated in its presentation material dated March 9, 2006 as follows:
Batterymarch Financial Management, Inc. Emerging Market Equity Portfolio
Wellington Management Company, LLP - Emerging Market Equity Portfolio
William Blair & Company, LLC Emerging Market Equity Porfolio
PSERB Resolution 2006-14
Re: Cerberus Institutional Partners, L.P. Series Four
March 10, 2006
RESOLVED, that the Public School Employees Retirement Board hereby invests an amount equal to 25 percent of the committed capital, but not to exceed $200 million plus reasonable normal investment expenses, in Cerberus Institutional Partners, L.P. Series Four, in accordance with the recommendation of Charles J. Spiller, Director of Alternative Investments, dated March 9, 2006. The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and theExecutive Director.
PSERB Resolution 2006-15
Re: The Fourth Cinven Fund, L.P.
March 10, 2006
RESOLVED, that the Public School Employees Retirement Board hereby modifies the terms of its investment in The Fourth Cinven Fund, L.P., by increasing the amount of its investment from 85 million Euros to 150 million Euros plus reasonable normal investment expenses, in accordance with the recommendation of Charles J. Spiller, Director of Alternative Investments, dated January 20, 2006 as amended March 9, 2006. The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.
PSERB Resolution 2006-16
Re: Fortress Investment Fund IV
March 10, 2006
RESOLVED, that the Public School Employees Retirement Board hereby invests an amount equal to 25 percent of the committed capital, but not to exceed $200 million plus reasonable normal investment expenses, in Fortress Investment Fund IV and its related co-investment fund(s), in accordance with the recommendation of Charles J. Spiller, Director of Alternative Investments, dated March 9, 2006. The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.
PSERB Resolution 2006-17
Re: Final 2006 Health Options Program Budget
March 10, 2006
RESOLVED, the Public School Employees' Retirement Board hereby adopts the proposed final Budget for the Health Options Program for the Plan Year 2006 in the amount of $160,526,000 as presented by mark F. Schafer at the March 9, 2006 Health Care Meeting.
PSERB Resolution 2006-18
Re: Qwest Communications International, Inc.
March 10, 2006
RESOLVED, that the Public School Employees Retirement Board hereby authorizes the Executive Director, acting on behalf of the Public School Employees Retirement System (PSERS), to cause PSERS to opt out of the class in the action commenced in the United States District Court for the District of Colorado, Case No. 01-CV-1451-REB-CBS against Qwest Communications International, Inc. and other named defendants (Defendants), and to initiate a separate case on behalf of PSERS against Defendants, provided there are no legal impediments to doing so, in accordance with the recommendation of Jeffrey B. Clay, Executive Director, Alan Van Noord, Chief Investment Officer and Gerald Gornish, Chief Counsel. Staff is directed to request the appointment of outside counsel by the Office of General Counsel and seek delegation of authority from the Attorney General for said litigation. The terms and conditions of the legal services contract must be satisfactory to the Office of Chief Counsel and the Executive Director.
PSERB Resolution 2006-19
Re: AOL/Time Warner
March 30, 2006
RESOLVED, that the Public School Employees Retirement Board hereby delegates to the Executive Director, Chief Investment Officer, and Chief Counsel the authority to settle PSERS pending securities litigation with AOL/Time Warner, filed in the Philadelphia Court of Common Pleas, in accordance with the recommendation of Gerald Gornish dated March 21, 2006. Said delegation shall include the authority to execute any and all documents necessary to implement the settlement, provided that the final terms of the settlement shall be satisfactory to the Executive Director, Chief Investment Officer and Office of Chief Counsel.
PSERB Resolution 2006-20
Re: Developmental Fund Policy
April 28, 2006
RESOLVED, that the Public School Employees Retirement Board hereby adopts the proposed revisions to the Developmental Fund Policy for the Public School Employees Retirement System pursuant to the presentation and recommendations of Luke M. Jacobs, Investment Analyst, dated April 27, 2006.
PSERB Resolution 2006-21
Re: Permira IV, L.P.
April 28, 2006
RESOLVED, that the Public School Employees Retirement Board hereby invests an amount equal to 300 million Euros plus reasonable normal investment expenses, in Permira IV, L.P. in accordance with the recommendation of Charles J. Spiller, Director of Alternative Investments, dated April 27, 2006. The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.
PSERB Resolution 2006-22
Re: LEM Real Estate Mezzanine Fund II, L.P.
April 28, 2006
RESOLVED, that the Public School Employees Retirement Board hereby invests an amount equal to 25% of the committed capital, but not to exceed $75 million plus reasonable normal investment expenses, in LEM Real Estate Mezzanine Fund II, L.P., in accordance with the r ecommendation of Charles J. Spiller, Director of Alternative Investments, dated April 27, 2006. The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and theExecutive Director.
PSERB Resolution 2006-23
Re: Apollo Real Estate Finance Corporation
April 28, 2006
RESOLVED, that the Public School Employees Retirement Board hereby invests an amount equal to 25% of the committed capital, but not to exceed $150 million plus reasonable normal investment expenses, in Apollo Real Estate Finance Corporation, in accordance with the recommendation of Charles J. Spiller, Director of Alternative Investments, dated April 27, 2006. The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.
PSERS Resolution 2006-24
Re: TPG Partners V, L.P.
April 28, 2006
RESOLVED, that the Public School Employees Retirement Board (the Board) hereby invests an amount equal to 25% of the committed capital, but not to exceed $200 million plus reasonable normal investment expenses, in TPG Partners V, L.P. in accordance with the recommendation of Charles J. Spiller, Director of Alternative Investments, dated April 27, 2006. The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.
PSERB Resolution 2006-25
Re: Gleacher Mezzanine Fund II, L.P.
April 28, 2006
RESOLVED, that the Public School Employees Retirement Board hereby invests an amount equal to 25 percent of the committed capital, but not to exceed $112.5 million plus reasonable normal investment expenses, in Gleacher Mezzanine Fund II, L.P. in accordance with the recommendation of Charles J. Spiller, Director of Alternative Investments, dated April 27, 2006. The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.
PSERB Resolution 2006-26
Re: Quaker BioVentures II, L.P.
April 28, 2006
RESOLVED, that the Public School Employees Retirement Board hereby invests an amount equal to 25% of the committed capital, but not to exceed $100 million plus reasonable normal investment expenses, in Quaker BioVentures II, L.P. in accordance with the recommendation of Charles J. Spiller, Director of Alternative Investments, dated April 27, 2006. The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and theExecutive Director.
PSERB Resolution 2006-27
Re: ARCap Real Estate Special Situation Mortgage Fund, L.L.C.
April 28, 2006
RESOLVED, that the Public School Employees Retirement Board hereby invests an amount equal to 25 percent of the committed capital, but not to exceed $100 million plus reasonable normal investment expenses, in ARCap Real Estate Special Situation Mortgage Fund, L.L.C., in accordance with the recommendation of Charles J. Spiller, Director of Alternative Investments, dated April 27, 2006. The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.
PSERB Resolution 2006-28
Re: Termination of Investment Manager
April 28, 2006
RESOLVED, that the Public School Employees Retirement Board hereby terminates Longwood Investment Advisors, Inc. pursuant to the recommendation of Wilshire Associates Incorporated dated April 10, 2006 and James H. Grossman, Director of External Public Markets Risk & Compliance.
PSERB Resolution 2006-29
Re: Plan year 2007
April 28, 2006
RESOLVED, that the Public School Employees Retirement Board (the Board) hereby recommends that the Board adopt the 2007 Plan Year Health Option Program Plan Design, as presented by Messrs. Mark J. Schafer and Ross Konigsburg on April 27, 2006, and in their report dated April 2006.
PSERB Resolution 2006-30
Re: Longevity/General Pay Increase
April 28, 2006
RESOLVED, that the Public School Employees Retirement Board hereby grants a 2.25% longevity increase to all Investment Professional Staff, effective July 8, 2006, a 3.5% general pay increase effective January 1, 2007, and a longevity increase of 2.25% effective January 6, 2007. Said increase shall be included as part of their base salary as of the respectve effective dates.
PSERB Resolution 2006-31
Re: Investment Office Staff Promotions
April 28, 2006
RESOLVED, that the Public School Employees Retirement Board hereby promotes Luke Jacobs and Marc Brickman from Junior Level to Mid Level (pay group 9 to 10), effective July 1, 2006, and adjust Mr. Jacobs base salary by 3.4% and Mr. Brickmans base salary by 3.5%. Said increases shall be prior to the longevity increase effective July 8, 2006.
PSERB Resolution 2006-32
Re: Structural Compensation Change
April 28, 2006
RESOLVED, that the Public School Employees Retirement Board hereby increases the salary of Steven Derr by 3.5% of his base salary effective July 1, 2006 based on Mr. Derrs increased responsibilities. Said increase shall be prior to the longevity increase effective July 8, 2006.
PSERB Resolution 2006-33
Re: Investment Incentive Compensation Plan Policy
April 28, 2006
RESOLVED, that the Public School Employees Retirement Board hereby approves the Investment Incentive Compensation Plan Policy for the fiscal year ending June 30, 2007, in accordance with the recommendation of Alan H. Van Noord, CFA, Chief Investment Officer and Jeffrey B. Clay, Executive Director, dated April 27, 2006.
PSERB Resolution 2006-34
Re: Classification Analysis
April 28, 2006
RESOLVED, that the Public School Employees Retirement Board hereby enlists the services of a consultant to analyze the classification and pay structure and responsibilities of the PSERS Investment Staff as well as other personnel related issues, in accordance with the recommendation of Alan H. Van Noord, CFA, Chief Investment Officer and Jeffrey B. Clay, Executive Director, dated April 27, 2006. Specific issues to be reviewed would include, but not be limited to:
A) The structure and methodology of moving individuals through the system (from junior level to senior level) and changing the current classification and pay system to align appropriately with the three levels;
B) The appropriate pay level commensurate with responsibility
C) Refinements to the incentive compensation program;
D) Recommendations pertaining to staffing levels;
E) Recommendations pertaining to succession planning; and
F) Recommendations pertaining to a formal training program.
PSERB Resolution 2006-35
RE: Modifications to Resolution 2005-56 Bear Stearns Merchant Banking Partners III, L.P.
May 5, 2006
RESOLVED, that the Public School Employees Retirement Board hereby modifies Resolution 2005-56 dated December 9, 2005, by increasing the committed capital in Bear Stearns Merchant Banking Partners III, L.P. from $150 million plus reasonable normal investment expenses, to $200 million plus reasonable normal investment expenses, in accordance with the recommendation of Charles J. Spiller, Director of Alternative Investments, dated May 1, 2006. The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.
PSERB Resolution 2006-36
RE: Modifications to Resolution 2006-04 Catterton Partners VI, L.P.
May 5, 2006
RESOLVED, that the Public School Employees Retirement Board hereby modifies Resolution 2006-04 dated January 20, 2006, by increasing the committed capital in Catterton Partners VI, L.P. from $100 million plus reasonable normal investment expenses, to $150 million plus reasonable normal investment expenses, in accordance with the recommendation of Charles J. Spiller, Director of Alternative Investments, dated May 1, 2006. The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.
PSERB Resolution 2006-37
RE: Modifications to Resolution 2006-14 Cerberus Institutional Partners, L.P. Series Four
May 5, 2006
RESOLVED, that the Public School Employees Retirement Board hereby modifies Resolution 2006-14 dated March 10, 2006, by increasing the committed capital in Cerberus Institutional Partners, L.P. Series Four from $200 million plus reasonable normal investment expenses, to $400 million plus reasonable normal investment expenses, in accordance with the recommendation of Charles J. Spiller, Director of Alternative Investments, dated May 1, 2006. The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.
PSERB Resolution 2006-38
Re: Actuarial Audit Review
May 17, 2006
RESOLVED, that the Public School Employees Retirement Board hereby accepts the Actuarial Findings for year ended June 30, 2005, and Five Year Experience Study for the period ended June 30, 2005, as presented by Mr. Scott Porter, Milliman Consultants and Actuaries, in its report dted May 8, 2006.
PSERB Resolution 2006-39
Re: Currency Program
June 9, 2006
RESOLVED, that the Public School Employees Retirement Board hereby adopts the proposed Currency Program pursuant to the recommendation of Alan H. Van Noord, Chief Investment Officer, and the presentation and recommendation of Wilshire Associates Incorporated in its presentation material dated June 8, 2006, as follows:
Investment Manager Hirings
Active Currency Hedging Overlay Manager -
To manage the 30% International Equity Hedge, or a notional value equal to 9% of the Fund
Pareto - account will be funded as necessary to fund losses or any collateral needs; gains will be swept as received.
Active Currency Overlay Managers -
Each to manage a portable alpha strategy with a tracking error of 4% and a notional amount of $1 billion
Goldman Sachs Asset Management allocation of 0.25% of the Fund
FX Concepts - account will be funded as necessary to fund losses or any collateral needs; gains will be swept as received.
Mellon Capital Management - account will be funded as necessary to fund losses or any collateral needs; gains will be swept as received.
The final terms and conditions must be satisfactory to the Investment Office the Office of Chief Counsel, and the Executive Director.
PSERB Resolution 2006-40
Re: Commodity Program
June 9, 2006
RESOLVED, that the Public School Employees Retirement Board hereby adopts the proposed Commodity Program pursuant to the recommendation of Alan H. Van Noord, Chief Investment Officer, and the presentation and recommendation of Wilshire Associates Incorporated in its presentation material dated June 8, 2006, as follows:
Investment Manager Hirings
Full Discretion Commodity Managers
- Deutsche Asset Management
- Allocation of 1.67% of the Fund
- Wellington Management Company, LLP
- Allocation of 1.67% of the Fund Enhanced Commodity Index Manager
- Credit Suisse
Allocation of 1.66% of the Fund
The final terms and conditions must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director. PSERB Resolution 2006-41Re:Investment Policy Statement.
PSERB Resolution 2006-41
RE: Investment Policy Statement
June 9, 2006
RESOLVED, that the Public School Employees Retirement Board hereby adopts the Investment Policy Statement (attached), as revised, for the Public School Employees Retirement System pursuant to the presentation and recommendations of James H. Grossman, Jr., Director of External Public Markets, Risk & Compliance, dated June 8, 2006.
PSERB Resolution 2006-42
Re: Investment Objectives and Guidelines
June 9, 2006
RESOLVED, that the Public School Employees Retirement Board hereby adopts the Investment Objectives and Guidelines Addendums H,H1, P, and P1 (attached) for the Public School Employees Retirement System pursuant to the presentation and recommendations of James H. Grossman, Jr., Director of External Public Markets, Risk & Compliance, dated June 8, 2006.
PSERB Resolution 2006-43
Re: KKR 2006 Fund L.P.
June 9, 2006
RESOLVED, that the Public School Employees Retirement Board hereby invests an amount equal to 25 percent of the committed capital, but not to exceed $300 million plus reasonable normal investment expenses, in KKR 2006 Fund L.P., in accordance with the recommendation of Charles J. Spiller, Director of Alternative Investments, dated June 8, 2006 (attached). The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.
PSERB Resolution 2006-44
Re: First Reserve Fund XI, L.P.
June 9, 2006
RESOLVED, that the Public School Employees Retirement Board hereby invests an amount equal to 25 percent of the committed capital, but not to exceed $200 million plus reasonable normal investment expenses, in First Reserve Fund XI, L.P., in accordance with the recommendation of Charles J. Spiller, Director of Alternative Investments, dated June 8, 2006 (attached). The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.
PSERB Resolution 2006-45
Re: Windjammer Senior Equity Fund III, L.P.
June 9, 2006
RESOLVED, that the Public School Employees Retirement Board hereby invests an amount equal to 25 percent of the committed capital, but not to exceed $100 million plus reasonable normal investment expenses, in Windjammer Senior Equity Fund III, L.P., in accordance with the recommendation of Charles J. Spiller, Director of Alternative Investments, dated June 8, 2006 (attached). The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.
PSERB Resolution 2006-46
Re: Avenue Asia Special Situations Fund IV, L.P.
June 9, 2006
RESOLVED, that the Public School Employees Retirement Board hereby invests an amount equal to 25 percent of the committed capital, but not to exceed $300 million plus reasonable normal investment expenses, in Avenue Asia Special Situations Fund IV, L.P., in accordance with the recommendation of Charles J. Spiller, Director of Alternative Investments, dated June 8, 2006 (attached). The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.
PSERB Resolution 2006-47
Re: PNC Equity Partners II, L.P.
June 9, 2006
RESOLVED, that the Public School Employees Retirement Board hereby invests an amount equal to 25 percent of the committed capital, but not to exceed $75 million plus reasonable normal investment expenses, in PNC Equity Partners II, L.P., in accordance with the recommendation of Charles J. Spiller, Director of Alternative Investments, dated June 8, 2006 (attached). The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.
PSERB Resolution 2006-48
Re: Actuarial and Pension Plan Consulting Services
June 9, 2006
RESOLVED, that the Public School Employees Retirement Board hereby selects Buck Consultants, an ACS Company to perform actuarial and pension plan consulting services for the period July 1, 2006 through June 30, 2011, including actuarial valuations for the fiscal years ending June 30, 2006 through June 30, 2011, subject to terms and conditions satisfactory to the Executive Director and the Office of Chief Counsel.
PSERB Resolution 2006-49
Re: Health Options Program Pharmacy Benefit Manager
August 4, 2006
RESOLVED, that the Public School Employees Retirement Board, in accordance with the recommendation of the Pharmacy Benefit Manager Request for Proposal Evaluation Committee, hereby selects Prescription Solutions, as the Pharmacy Benefit Manager for the Health Options Program for the period commencing January 1, 2007 through December 31, 2007, renewable for up to four one-year periods upon the mutual written consent of the parties, subject to negotiations of terms and conditions satisfactory to the Health Insurance Administrator, the Office of Chief Counsel and the Executive Director.
PSERB Resolution 2006-50
Re: Revision to Resolution 2006-29 2007 Health Options Program Plan Design
August 4, 2006
RESOLVED, that the Public School Employees Retirement Board hereby adopts the revised 2007 Plan Year Health Option Program Plan Design, in accordance with the recommendation of Jeffrey B. Clay dated July 21, 2006.
PSERB Resolution 2006-51
Re: Investment Policy Statement, Objectives, and Guidelines
August 4, 2006
RESOLVED, that the Public School Employees Retirement Board hereby adopts the proposed Investment Policy Statement, Objectives, and Guidelines (IPS), as revised, for the Public School Employees Retirement System pursuant to the recommendation of Alan H. Van Noord, Chief Investment Officer, dated August 3, 2006. (Also See Investment guidelines)
FURTHER RESOLVED, that the Board adopt the following proposed addendums to the IPS pursuant to the recommendation of Alan H. Van Noord, Chief Investment Officer, dated August 3, 2006:
Addendum T1 Non-U.S. Publicly Traded Real Estate Securities
Addendum T2 Global Publicly Traded Real Estate Securities
PSERB Resolution 2006-52
Re: Publicly Traded Real Estate Securities Program
August 4, 2006
RESOLVED, that the Public School Employees Retirement Board hereby adopts the proposed changes to the real estate program and Investment Manager Hirings pursuant to the presentation and recommendations of Courtland Partners, Ltd. in its presentation material dated August 3, 2006 as follows:
Real Estate Allocation
- Change the allocation to publicly traded real estate securities from 1.4% to 1.75% effective October 1, 2006
- Change the allocation to private real estate from 5.6% to 5.25% effective October 1, 2006
Publicly Traded Real Estate Securities Benchmark
- Change the publicly traded real estate securities benchmark from the DJ Wilshire Real Estate Securities Index to the FTSE EPRA/NAREIT Global Real Estate Index effective October 1, 2006
Investment Manager Mandate Change
- Morgan Stanley Investment Management change mandate from U.S. to Global Publicly Traded Real Estate Securities allocation of 0.61% of the Total Fund
Allocations to Existing Accounts
- Security Capital Research & Management Incorporateds U.S. Publicly Traded Real Estate Securities Portfolio allocation of 0.35% of the Total Fund
- ProLogis Stock account allocation of 0.09% of the Total Fund
Investment Manager Hiring
- Non-U.S. Publicly Traded Real Estate Securities Manager
- European Investors allocation of 0.35% of the Total Fund
- Global Publicly Traded Real Estate Securities Managers
- Cohen & Steers Capital Management Inc. allocation of 0.175% of the Total Fund
- LaSalle Investment Management allocation of 0.175% of the Total Fund
- The final terms and conditions must be satisfatory to the Investment Office, the Office of Chief Counsel, and the Executive Director.
PSERB Resolution 2006-53
Re: Avenue Real Estate Fund, LP
August 4, 2006
RESOLVED, that the Public School Employees Retirement Board hereby invests an amount not to exceed $100 million plus reasonable normal investment expenses, in Avenue Real Estate Fund LP, in accordance with the recommendation of Charles J. Spiller, Director of Alternative Investments, dated August 3, 2006. The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.
PSERB Resolution 2006-54
Re: Broadway Partners Real Estate Fund II, L.P.
August 4, 2006
RESOLVED, that the Public School Employees Retirement Board hereby invests an amount equal to 25 percent of the committed capital, but not to exceed $125 million plus reasonable normal investment expenses, in Broadway Partners Real Estate Fund II, L.P. in accordance with the with the recommendation of Charles J. Spiller, Director of Alternative Investments, dated August 3, 2006. The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.
PSERB Resolution 2006-55
Re: Landmark Equity Partners XIII, L.P.
August 4, 2006
RESOLVED, that Public School Employees Retirement Board hereby invests an amount equal to 25 percent of the committed capital, but not to exceed $100 million plus reasonable normal investment expenses, in Landmark Equity Partners XIII, L.P., in accordance with the recommendation of Charles J. Spiller, Director of Alternative Investments, dated August 3, 2006. The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.
PSERB Resolution 2006-56
Re: Modifications to Resolution 2005-28 GSC Recovery III, L.P.
August 4, 2006
RESOLVED, that the Public School Employees Retirement Board hereby modifies the terms of its investment in GSC Recovery III, L.P., by increasing the amount of its investment from $100 million to $200 million plus reasonable normal investment expenses, in accordance with the recommendation of Charles J. Spiller, Director of Alternative Investments, dated June 2, 2005 as amended August 3, 2006. The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.
PSERB Resolution 2006-57
Re: Modifications to Resolution 2006-24 TPG Partners V, L.P.
August 4, 2006
RESOLVED, that the Public School Employees Retirement Board hereby modifies the terms of its investment in TPG Partners V, L.P., by increasing the amount of its investment from $200 million to $250 million plus reasonable normal investment expenses, in accordance with the recommendation of Charles J. Spiller, Director of Alternative Investments, dated April 27, 2006 as amended August 3, 2006. The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.
PSERB Resolution 2006-58
Re: 2007 Committee and Board Meeting Dates
August 4, 2006
RESOLVED, that the Public School Employees Retirement Board hereby approves the attached schedule for PSERS Committee and Board meeting dates for 2007.
PSERB Resolution 2006-59
Re: Carlyle Realty Partners V, L.P.
September 15, 2006
RESOLVED, that the Public School Employees Retirement Board hereby invests an amount equal to 25 percent of the committed capital, but not to exceed $300 million plus reasonable normal investment expenses, in Carlyle Realty Partners V, L.P., in accordance with the recommendation of Charles J. Spiller, Director of Alternative Investments, dated September 14, 2006. The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.
PSERB Resolution 2006-60
Re: New York Life Investment Management Mezzanine Partners II, L.P.
September 15, 2006
RESOLVED, that the Public School Employees Retirement Board hereby invests an amount equal to 25 percent of the committed capital but not to exceed $150 million plus reasonable normal investment expenses in New York Life Investment Management Mezzanine Partners II, L.P. in accordance with the recommendation of Charles J. Spiller, Director of Alternative Investments, dated September 14, 2006. The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.
PSERB Resolution 2006-61
Re: Modifications to Resolution 2004-70 Quadrangle Capital Partners II, L.P.
September 15, 2006
RESOLVED, that the Public School Employees Retirement Board hereby modifies the terms of its investment in Quadrangle Capital Partners II, L.P., by increasing the amount of its investment from $175 million to $250 million plus reasonable normal investment expenses, in accordance with the recommendation of Charles J. Spiller, Director of Alternative Investments, dated December 9, 2004 as amended September 14, 2006. The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.
PSERB Resolution 2006-62
Re: Sudan Investments
September 15, 2006
WHEREAS, The members of Public School Employees Retirement Board (PSERB) are deeply concerned with atrocities and human rights violations that have been occurring in Sudan, most particularly in the Darfur region of that country and;
WHEREAS, The members of the PSERB are also concerned, as fiduciaries, about the potential impact that the events in the Sudan may have on the value of those portfolio companies held by the PSERB that have significant business or financial dealings in the Sudan.
RESOLVED, That the PSERB, consistent with its fiduciary duties, supports the efforts of institutional investors, including the Public School Employees Retirement System (PSERS), that urge the government of the United States and particularly the Department of State, Department of Commerce, Department of Treasury, and Securities and Exchange Commission, to compile and publish a list of companies with business dealings with, or operations in, Sudan which might be supporting the atrocities and human rights violations in Sudan; and
FURTHER RESOLVED, That the PSERB, consistent with its fiduciary duties, directs PSERS Staff to constructively engage in conversation with those portfolio companies held by the PSERB that are identified as doing business in Sudan, if any, to consider whether it is necessary for the company to be doing business in Sudan and, if so, to provide PSERS written assurance that its activities do not support or aid those who are engaging in atrocities and human rights violations.
PSERB Resolution 2006-63
Re: Health Options Program Basic Option
September 15, 2006
RESOLVED, that the Public School Employees Retirement Board hereby revokes Resolution 2004-66 and direct staffs not to implement the Basic Option of the Health Option Program, per the recommendation of Mark F. Schafer, Health Insurance Administrator, dated September 5, 2006.
PSERB Resolution 2006-64
Re: Health Options Program Pharmacy Plan Design Change for 2006
September 15, 2006
RESOLVED, that the Public School Employees Retirement Board hereby institutes the brand name and generic drug differential benefit for prescription drugs that move from single-source to multi-source effective immediately, per the r ecommendation of Mark F. Schafer, Health Insurance Administrator, dated September 5, 2006.
PSERB Resolution 2006-65
Re: Health Options Program Enhanced and Basic Medicare Rx Option and Fee For Service Plan Year 2007 Rates
September 15, 2006
RESOLVED, that the Public School Employees Retirement Board hereby approves the proposed rates for Plan Year 2007 of the Health Options Program Fee For Service Plan and its Enhanced and Basic Medicare Rx Option, in accordance with the attached recommendation of Mark F. Schafer, Health Insurance Administrator, dated September 5, 2006.
PSERB Resolution 2006-66
Re: 2007-2008 Administrative Budget and Directed Commissions Restricted Revenue Budget
September 15, 2006
RESOLVED, that the Public School Employees Retirement Board hereby approves the 2007-2008 Administrative Budget (not to exceed $40,424,447) and the 2007-2008 Directed Commissions Restricted Revenue Budget ($2,090,000) for the Public School Employees Retirement System as more particularly set forth in the attached summaries.
PSERB Resolution 2006-67
Re: Psilos Group Partners III, L.P.
October 27, 2006
RESOLVED, that the Public School Employees Retirement Board hereby invests an amount equal to 25 percent of the committed capital, but not to exceed $62.5 million plus reasonable normal investment expenses, in Psilos Group Partners III, L.P., in accordance with the recommendation of Charles J. Spiller, Director of Alternative Investments, dated October 26, 2006. The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director
PSERB Resolution 2006-68
Re:3355 W. Alabama, Houston, TX
October 27, 2006
RESOLVED, that the Public School Employees Retirement Board hereby approves the proposed sale of PSERS investment in the 3355 W. Alabama, Houston TX, in accordance with the recommendation of Charles J. Spiller, Director of Alternative Investments, dated October 26, 2006. The final terms and conditions of the sale must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.
PSERB Resolution 2006-69
Re: Investment Office Classification Study Request For Proposal
October 27, 2006
RESOLVED, that the Personnel Committee of the Public School Employees Retirement Board, in accordance with the recommendation of the Investment Office Classification Study Request for Proposal Evaluation Committee, hereby recommends that the Board select McLagan Partners, Inc. to conduct a comprehensive analysis of the Investment personnel job classification, compensation, and incentive plans and related policies and processes within the current organization structure for a period of approximately six to nine months, subject to negotiations of terms and conditions satisfactory to the Investment Office, the Office of Chief Counsel and the Executive
PSERB Resolution 2006-70
Re: Pennsylvania Department of Auditor General Performance Audit and Independent Fiduciary Services, Inc. Performance Review
October 27, 2006
RESOLVED, that the Public School Employees Retirement Board hereby accepts the attached Department of Auditor General Performance Audit and Independent Fiduciary Services, Inc. Performance Review.
PSERB Resolution 2006-71
Re: Financial Statements and Independent Auditors Report
October 27, 2006
RESOLVED that the Board of the Public School Employees Retirement System hereby accepts the June 30, 2006 financial statements and Independent Auditors Report prepared for the Public School employees Retirement System by Clifton Gunderson, LLP.
PSERB Resolution 2006-72
Re: Accounts of Theodore Kirsch, Jacob Steinberg, Thomas Doyle, and William Gormley Order Adopting Stipulation and Rescinding Remand
October 27, 2006
RESOLVED, that the Public School Employees Retirement Board hereby approves the Stipulation of the Parties dated October 25, 2006, and authorizes the entry of the Order Adopting Stipulation and Rescinding Remand attached hereto.
PSERB Resolution 2006-73
Robert P. Casey, Susan L. Clapper, Gerald A. Katona, Roger H. May
December 8, 2006
PSERB Resolution 2006-74
Re: Accounts of Theodore Kirsch, Jacob Steinberg, Thomas Doyle, and William Gormley
December 8, 2006
RESOLVED, that the Public School Employees Retirement Board hereby adopts the Hearing Examiners draft Board Opinion and Order denying Claimants request to consider as retirement covered compensation the payments made to them during their leaves of absence in excess of their standard school salary schedule and denies the Claimants exceptions to that Opinion and Order.
PSERB Resolution 2006-75
Re: BGI Emerging Markets Strategic Index Fund
December 8, 2006
RESOLVED, that the Public School Employees Retirement Board hereby approves the investment in the BGI Emerging Markets Strategic Index Fund in accordance with the recommendation of James H. Grossman, Jr., Director of External Public Markets, Risk & Compliance, dated December 7, 2006. The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.
PSERB Resolution 2006-76
Re: Internally-Managed LIBOR-Plus Short-Term Investment Pool
December 8, 2006
RESOLVED, that the Public School Employees Retirement Board hereby approves opening an internally-managed LIBOR-plus portfolio in accordance with the recommendation of James H. Grossman, Jr., Director of External Public Markets, Risk & Compliance, dated December 7, 2006.
FURTHER RESOLVED, that the Board hereby approves Addendum Y-1, Internally-Managed LIBOR-Plus Short-Term Investment Pool, in accordance with the recommendation of James H. Grossman, Jr., Director of External Public Markets, Risk & Compliance, dated December 7, 2006.
PSERB Resolution 2006-77
Re: Providence Equity Partners VI L.P.
December 8, 2006
RESOLVED, that the Public School Employees Retirement Board hereby invests an amount equal to 25 percent of the committed capital, but not to exceed $300 million plus reasonable normal investment expenses, in Providence Equity Partners VI L.P., subject to the Fund size being in excess of $8 billion, in accordance with the recommendation of Charles J. Spiller, Director of Alternative Investments, dated December 7, 2006. The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.
PSERB Resolution 2006-78
RCG Longview Equity Fund, L.P.
December 8, 2006
RESOLVED, that the Public School Employees Retirement Board hereby invests an amount equal to 25 percent of the committed capital, but not to exceed $125 million plus reasonable normal investment expenses, in RCG Longview Equity Fund, L.P. , in accordance with the recommendation of Charles J. Spiller, Director of Alternative Investments, dated December 7, 2006. The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.
PSERB Resolution 2006-79
Re: OConnor North American Property Partners II, L.P.
December 8, 2006
RESOLVED, that the Public School Employees Retirement Board hereby invests an amount equal to 25 percent of the committed capital but not to exceed $150 million (plus 10 percent reserve) plus reasonable normal investment expenses, in OConnor North American Property Partners II, L.P. , in accordance with the recommendation of Charles J. Spiller, Director of Alternative Investments, dated December 7, 2006. The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.
PSERB Resolution 2006-80
Re: Morgan Stanley Real Estate Fund VI International, L.P.
December 8, 2006
RESOLVED, that the Public School Employees Retirement Board hereby invests an amount equal to 25 percent of the committed capital but not to exceed $400 million (plus 10 percent reserve) plus reasonable normal investment expenses, in Morgan Stanley Real Estate Fund VI International, L.P. , in accordance with the recommendation of Charles J. Spiller, Director of Alternative Investments, dated December 7, 2006. The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.
PSERB Resolution 2006-81
Re: Atlanta Airport Marriott Hotel
December 8, 2006
RESOLVED, that the Public School Employees Retirement Board hereby approves the proposed sale of PSERS investment in the Atlanta Airport Marriott Hotel, College Park, Georgia in accordance with the recommendation of Charles J. Spiller, Director of Alternative Investments. The final terms and conditions of the sale must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.
PSERB Resolution 2006-82
Re: 2007 Health Options Program Budget
December 8, 2006
RESOLVED, that the Public School Employees Retirement Board hereby adopts the proposed budget for the Plan Year 2007 of the Health Options Program in the amount of $178.1 million as presented by Mark F. Schafer at the December 7, 2006 Health Care Committee meeting.
PSERB Resolution 2006-83
Re: Investment Incentive Compensation Plan Policy - Amendment
December 8, 2006
RESOLVED, that the Public School Employees Retirement Board hereby approves an amendment to the Investment Incentive Compensation Plan Policy for the fiscal year ending June 30, 2007, adding Junior Compliance Officer, in accordance with the recommendation of Alan H. Van Noord, Chief Investment Officer and Jeffrey B. Clay, Executive Director, dated December 7, 2006.
PSERB Resolution 2006-84
Re: Actuarial Valuation
December 8, 2006
RESOLVED, that the Public School Employees Retirement Board hereby accepts the June 30, 2006 actuarial valuation report prepared by Buck Consultants, and adopts the actuarial factors, assumptions and methodologies contained therein, which result in an employer contribution rate of 7.13% for Fiscal Year 2007/2008.
PSERB Resolution 2006-85
Re: Accounts of Theodore Kirsch, Jacob Steinberg, Thomas Doyle, and William Gormley
December 29, 2006
RESOLVED, that the Public School Employees Retirement Board hereby denies the Petition for Rehearing and Reconsideration filed by the above named Claimants dated December 21, 2006.
