PSERB Resolution 2008-01
Re: Auditor General Performance Audit and IFS Fiduciary Review Follow-up
January 25, 2008
RESOLVED, that the Public School Employees Retirement Board hereby approves the proposed responses to the findings of the Auditor General Performance Audit and the IFS Fiduciary Review as presented by Jeffrey B. Clay at its January 24, 2008, meeting and as set forth in Exhibit A attached
PSERB Resolution 2008-02
Re: 2006 Medical Claims Audit
January 25, 2008
RESOLVED, that the Public School Employees Retirement Board hereby accepts the 2006 Medical Claims Audit prepared for the Public School Employees Retirement System by The Segal Company.
PSERB Resolution 2008-03
Re: CVC European Equity Partners V , L.P.
January 25, 2008
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 CVC European Equity Partners V, L.P., in accordance with the recommendation of Charles J. Spiller, Director of Private Markets and Real Estate, dated January 24, 2008. 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 2008-04
Re: The HSBC Private Equity Fund 6, L.P.
January 25, 2008
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 The HSBC Private Equity Fund 6, L.P. in accordance with the recommendation of Charles J. Spiller, Director of Private Markets and Real Estate, dated January 24, 2008. 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 2008-05
Re: Versa Capital Fund II , L.P.
January 25, 2008
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 Versa Capital Fund II, L.P. in accordance with the recommendation of Charles J. Spiller, Director of Private Markets and Real Estate, dated January 24, 2008. 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 2008-06
Re: Catterton Growth Partners, L.P.
January 25, 2008
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 Catterton Growth Partners, L.P., in accordance with the recommendation of Charles J. Spiller, Director of Private Markets and Real Estate, dated January 24, 2008. 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 2008-07
Re: TPG Partners VI , L.P.
January 25, 2008
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 reasonable normal investment expenses, in TPG Partners VI, L.P. in accordance with the recommendation of Charles J. Spiller, Director of Private Markets and Real Estate, dated January 24, 2008. 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 2008-08
Re: Public Market Emerging Investment Manager Program Policy
January 25, 2008
RESOLVED, that the Public School Employees Retirement Board hereby adopts the revised Public Market Emerging Investment Manager Program Policy for the Public School Employees Retirement System pursuant to the recommendation of Luke M. Jacobs, Sr. Investment Analyst, dated January 24, 2008.
PSERB Resolution 2008-09
Re: Investment Policy Statement, Objectives, and Guidelines
January 25, 2008
RESOLVED, that the Public School Employees Retirement Board hereby adopts the following proposed addendum to the Investment Policy Statement, Objectives, and Guidelines for the Public School Employees Retirement System pursuant to the recommendation of James H. Grossman, Jr., dated January 24, 2008: Addendum K1 Mortgage and Asset Backed Securities Portfolio.
PSERB Resolution 2008-10
Re: Health Options Program Medicare Plan Review School Plans
January 25, 2008
RESOLVED, that the Public School Employees Retirement Board, pursuant to the recommendation of Mark F. Schafer, approves the following:
PSERS should review the Medicare plan and policy offerings of all Commonwealth school districts that offer health benefits to their retirees beyond age 65. The review should include surveying data on plan carriers, plan types, benefit levels, whether self-insured or fully insured, and the number of participants currently in each plan offering. The review should be conducted periodically to assure that all plans meet any guidelines established to qualify for Premium Assistance benefits.
PSERS should establish specific guidelines and policies regarding school district sponsored plans that qualify for Premium Assistance. The guidelines should be flexible enough to allow competition among offerings, but strict enough to avoid having new types of plans introduced without PSERS oversight. While the guidelines should be targeted primarily to address plans available for Medicare eligible retirees, they should also address school plans for retirees prior to eligibility for Medicare.
The review and issuance of guidelines should be completed as soon as possible during 2008 to allow school districts time to make appropriate changes before the beginning of the 2009 calendar year.
The School District of Philadelphia (SDP) should be directed not to allow further enrollments in the Bankers Life Medigap policy or any other individual Medigap policies until the PSERS Board considers the situation and issues guidance for school plans for Medicare retirees that will qualify for Premium Assistance.
To avoid unnecessary disruption and mid-year transfers among the SDPs plans, PSERS should continue to honor the Premium Assistance credits for those current SDP enrollees in the Bankers Medigap policy for the balance of 2008 only. SDP and the affected retirees should be notified that the Bankers Medigap policy is under review and that their Premium Assistance will continue for this year and be subject to guidelines to be issued for future years.
PSERS should periodically review the guidelines established for school district plans to qualify for Premium Assistance to assure they remain current with the changing Medicare insurance market place.
PSERB Resolution 2008-11
Re: Centerline High Yield CMBS Fund III LLC
February 18, 2008
RESOLVED, that the Public School Employees Retirement Board hereby approves a bridge loan to its original September 17, 2007, commitment to Centerline High Yield CMBS Fund III LLC up to an amount of $92 million, in accordance with the recommendation of Charles J. Spiller, Director of Private Markets and Real Estate, dated February 18, 2008. 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 2008-12
Re: Financial Audit
March 7, 2008
RESOLVED, that the Public School Employees Retirement Board hereby retains Clifton Gunderson to perform a financial audit for PSERS for the fiscal years ended June 30, 2008 and 2009 with renewal options for the fiscal years ended June 30, 2010, 2011, and 2012, subject to terms and conditions that are satisfactory to the Executive Director, the Chief Investment Officer, and the Office of Chief Counsel.
PSERB Resolution 2008-13
Re: U.S. and Non-U.S. Proxy Voting Policies
March 7, 2008
RESOLVED, that the Public School Employees Retirement Board hereby adopts the proposed U.S. and Non-U.S. Proxy Voting Policies pursuant to the recommendation of Robert E. Little, Senior Investment Analyst, dated February 22, 2008.
PSERB Resolution 2008-14
Re: Royal Dutch/Shell (Shell)
March 7, 2008
RESOLVED, that the Public School Employees Retirement Board hereby approves the Memorandum of Understanding dated March 4, 2008, regarding the settlement of the pending class action securities litigation with Royal Dutch/Shell, filed in the United States District Court for the District of New Jersey, in which the Public School Employees Retirement System and State Employees Retirement System are lead plaintiffs and class representatives, in accordance with the recommendations of Gerald Gornish, Chief Counsel, and Bernstein Liebhard & Lifshitz, LLP, counsel for the class.
FURTHER RESOLVED, that the Board delegates to the Executive Director the authority to execute any and all additional documents necessary to implement the settlement, provided that the final terms and conditions of each shall be satisfactory to the Executive Director, Chief Investment Officer, and the Office of Chief Counsel.
PSERB Resolution 2008-15
Re: Asset Allocation Plan
March 7, 2008
RESOLVED, that the Public School Employees Retirement Board hereby adopts the proposed the Asset Allocation Plan for the Public School Employees Retirement Fund as proposed by Wilshire Associates Incorporated in its presentation material dated March 6, 2008 as follows:
Further resolved that the Board hereby delegates the authority to implement the Asset Allocation Plan, including the amounts allocated to the individual investment managers that have been approved by the Board to the Chief Investment Officer, with the concurrence of the Executive Director.
PSERB Resolution 2008-16
Re: Investment Policy Statement, Objectives, and Guidelines
March 7, 2008
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 James H. Grossman, Jr., Director of External Public Markets, Risk & Compliance, dated March 6, 2008.
PSERB Resolution 2008-17
Re: Barclays Global Investors
March 7, 2008
RESOLVED, that the Public School Employees Retirement Board hereby adopts the proposed changes to Barclays Global Investors Non-U.S. Equity Portfolio mandate pursuant to the recommendation of James H. Grossman, Jr., Director of External Public Markets, Risk & Compliance, dated March 6, 2008. The final terms and conditions must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.
PSERB Resolution 2008-18
Re: Actis Emerging Markets 3, L.P.
March 7, 2008
RESOLVED, that 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 Actis Emerging Markets 3, L.P., in accordance with the recommendation of Charles J. Spiller, Director of Private Markets and Real Estate, dated March 6, 2008. 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 2008-19
Re: Partners Group Secondary 2008 , L.P.
March 7, 2008
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 Partners Group Secondary 2008, L.P., in accordance with the recommendation of Charles J. Spiller, Director of Private Markets and Real Estate, dated March 6, 2008. 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 2008-20
Re: CS Strategic Partners IV , L.P.
March 7, 2008
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 CS Strategic Partners IV, L.P. in accordance with the recommendation of Charles J. Spiller, Director of Private Markets and Real Estate, dated March 6, 2008. 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 2008-21
Re: CS Strategic Partners IV VC , L.P.
March 7, 2008
RESOLVED, that the Public School Employees Retirement Board hereby invests an amount equal to 25 percent of the committed capital, but not to exceed $50 million plus reasonable normal investment expenses, in CS Strategic Partners IV VC, L.P. in accordance with the recommendation of Charles J. Spiller, Director of Private Markets and Real Estate, dated March 6, 2008. 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 2008-22
Re: CS Strategic Partners IV RE , L.P.
March 7, 2008
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 CS Strategic Partners IV RE, L.P. in accordance with the recommendation of Charles J. Spiller, Director of Private Markets and Real Estate, dated March 6, 2008. 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 2008-23
Re: Lubert-Adler Real Estate Fund VI, L.P.
March 7, 2008
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 management fees and reasonable normal investment expenses, in Lubert-Adler Real Estate Fund VI, L.P., in accordance with the recommendation of Charles J. Spiller, Director of Private Markets and Real Estate, dated March 6, 2008. 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 2008-24
Re: Blackstone Real Estate Partners Europe III, L.P.
March 7, 2008
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 Europe III, L.P., in accordance with the recommendation of Charles J. Spiller, Director of Private Markets and Real Estate, dated March 6, 2008. 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 2008-25
Re: Cardinal Venture Partners II, L.P.
March 7, 2008
RESOLVED, that the Public School Employees Retirement Board hereby invests an amount equal to 90.9 percent of the committed capital, but not to exceed $50 million plus reasonable normal investment expenses, in a side fund to Cardinal Venture Partners II, L.P. in accordance with the recommendation of Charles J. Spiller, Director of Private Markets and Real Estate, dated March 6, 2008. 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 2008-26
Re: Aisling Capital III , L.P.
March 7, 2008
RESOLVED, that the Public School Employees Retirement Board hereby invests an amount not to exceed $100 million plus reasonable normal investment expenses, in Aisling Capital III, L.P. in accordance with the recommendation of Charles J. Spiller, Director of Private Markets and Real Estate, dated March 6, 2008. 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 2008-27
RE: Changes to Statement of Organization, Bylaws, and Other Procedures
May 2, 2008
ASSET CLASS | SUB-CLASS | OBJECTIVE |
Large Cap | 17.90% | |
SMID Cap | 4.10% | |
Micro Cap | 0.50% | |
U.S. Equity Exposure | 22.50% | |
Non-U.S. Large Cap | 20.65% | |
Non-U.S. Small Cap | 4.10% | |
Emerging Markets | 2.75% | |
Non-U.S. Equity Exposure | 27.50% | |
Total Public Market Equity Exposure |
| 50.00% |
Alternative Investments | 13.00% | |
PTRES Portfolios | ||
Private Real Estate | 2.50% | |
| 7.50% | |
Real Estate (including PTRES) | 10.00% | |
Total Equity Exposure | 73.00% | |
U.S. Fixed Income | 8.70% | |
TIPS | 5.00% | |
High Yield and Opportunistic | 5.00% | |
Global Core Plus Fixed Income | 3.30% | |
Cash | 0.00% | |
Total Fixed Income Exposure | 22.00% | |
Commodity Exposure | 5.00% | |
100.00% |
RESOLVED, that the Public School Employees Retirement Board hereby approves the following changes to its Statement of Organization, Bylaws, and Other Procedures, as recommended by Gerald Gornish, Chief Counsel, in his memorandum dated February 22, 2008:
Section 4.2 1. List the Committees in alphabetical order. 2. Clarify the Audit/Budget Committees responsibilities for oversight of PSERS audit and control functions, including oversight responsibility for the Internal Audit function. 3. Clarify that the Bylaws/Policy Committee shall make recommendations on all policies and amendments thereto with the exception of policies that come within the duties and responsibilities of another committee. 4. Clarify that the Finance Committee shall generally oversee the Funds investments in accordance with the prudent investor standard. Sections 5.1, 5.5, and 5.7 1. Change the reference from the Sunshine Act of 1986, which was repealed by the Act of October 15, 1998 (P.L. 729, No. 93), to the Sunshine Act of 1998 that is in effect today. Section 5.13(a) 1. Add a reference to the confidential investment information excepted from disclosure in the Pennsylvania Code and in the recent amendment to the Retirement Code at 24 Pa. C.S. 8502(e). |
PSERB Resolution 2008-28
Re: Signing of Contracts, Instruments, and Other Documents
May 2, 2008
RESOLVED, that any two or more of the persons occupying the following positions, namely the Executive Director, Deputy Executive Director, Operations; Deputy Executive Director, Benefits; Chief Financial Officer; Director of Investment Accounting; Managing Director of External Markets, Compliance and Risk Manager; and Chief Investment Officer, be and hereby are authorized to execute and deliver any and all contracts, instruments, or documents in the name of the Public School Employees' Retirement System or the Public School Employees' Retirement Board, and to endorse, assign, or guarantee all such contracts instruments, or documents in the name of the Public School Employees' Retirement System or Public School Employees' Retirement Board.
PSERB Resolution 2008-29
Re: Investment Objectives and Guidelines
May 2, 2008
RESOLVED, that the Public School Employees Retirement Board hereby adopts the proposed Investment Objectives and Guidelines Addenda listed below pursuant to the recommendation of Robert E. Little, Senior Investment Analyst, dated April 18, 2008.
| Addendum | Addendum Title |
A C | U.S. Style-Oriented Large Cap Equities U.S. Style-Oriented Small Cap Equities |
PSERB Resolution 2008-30
Re: Termination of Investment Manager
May 2, 2008
RESOLVED, that the Public School Employees Retirement Board hereby terminates Smith Breeden Associates Inc. as an Enhanced S&P 500 Index investment manager, pursuant to the recommendation of James H. Grossman, Jr., Managing Director of External Public Markets, Risk, and Compliance, dated May 1, 2008.
FURTHER RESOLVED, that the Board retains Hyperion Brookfield Asset Management to manage the orderly liquidation of this portfolio, pursuant to the recommendation of James H. Grossman, Jr., Managing Director of External Public Markets, Risk, and Compliance, dated May 1, 2008. 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 2008-31
Re: Sankaty Credit Opportunities IV, L.P.
May 2, 2008
RESOLVED, that the Public School Employees Retirement Board hereby invests up to $500 million plus management fees and reasonable normal investment expenses, in Sankaty Credit Opportunities, IV, L.P. (the Fund), in accordance with the recommendation of Mark Heppenstall, Managing Director of Fixed Income, dated May 1, 2008. 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 2008-32
Re: Avenue Europe Special Situations Fund , L.P.
May 2, 2008
RESOLVED, that the Public School Employees Retirement Board hereby invests an amount equal to 90.9 percent of the committed capital, but not to exceed 200 million plus reasonable normal investment expenses, in a side fund to Avenue Europe Special Situations Fund, L.P., in accordance with the recommendation of Charles J. Spiller, Director of Private Markets and Real Estate, dated May 1, 2008. 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 2008-33
Re: Landmark Equity Partners XIV , L.P.
May 2, 2008
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 Landmark Equity Partners XIV, L.P., in accordance with the recommendation of Charles J. Spiller, Director of Private Markets and Real Estate, dated May 1, 2008. 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 2008-34
Re: Evergreen Pacific Partners II, L.P.
May 2, 2008
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 Evergreen Pacific Partners II, L.P., in accordance with the recommendation of Charles J. Spiller, Director of Private Markets and Real Estate, dated May 1, 2008. 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 2008-35
Re: Morgan Stanley Real Estate Fund VII Global, L.P.
May 2, 2008
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 management fees and reasonable normal investment expenses, in Morgan Stanley Real Estate Fund VII Global, L.P., in accordance with the recommendation of Charles J. Spiller, Director of Private Markets and Real Estate, dated May 1, 2008. 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 2008-36
Re: Paladin Realty Latin America Investors III, L.P.
May 2, 2008
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 management fees and reasonable normal investment expenses, in Paladin Realty Latin America Investors III, L.P., in accordance with the recommendation of Charles J. Spiller, Director of Private Markets and Real Estate, dated May 1, 2008. 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 2008-37
Re: RCG Longview Debt Fund IV, L.P.
May 2, 2008
RESOLVED, that the Public School Employees Retirement Board hereby invests an amount equal to 90.91 percent of the committed capital, but not to exceed $175 million plus reasonable normal investment expenses, in a side fund to RCG Longview Debt Fund IV, L.P., in accordance with the recommendation of Charles J. Spiller, Director of Private Markets and Real Estate, dated May 1, 2008. 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 2008-38
Re: AvalonBay Value Added Fund II, L.P.
May 2, 2008
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 AvalonBay Value Added Fund II, L.P., in accordance with the recommendation of Charles J. Spiller, Director of Private Markets and Real Estate, dated May 1, 2008. 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 2008-39
Re: Strategic Partners Value Enhancement Fund II
May 2, 2008
RESOLVED, that the Public School Employees Retirement Board hereby invests an amount equal to 90.91 percent of the committed capital, but not to exceed $100 million plus reasonable normal investment expenses, in a side fund to Strategic Partners Value Enhancement Fund II, in accordance with the recommendation of Charles J. Spiller, Director of Private Markets and Real Estate, dated May 1, 2008. 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 2008-40
Investment Office Incentive Compensation Plan
May 2, 2008
Resolved, that the Public School Employees Retirement Board hereby adopts changes to the Investment Office Incentive Compensation Plan in accordance with the recommendation of Jeffrey B. Clay, Executive Director, dated May 1, 2008.
PSERB Resolution 2008-41
Re: Oral Argument Account of Sandra N. Lapcevic
June 2, 2008
RESOLVED, that the Public School Employees Retirement Board hereby grants an Oral Argument in the case of Sandra N. Lapcevic, to be conducted in accordance with the Boards Oral Argument Policy.
PSERB Resolution 2008-42
Signing of Contracts, Instruments, and Other Documents
June 20, 2008
RESOLVED, that the Public School Employees Retirement Board (the Board) authorize any two or more of the persons occupying the following positions, namely, the Executive Director, Deputy Executive Director; Assistant Executive Director; Chief Financial Officer; Chief Investment Officer; Managing Director of External Public Markets and Risk and Compliance; and Director of Investment Accounting to execute and deliver any and all contracts, instruments, or documents that require written signatures in the name of the Public School Employees' Retirement System (the System) or the Board, and to endorse, assign, or guarantee all such contracts, instruments, or documents in the name of the System or the Board.
RESOLVED FURTHER, that (i) in the case of investment contracts, the Chief Investment Officer, Managing Director of External Public Markets and Risk and Compliance or Director of Investment Accounting must be one of the two signatories, except in exigent circumstances when none of the designated individuals is available, and (ii) in the case of all other contracts, the Executive Director, Deputy Executive Director, Assistant Executive Director, or Chief Financial Officer must be one of the two signatories, except in exigent circumstances when none of the designated individuals is available.
PSERB Resolution 2008-43
Re: 2009 Committee and Board Meeting Dates
June 20, 2008
RESOLVED, that the Public School Employees Retirement Board approve the attached schedule for PSERS Committee and Board meeting dates for 2009.
PSERB Resolution 2008-44
Re: Health Options Program (HOP) Implementation of the Medicare Advantage Private Fee-for-Service Plan (MA-PFFS) and Companion Managed Care Plan
June 20, 2008
RESOLVED, that the Public School Employees Retirement Board (the Board), in accordance with the recommendations of the Segal Company and Mark F. Schafer, Health Insurance Administrator, dated June 6, 2008, approve entering into negotiations with the successful bidder to offer a single MA-PFFS plan as the sole Medicare Advantage medical option to the HOP Medical Plan for new enrollees and HOP participants making a change into a Medicare Advantage plan during the upcoming option selection period with benefits effective January 1, 2009.
FURTHER RESOLVED, that the Board approve that effective January 1, 2010, all HOP participants enrolled in a managed care plan will be transitioned into the MA-PFFS plan (medical coverage only) or the HOP Medical Plan. (All HOP participants will be able to select the Basic or Enhanced Medicare Rx Option.)
FURTHER RESOLVED, that the Board approve that if the negotiations with the successful bidder for the MA-PFFS warrant, some or all HOP participants in a managed care plan may be transitioned into the new MA-PFFS plan or the HOP Medical Plan effective January 1, 2009. The accelerated transition is subject to review at the August 2008 Health Care Committee and subsequent approval by the Board.
PSERB Resolution 2008-45
Re: Health Options Program Medicare Advantage Private Fee-for-Service Plan (MA-PFFS) and Companion Managed Care Plan
June 20, 2008
RESOLVED, that the Public School Employees Retirement Board (the Board), in accordance with the recommendation of the MA-PFFS Plan and Companion Managed Care Plan Request for Proposal Evaluation Committee, selects Highmark, Inc. as the MA-PFFS Plan and Companion Managed Care Plan for the period commencing January 1, 2009 through December 31, 2010, renewable for up to three one-year periods upon the mutual written consent of the parties, subject to terms and conditions satisfactory to the Health Insurance Administrator, the Office of Chief Counsel and the Office of the Executive Director.
PSERB Resolution 2008-46
Re: Local Currency Emerging Market Debt Investment Manager Hirings
June 20, 2008
RESOLVED, that the Public School Employees Retirement Board (the Board) hire the following local currency emerging market debt investment managers pursuant to the recommendation of Alan Van Noord, Chief Investment Officer, and Wilshire Associates Incorporated in their memo dated June 19, 2008, as follows:
Franklin Templeton Investments
Lazard Asset Management, LLC
Pacific Investment Management Company (PIMCO)
Stone Harbor Investment Partners, LP
The final terms and conditions must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.
PSERB Resolution 2008-47
Re: Non-US Small Cap Equity Investment Manager Hirings
June 20, 2008
RESOLVED, that the Public School Employees Retirement Board (the Board) hire the following non-US small cap equity managers pursuant to the recommendation of Alan Van Noord, Chief Investment Officer, and Wilshire Associates Incorporated in their memo dated June 19, 2008, as follows:
Batterymarch Financial Management, Inc
Oberweis Asset Management, Inc.
Pyramis Global Advisors
Victory Capital Management, Inc.
Wasatch Advisors, Inc.
The final terms and conditions must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.
PSERB Resolution 2008-48
Re: BGI Capital Structure Investments Fund Ltd.
June 20, 2008
RESOLVED, that the Public School Employees Retirement Board (the Board) invest up to $300 million in the BGI Capital Structure Investments Fund Ltd. pursuant to the recommendation of Alan Van Noord, Chief Investment Officer, and Wilshire Associates Incorporated in their memo dated June 19, 2008. The final terms and conditions must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.
PSERB Resolution 2008-49
Re: Investment Policy Statement, Objectives, and Guidelines
June 20, 2008
RESOLVED, that the Public School Employees Retirement Board (the Board) adopt the proposed changes to the Investment Policy Statement, Objectives, and Guidelines Exhibits listed below pursuant to the recommendation of James H. Grossman, Jr., Managing Director of External Public Markets, Risk & Compliance, dated June 5, 2008.
| Exhibit | Exhibit Title |
| B | Asset Allocation |
| C | Policy Index |
| D | Public Market Investment Manager Target Range |
FURTHER RESOLVED, that the Board adopt the proposed Investment Objectives and Guidelines Addenda listed below pursuant to the recommendation of James H. Grossman, Jr., Managing Director of External Public Markets, Risk & Compliance, dated June 5, 2008.
| Addendum | Addendum Title |
| H | Full Discretion Commodity Program |
| H1 | Enhanced Commodity Index Program |
| O1 | Emerging Markets Small Cap Equities |
| Q1 | Absolute Return Emerging Markets Fixed Income |
| Q2 | Emerging Markets Fixed Income |
| T | U.S. Publicly Traded Real Estate Securities |
| T1 | Non-U.S. Publicly Traded Real Estate Securities |
| T2 | Global Publicly Traded Real Estate Securities |
FURTHER RESOLVED, that the Board adopt the non-substantive changes to the Investment Policy Statement, Objectives and Guidelines.
PSERB Resolution 2008-50
Re: 2005 and 2006 Prescription Drug Claims Audit
June 20, 2008
RESOLVED, that the Public School Employees Retirement Board (the Board) accept the 2005 and 2006 Prescription Drug Claims Audit prepared for the Public School Employees Retirement System by Independent Pharmaceutical Consultants, Inc.
PSERB Resolution 2008-51
Re: 2007 Medical Claims Audit
June 20, 2008
RESOLVED, that the Public School Employees Retirement Board (the Board) accept the 2007 Medical Claims Audit prepared for the Public School Employees Retirement System by The Segal Company.
PSERB Resolution 2008-52
Re: Tax Qualification
June 20, 2008
RESOLVED, that the Public School Employees Retirement Board (the Board) authorize the Executive Director, with the advice and assistance of the Office of Chief Counsel, to take such actions, including engaging one or more outside counsel through the Office of General Counsel , as he deems necessary or desirable, to address the efforts of the Internal Revenue Service (IRS) to require public pension plans to obtain an IRS qualification determination letter. It is understood that such actions may include one or more of the following: communicating with the IRS; briefing the Administration, the General Assembly and the Public Employee Retirement Commission on relevant issues and needed legislation , if any ; cooperating with the efforts of national government pension plan organizations, such as the National Association of State Retirement Administrators and the National Council on Teacher Retirement, to alleviate tax compliance burdens; and coordinating any of such efforts with the State Employees Retirement System and the Pennsylvania Municipal Retirement System.
RESOLVED FURTHER, that the Board direct the Executive Director to periodically report the status of PSERS' efforts to address the efforts of the IRS to require public pension plans to obtain an IRS qualification determination letter. Any formal filing by PSERS with the IRS related to a tax qualification determination letter or any other process to resolve PSERS tax qualified status, e.g. the Self-Correction Program and the Voluntary Compliance Program described in Revenue Procedure 2006-27, shall require prior Board approval.
PSERB Resolution 2008-53
Policy Manual for Investment Professional Staff
June 20, 2008
RESOLVED, that the Public School Employees Retirement Board (the Board) adopt the Policy Manual for Investment Professional Staff in accordance with the recommendation of Jeffrey B. Clay, Executive Director, dated June 5, 2008.
PSERB Resolution 2008-54
Re: PSERS Mission Statement
June 20, 2008
RESOLVED, that the Public School Employees Retirement Board approve the following:
Public School Employees Retirement System Mission Statement
The Board of Trustees and the employees of the Public School Employees Retirement System (System) serve the members and stakeholders of the System by:
Providing timely and accurate payment of benefits
Maintaining a financially sound System
Prudently investing the assets of the System
Clearly communicating members and employers rights and responsibilities, and
Effectively managing the resources of the System
PSERB Resolution 2008-55
Changes to Statement of Organization, Bylaws, Other Procedures
August 14, 2008
RESOLVED, that the Public School Employees Retirement Board hereby approves the following changes to its Statement of Organization, Bylaws, and Other Procedures, as recommended by Jeffrey B. Clay, Executive Director in his memorandum dated June 6, 2008:
Article II, Section 2.2
Provides that a Board Designee, when acting on behalf of a Board Member, is bound by the same fiduciary standards that apply to the Board member.
Article II, Section 2.5
Provides that a Board Designee is bound by the oath of office taken by the Board Members, when the Designee is acting on the Members behalf.
PSERB Resolution 2008-56
Re: Nordic Capital Fund VII, L.P.
August 14, 2008
RESOLVED, that the Public School Employees Retirement Board invest an amount equal to 25 percent of the committed capital, but not to exceed 150 million plus reasonable normal investment expenses, in Nordic Capital Fund VII, L.P. in accordance with the recommendation of Charles J. Spiller, Director of Private Markets and Real Estate, dated August 13, 2008. The final terms and conditions of the investment 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 the implementing investment contract or by a memo to that effect appended to the implementing investment contract.
PSERB Resolution 2008-57
RE: First Reserve Fund XII, L.P.
August 14, 2008
RESOLVED, that the Public School Employees Retirement Board invest an amount equal to 25 percent of the committed capital, but not to exceed $250 million plus reasonable normal investment expenses, in First Reserve Fund XII, L.P. in accordance with the recommendation of Charles J. Spiller, Director of Private Markets and Real Estate, dated August 13, 2008. The final terms and conditions of the investment 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 the implementing investment contract or by a memo to that effect appended to the implementing investment contract.
PSERB Resolution 2008-58
RE : Beacon Capital Strategic Partners VI, L.P.
August 14, 2008
RESOLVED, that the Public School Employees Retirement Board invest an amount equal to 25 percent of the committed capital, but not to exceed $200 million plus reasonable normal investment expenses, in Beacon Capital Strategic Partners VI, L.P., with an additional $200 million commitment available for a co-investment fund in accordance with the recommendation of Charles J. Spiller, Director of Private Markets and Real Estate, dated August 13, 2008. The final terms and conditions of the investment 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 the implementing investment contract or by a memo to that effect appended to the implementing investment contract.
PSERB Resolution 2008-59
Re: Stockbridge Value Fund, L.P.
August 14, 2008
RESOLVED, that the Public School Employees Retirement Board invest an amount equal to 90.9 percent of the committed capital, but not to exceed $150 million plus reasonable normal investment expenses, in a side fund to Stockbridge Value Fund, L.P. in accordance with the recommendation of Charles J. Spiller, Director of Private Markets and Real Estate, dated August 13, 2008. The final terms and conditions of the investment 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 the implementing investment contract or by a memo to that effect appended to the implementing investment contract.
PSERB Resolution 2008-60
Re: Cabot Industrial Value Fund III, L.P.
August 14, 2008
RESOLVED, that the Public School Employees Retirement Board invest an amount not to exceed $100 million plus reasonable normal investment expenses, in Cabot Industrial Value Fund III, L.P. in accordance with the recommendation of Charles J. Spiller, Director of Private Markets and Real Estate, dated August 13, 2008. The final terms and conditions of the investment 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 the implementing investment contract or by a memo to that effect appended to the implementing investment contract.
PSERB Resolution 2008-61
Re: Mesa West Real Estate Income Fund II, L.P.
August 14, 2008
RESOLVED, that the Public School Employees Retirement Board invest an amount equal to 25 percent of the committed capital, but not to exceed $125 million plus reasonable normal investment expenses, in Mesa West Real Estate Income Fund II, L.P. in accordance with the recommendation of Charles J. Spiller, Director of Private Markets and Real Estate, dated August 13, 2008. The final terms and conditions of the investment 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 the implementing investment contract or by a memo to that effect appended to the implementing investment contract.
PSERB Resolution 2008-62
Re: LBC Credit Partners II, L.P.
August 14, 2008
RESOLVED, that the Public School Employees Retirement Board invest in LBC Credit Partners II, L.P., in accordance with the recommendation of James H. Grossman, Jr., Managing Director of External Public Markets, Risk and Compliance, and Portfolio Advisors, LLC. Further the Committee recommends that the Board invest $375 million plus reasonable normal investments expenses, in accordance with the recommendation of James H. Grossman, Jr. dated July 18, 2008. The final terms and conditions of the investment 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 the implementing investment contract or by a memo to that effect appended to the implementing investment contract.
PSERB Resolution 2008-63
Re: Investment Objectives and Guidelines
August 14, 2008
RESOLVED, that the Public School Employees Retirement Board adopt the proposed Investment Objectives and Guidelines Addenda listed below, pursuant to the recommendation of Robert E. Little, Senior Investment Analyst, dated July 30, 2008.
PSERB Resolution 2008-64
Re: General Consultant
August 14, 2008
RESOLVED, that the Public School Employees Retirement Board, in accordance with the recommendation of the General Consultant Request for Proposal Evaluation Committee, select Wilshire, as the General Consultant for the period commencing December 1, 2008 through November 30, 2013, subject to the terms and conditions of the Investment Office, the Office of Chief Counsel, and the Office of Executive Director, as evidenced either by the appropriate signatures on the implementing contract or by a memo to that effect appended to the implementing contract.
PSERB Resolution 2008-65
Re: Health Options Program Medicare Advantage and Pre-65 Companion Managed Care Plans
August 14, 2008
RESOLVED, that the Public School Employees Retirement Board approve Staffs recommendation that all managed care participants be transferred to the new Highmark Medicare Advantage plan or pre-65 companion managed care plan, as the case may be, effective January 1, 2009, except for the current participants and all new enrollees in the Medicare Advantage and pre-65 managed care plans in the Health Options Program (HOP) Southeastern Region (Bucks, Chester, Delaware, Montgomery, and Philadelphia counties). E ffective January 1, 2009, the monthly premium rates and benefits for the new Highmark Medicare Advantage plan and pre-65 companion managed care plan are as recommended in the report prepared by Mark F. Schafer, Health Care Administrator, dated August 13, 2008, subject to final contract negotiations. If the final contract negotiations result in a substantial change in either the recommended rates or benefits, or cannot be concluded successfully by 12:00 p.m. on August 25, 2008, then:
the existing Plan Year (PY) 2008 plan structure for the HOPs Medicare Advantage plans and pre-65 companion managed care plans will remain the same for PY 2009; and
the status of the proposed Highmark Medicare Advantage plan and pre-65 companion managed care plan will be brought back to the Board, through its Health Care Committee at its September 2008 meeting, for further action, if any.
RESOLVED FURTHER, that the Board re-examine, at a future meeting, the possible transition of the HOP Southeastern Region Medicare Advantage and pre-65 managed care plans participants to the new Highmark Medicare Advantage plan or pre-65 companion managed care plan, effective January 1, 2010.
RESOLVED FURTHER, d uring the October 1, 2008, through November 15, 2008, option selection period, all HOP participants may elect among the options available to them in their local residence area.
PSERB Resolution 2008-66
Re: Health Options Program 2009 Plan Design Changes for the Basic and Enhanced Medicare Rx Options
August 14, 2008
RESOLVED, that the Public School Employees Retirement Board approve, effective January 1, 2009, the benefits provided by the Basic and Enhanced Medicare Rx Options as recommended in the report prepared by Mark F. Schafer, Health Care Administrator, dated August 13, 2008: 2009 Premium Rates and Benefits For The HOP Medical Plan, Pre-65 Medical Plan, Legacy High and Standard Options, and Basic and Enhanced Medicare Rx Options.
PSERB Resolution 2008-67
Re: Health Options Program 2009 Plan Year Premium Rates for the HOP Medical Plan HOP Pre-65 Medical Plan (with and without prescription Drugs) Legacy High and Standard Options (for Participants Over 65 and Not Eligible for Social Security) Basic and Enhanced Medicare Rx Options
August 14, 2008
RESOLVED, that the Public School Employees Retirement Board approve, effective January 1, 2009, the monthly premium rates and benefits as recommended in the report prepared by Mark F. Schafer, Health Care Administrator, dated August 13, 2008: 2009 Premium Rates and Benefits For The HOP Medical Plan, Pre-65 Medical Plan, Legacy High and Standard Options, and Basic and Enhanced Medicare Rx Options.
PSERB Resolution 2008-68
Re: Health Options Program Medicare Advantage and Pre-65 Managed Care Plans
August 22, 2008
RESOLVED, that the Public School Employees Retirement Board hereby approves the recommendations of Executive Director Jeffrey B. Clay in his memorandum dated August 21, 2008 that (i) all current HOP Medicare Advantage and pre-65 managed care participants shall have the option to remain in their current plans or benefits for Plan Year 2009 or to elect another of the 2009 HOP plan options and (ii) effective January 1, 2009, all new HOP Medicare Advantage and pre-65 managed care plan enrollees shall be enrolled in the new Highmark Medicare Advantage plan or pre-65 managed care plan, as the case may be.
RESOLVED FURTHER, that e ffective January 1, 2009, the monthly premium rates and benefits for the new Highmark Medicare Advantage plan and pre-65 managed care plan shall be as recommended by Mark F. Schafer in his memorandum dated August 20, 2008 and previous reports dated August 2008 (the report entitled 2009 Premium Rates and Benefits and the report entitled Summarizing the Negotiations with Highmark), subject to final contract negotiations. The final terms and conditions of the contracts for said plans shall be acceptable to the Health Insurance Administrator, the Office of Chief Counsel, and the Office of the Executive Director, as evidenced by the appropriate signatures on the implementing contract or by a memo to that effect appended to the implementing contract. If the final contract negotiations result in a substantial change in either the recommended rates or benefits, or cannot be concluded successfully by 12:00 p.m. on September 1, 2008 , then:
the existing Plan Year (PY) 2008 plan structure for the HOPs Medicare Advantage plans and pre-65 managed care plans will remain the same for PY 2009; and
the status of the proposed Highmark Medicare Advantage plan and pre-65 managed care plan will be brought back to the Board, through its Health Care Committee at its September 2008 meeting, for further action, if any.
RESOLVED FURTHER, that this Resolution shall supersede PSERB Resolution 2008-65 ( August 14, 2008 ) in its entirety and said Resolution shall be without further force or effect.
PSERB Resolution 2008-69
Re: Carlyle Asia Real Estate Partners II, L.P.
September 26, 2008
RESOLVED, that the Public School Employees Retirement Board invest an amount equal to 25 percent of the committed capital, but not to exceed $150 million plus reasonable normal investment expenses, in Carlyle Asia Real Estate Partners II, L.P., in accordance with the recommendation of Charles J. Spiller, Director of Private Markets and Real Estate, dated September 25, 2008 . The final terms and conditions of the investment 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 the implementing investment contract or by a memo to that effect appended to the implementing investment contract.
PSERB Resolution 2008-70
Re: Gold Hill Capital 2008, L.P.
September 26, 2008
RESOLVED, that the Public School Employees Retirement Board invest an amount equal to 25 percent of the committed capital, but not to exceed $68.75 million plus reasonable normal investment expenses, in Gold Hill Capital 2008, L.P., in accordance with the recommendation of Charles J. Spiller, Director of Private Markets and Real Estate, dated September 25, 2008 . The final terms and conditions of the investment 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 the implementing investment contract or by a memo to that effect appended to the implementing investment contract.
PSERB Resolution 2008-71
Re: Apollo European Principle Finance Fund, L.P.
September 26, 2008
RESOLVED, that the Public School Employees Retirement Board invest an amount equal to 90.9 percent of the committed capital, but not to exceed 100 million plus reasonable normal investment expenses, in a side fund to Apollo European Principle Finance Fund, L.P., in accordance with the recommendation of Charles J. Spiller, Director of Private Markets and Real Estate, dated September 25, 2008 . The final terms and conditions of the investment 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 the implementing investment contract or by a memo to that effect appended to the implementing investment contract.
PSERB Resolution 2008-72
Re: Cerberus Institutional Partners International, L.P.
September 26, 2008
RESOLVED, that the Public School Employees Retirement Board invest 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 International, L.P., in accordance with the recommendation of Charles J. Spiller, Director of Private Markets and Real Estate, dated September 25, 2008 . The final terms and conditions of the investment 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 the implementing investment contract or by a memo to that effect appended to the implementing investment contract.
PSERB Resolution 2008-73
Re: HgCapital 6, L.P.
September 26, 2008
RESOLVED, that the Public School Employees Retirement Board invest an amount equal to 25 percent of the committed capital, but not to exceed 120 million plus reasonable normal investment expenses, in HgCapital 6, L.P., in accordance with the recommendation of Charles J. Spiller, Director of Private Markets and Real Estate, dated September 25, 2008 . The final terms and conditions of the investment 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 the implementing investment contract or by a memo to that effect appended to the implementing investment contract.
PSERB Resolution 2008-74
Re: Westridge Capital Management, Inc.
September 26, 2008
RESOLVED, that the Public School Employees Retirement Board invest up to $1.0 billion in the Westridge Capital Management Enhancement Funds Class Fund A pursuant to the recommendation of Alan Van Noord, Chief Investment Officer, and Wilshire Associates Incorporated in their memo dated September 25, 2008.
The final terms and conditions of the investment 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 the implementing investment contract or by a memo to that effect appended to the implementing investment contract.
PSERB Resolution 2008-75
Re: Investment Objectives and Guidelines
September 26, 2008
RESOLVED, that the Public School Employees Retirement Board adopt the proposed Investment Objectives and Guidelines Addenda listed below, pursuant to the recommendation of Robert E. Little, Senior Investment Analyst, dated September 12, 2008 .
Addendum
| Addendum Title
|
| B | U.S. Master Limited Partnership Index Portfolios |
| U.S. Core Plus Fixed Income Portfolios | |
| K | U.S. High Yield Fixed Income Portfolios |
| L | Treasury Inflation Protection Securities Portfolios |
| Q | Global Core Plus Fixed Income Portfolios |
| Y | Short-Term Investment Pool Portfolios |
| Y1 | LIBOR-Plus Short Term Investment Pool Portfolios |
Addendum | Addendum Title |
D | Enhanced S&P 500 Index Fund Portfolios |
P | Active Currency Hedging Overlay Program |
P1 | Active Currency Program |
Z | Securities Lending Internally Managed Health Options Program |
PSERB Resolution 2008-76
RE: 2009-2010 Administrative Budget and Directed Commissions Recapture Program Budget
September 26, 2008
RESOLVED, that the Public School Employees Retirement Board approve the 2009-2010 Administrative Budget (not to exceed $44,334,000) and the 2009-2010 Directed Commissions Recapture Program Budget ($1,000,000) for the Public School Employees Retirement System as more particularly set forth in the attached summaries.
PSERB Resolution 2008-77
Re: Financial Statements and Independent Auditors Report
September 26, 2008
RESOLVED, that the Public School Employees Retirement Board hereby accepts the June 30, 2008 Financial Statements and approves the accompanying Independent Auditor Report prepared for the Public School Employees Retirement System by Clifton Gunderson LLP, for the year ended June 30, 2008.
RESOLVED FURTHER that pursuant to 24 Pa.C.S. 8521(d), the Board ratifies all payments that are reflected in the June 30, 2008 Financial Statements.
PSERB Resolution 2008-78
Re: Healthways Silver Sneakers Litigation
September 26, 2008
RESOLVED, that the Public School Employees Retirement Board hereby accepts the settlement offer in the litigation matter between the Board and Healthways, Inc., d/b/a Silver Sneakers, filed in the Dauphin County Court of Common Pleas, docketed at No. 2008 CV 1610CV, as outlined by Deputy Chief Counsel Charles K. Serine. The terms and condition of the settlement agreement shall be satisfactory to the Executive Director and the Office of Chief Counsel.
PSERB Resolution 2008-79
Re: Brigade Leveraged Capital Structures Offshore Ltd.
October 22, 2008
RESOLVED, that the Public School Employees Retirement Board invest up to an additional $250 million in the Brigade Leveraged Capital Structures Offshore Ltd. pursuant to the recommendation of Alan H. Van Noord, Chief Investment Officer. The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Office of the Executive Director, as evidenced either by the appropriate signatures on the implementing investment contract or by a memo to that effect appended to the implementing investment contract.
PSERB Resolution 2008-80
Re: 2009 Health Options Program Budget
December 12, 2008
RESOLVED, that the Public School Employees Retirement Board adopts the proposed Program and Administrative Budget of the Health Options Program and the Medicare Prescription Drug Program Administrative Budget for the Plan Year 2009 in the aggregate amount of $218,519,000, as presented by Mark F. Schafer at the December 11, 2008 Health Care Committee meeting.
PSERB Resolution 2008-81
Re: Investment Objectives and Guidelines
December 12, 2008
RESOLVED, that the Public School Employees Retirement Board adopt the proposed Investment Objectives and Guidelines Addendum listed below pursuant to the recommendation of James H. Grossman, Jr., Managing Director of External Public Markets, Risk & Compliance, dated November 26, 2008.
Addendum - Addendum Title
Z - Securities Lending Program
PSERB Resolution 2008-82
Re: Public Information Policy
December 12, 2008
RESOLVED, that the Public School Employees Retirement Board (the "Board") approves the proposed amendments to the Public Information Policy of the Commonwealth of Pennsylvania, Public School Employees Retirement System pursuant to the recommendation of Gerald Gornish, Chief Counsel, dated November 26, 2008.
PSERB Resolution 2008-83
Re: Actuarial Valuation
December 12, 2008
RESOLVED, that the Public School Employees Retirement Board hereby accepts the June 30, 2008 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 4.78% for Fiscal Year July 1, 2009 through June 30, 2010 .
PSERB Resolution 2008-84
Re: Investment Office Incentive Compensation Plan Policy
December 12, 2008
RESOLVED, the Public School Employees Retirement Board ("Board") hereby terminates the previously approved Investment Office Incentive Compensation Plan Policy (Policy) for FY 2008-2009 (see PSERB Resolution 2008-40) effective as of December 31, 2008, to allow the Board an opportunity to review the Policy in light of the current market conditions, all in accordance with the recommendation of Jeffrey Clay, Executive Director.
