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    PUBLIC SCHOOL EMPLOYEES’ RETIREMENT SYSTEM (PSERS)

    2009 Board Meeting Resolutions

    PSERB Resolution 2009-01
    Re:   Sankaty Advisors, LLC
    January 23, 2009

    RESOLVED, that the Public School Employees Retirement Board invest up to $500 million in a loan managed account with Sankaty Advisors LLC pursuant to the recommendation of James H. Grossman, Jr., Managing Director of External Public Markets, Risk & Compliance, and Wilshire Associates Incorporated in their memos dated January 22, 2009. 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 2009-02
    Re:   TIPS Portfolios
    January 23, 2009

    RESOLVED, that the Public School Employees Retirement Board permit the current TIPS portfolios to employ leverage up to a 2 to 1 ratio pursuant to the recommendation of Wilshire Associates Incorporated in their presentation dated January 22, 2009.

     
     

    PSERB Resolution 2009-03
    Re:   Investment Policy Statement, Objectives and Guidelines
    January 23, 2009

     

    RESOLVED, that the Public School Employees Retirement Board adopt the proposed changes to the Investment Policy Statement, Objectives, and Guidelines pursuant to the recommendation of James H. Grossman, Jr., Managing Director of External Public Markets, Risk & Compliance, dated January 9, 2009.
     
     

    PSERB Resolution 2009-04
    Re:   Actuarial Valuation
    January 23, 2009

     

    RESOLVED, that the Public School Employees Retirement Board (the "Board") pursuant to its authority under Section 8502 (h), (j) and (k) of the Public School Employees Retirement Code, 24 Pa C.S. 8502 (h), (j) and (k) does hereby make the following adjustments to PSERS actuarial investment rate of return assumption:

    1. Effective for the June 30, 2008 actuarial valuation the investment rate of return assumption shall be reduced from 8.50% to 8.25%.

    2. Effective for the June 30, 2009 actuarial valuation the investment rate of return assumption shall be reduced from 8.25% to 8.00%.

     
     

    PSERB Resolution 2009-05
    Re:   Board Elections
    January 23, 2009

    RESOLVED, that the Public School Employees' Retirement Board retain Election Services Corporation to perform member elections for the Board no earlier than the effective date of the contract and ending December 31, 2013. The final terms and conditions of the contract must be satisfactory to the Office of Chief Counsel, and the Office of Executive Director, as evidenced either by the appropriate signatures on the contract or by a memo to that effect appended to the contract.

    PSERB Resolution 2009-06

    Re:   Signing of Contracts, Instruments and Other Documents
    January 23, 2009

     
    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, and 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 the only authorized signatories who are available hold Investment Office positions; 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 2009-07

    Re:  Investment Policy Statement, Objectives and Guidelines
    March 13, 2009

    RESOLVED, that the Public School Employees Retirement Board adopt the proposed changes to Exhibits B, C, and D of the Investment Policy Statement, Objectives, and Guidelines for the Public School Employees Retirement Board as recommended by Alan H. Van Noord, Chief Investment Officer, and William G. Bensur, Jr., Managing Director, Wilshire Associates in their joint letter dated March 12, 2009.
     
     

    PSERB Resolution 2009-08
    Re:      Investment Objectives and Guidelines
    March 13, 2009

    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 February 26, 2009 .

    Addendum          Addendum Title

     

    R                      Pennsylvania Mortgage Program

    S                      Open-End Real Estate Fund Investments

    U                      Closed-End Opportunistic and Value-Added Real Estate

                            Fund Investments

    V                      Direct Real Estate

    W                     Farmland Investment Program

    X                      Private Investment and Venture Capital Policy

    X1                    Private Debt Policy

     
     

    PSERB Resolution 2009-09
    Re:       US and Non US Proxy Voting Policies
    March 13, 2009

    RESOLVED, that the Public School Employees Retirement Board adopt the proposed U.S. and Non-U.S. Proxy Voting Policies pursuant to the recommendation of Robert E. Little, Senior Investment Analyst, dated February 26, 2009 .
     
    PSERB Resolution 2009-10

    Re:  Health Options Program - Legacy Managed Care Organization Plans
    March 13, 2009

    RESOLVED, that Public School Employees Retirement Board allow HOP participants enrolled in managed care organization plans frozen to new enrollments, the option of remaining in these legacy plans through December 31, 2010, as recommended by the Segal Company in their memo to Mark F. Schafer, Health Insurance Administrator dated February 18, 2009 .

     
     
    PSERB Resolution 2008-11
    Re: TCW Asset Management Company
    May 1, 2009

    RESOLVED, that the Public School Employees Retirement Board hire TCW Asset Management Company to manage an opportunistic mortgage-backed securities portfolio pursuant to the recommendation of Mark E. Heppenstall, Managing Director of Fixed Income, and James H. Grossman, Jr., Managing Director of External Public Markets, Risk, and Compliance dated April 17, 2009. 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 2009-12
    Re: Investment Objectives and Guidelines
    May 1, 2009
     

    RESOLVED, that the Public School Employees Retirement Board adopt the proposed Exhibit and Investment Objectives and Guidelines Addenda listed below pursuant to the recommendation of James H. Grossman, Jr., Managing Director of External Public Markets, Risk, and Compliance, dated April 17, 2009.

     

    Exhibit Exhibit Title

     

    C Policy Index

    Addendum Addendum Title

    A U.S. Style-Oriented Large Cap Equities

    B U.S. Master Limited Partnership Index Portfolios

    C U.S. Style-Oriented Small Cap Equities

    C1 U.S. Micro Cap Equities

    M Non-U.S. Equities

    N Non-U.S. Small Cap Equities

    O Emerging Markets Equities

    O1 Emerging Markets Small Cap Equities

    T U.S. Publicly Traded Real Estate Securities

    T1 Non-U.S. Publicly Traded Real Estate Securities

    T2 Global Publicly Traded Real Estate Securities

     
     
     

    PSERB Resolution 2009-13
    Re: Premium Assistance Program Plan Approval Policy
    May 1, 2009

    RESOLVED, that the Public School Employees Retirement Board adopt, effective January 1, 2010, the Premium Assistance Plan Approval Policy of the Commonwealth of Pennsylvania as recommended by the Segal Company in its analysis dated November 26, 2008.
     
    PSERB Resolution 2009-14

    Re:   Investment Objectives and Guidelines
    June 11, 2009

    RESOLVED, that the Public School Employees Retirement Board (the Board) adopt the proposed Exhibit and Investment Objectives and Guidelines Addenda listed below pursuant to the recommendation of James H. Grossman, Jr., Managing Director of External Public Markets, Risk, and Compliance , dated May 28, 2009.
     

    Addendum          Addendum Title

     

    I                  U.S. Core Plus Fixed Income Portfolios

    K                U.S. High Yield Fixed Income Portfolios

    K1              Mortgage and Asset Backed Securities Portfolios

    L                 Treasury Inflation Protection Securities Portfolios

    Q                Global Core Plus Fixed Income Portfolios

    Q1              Absolute Return Emerging Markets Fixed Income

    Q2              Emerging Markets Fixed Income

    Y                 Short-Term Investment Pool Portfolios

    Y1               LIBOR-Plus Short-Term Investment Pool Portfolios

     

     Internally-Managed Premium Assistance Program

    PSERB Resolution 2009-15

    Re:   Account of Dr. John K. Baillie
    June 11, 2009

    RESOLVED, that the Public School Employees' Retirement Board (the "Board") adopt the proposed Opinion and Order in the account of Dr. John K. Baillie, Docket No. 2008-1, drafted in accordance with the Boards unanimous vote on March 13, 2009 , in accordance with the recommendations of Gerald Gornish, Chief Counsel.
     
     
    PSERB Resolution 2009-16

    Election Procedures and Guidelines Policy Amendment
    June 11, 2009

    RESOLVED, that the Public School Employees' Retirement Board (the "Board") approve the proposed amendments to the Election Procedures and Guidelines Policy of the Commonwealth of Pennsylvania , Public School Employees Retirement System pursuant to the recommendation of Jeffrey Clay, Executive Director, dated May 29, 2009 .
     
     
     

    PSERB Resolution 2009-17
    Re:   Proposed Fiduciary and D & O Coverage Modification
    June 26, 2009

    RESOLVED, that the Public School Employees' Retirement Board (the "Board") adopts the revised Article VII  of the Statement of Organization, Bylaws, and Other Procedures of the Commonwealth of Pennsylvania, Public School Employees' Retirement Board and rescinds the Coverage Me morandum adopted as part of the Board's original self-insurance plan in 2003, in accordance with the recommendation of Deputy Chief Counsel Richard D. Michlovitz.

     
     

    PSERB Resolution 2009-18
    Re:   Investment Objectives and Guidelines
    August 12, 2009

    RESOLVED, that the Public School Employees Retirement Board (the Board) adopt the proposed Investment Policy Statement, Objectives, and Guidelines and 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 July 31, 2009 .

    Addendum          Addendum Title

     

    E                      Internally Managed Indexed Equity Portfolios

    E1                    Internally Managed Alpha Generation Program

    E2                    Equity Rebalancing Program

    F                      Equity Option Program Incremental Return

    H                      Full Discretion Commodity Program

    H1                    Enhanced Commodity Index Program

    P                      Active Currency Hedging Overlay Program

    P1                    Active Currency Program

    Y1                     LIBOR-Plus Short Term Investment Pool Portfolios

     
     
     
    PSERB Resolution 2009-19
    Re:   Policy Manual for Investment Professional Staff
    August 12, 2009
     

    RESOLVED, that the Public School Employees Retirement Board approves the proposed amendments to the Policy Manual for Investment Professional Staff in accordance with the recommendation of Jeffrey B. Clay, Executive Director, dated August 3, 2009 . 

     
     
    PSERB Resolution 2009-20

    Re:   Health Options Program 2010 Premium Rates and Benefits: HOP Medical Plan, Pre-65 Medical Plan, Basic and Enhanced Medicare Rx Options, HOP Managed Care Plan by Highmark and Pre-65 Managed Care Plan by Highmark
    August 12, 2009

    RESOLVED, that the Public School Employees Retirement Board (the Board) approve, effective January 1, 2010, the monthly premium rates and benefits as recommended in the report: 2010 Premium Rates and Benefits HOP Me dical Plan, Pre-65 Medical Plan, Basic and Enhanced Medicare Rx Options, HOP Managed Care Plan by Highmark, and Pre-65 Managed Care Plan by Highmark.

     
     
    PSERB Resolution 2009-21

    Re:   Staff Appreciation
    August 12, 2009

    RESOLVED, that the Board of Trustees of the Public School Employees Retirement System wishes to express its sincere appreciation and gratitude to its entire staff for continuing to provide exemplary service to its members, notwithstanding the fact that during this time period they were not receiving their owed compensation as a result of the impact of the 2009 budget impasse.

    We are grateful for the dedication of PSERS staff and sincerely thank you for the extraordinary amount of work and levels of accomplishment that were achieved during these difficult times.

    On behalf of the members and employers of the PSERS and our constituents, we thank you.

     
     
    PSERB Resolution 2009-22
    Re:       Amendment to Health Care Policy
    September 21, 2009

    RESOLVED, that the Public School Employees Retirement Board approves the proposed amendment to the Premium Assistance Plan Approval Policy, in accordance with the recommendation of Mark S. Schafer, dated September 14, 2009 .

     
     
     
    PSERB Resolution 2009-23

    Re:   Sankaty Middle Markets Opportunity Fund, L.P.
    October 1, 2009

    RESOLVED, that the Public School Employees Retirement Board (the Board) invests $250 million plus management fees and reasonable normal investment expenses, in Sankaty Middle Market Opportunities Fund, L.P. (the Fund), in accordance with the recommendations of James H. Grossman, Jr., Managing Director of External Public Markets, Risk & Compliance, and Portfolio Advisors, LLC, both dated September 18, 2009.  
     
    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 2009-24

    Re:   Millennium Asset Management Limited
    October 1, 2009

    RESOLVED, that the Public School Employees Retirement Board (the Board) hires Millennium Asset Management Limited to manage an active currency portfolio in a notional amount within the target ranges established in Exhibit D of the Investment Policy Statement, Objectives and Guidelines pursuant to the recommendations of James H. Grossman, Jr., Managing Director of External Public Markets, Risk & Compliance, and Wilshire Associates Incorporated, both dated September 18, 2009.

    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 2009-25

    Re:   Pareto Investment Management Limited
    October 1, 2009

    RESOLVED, that the Public School Employees Retirement Board (the Board) hires Pareto Investment Management Limited to manage an active currency portfolio in a notional amount within the target ranges established in Exhibit D of the Investment Policy Statement, Objectives and Guidelines pursuant to the recommendations of James H. Grossman, Jr., Managing Director of External Public Markets, Risk & Compliance, and Wilshire Associates Incorporated, both dated September 18, 2009.

    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 2009-26

    Re:   Financial Statements andIndependent Auditors Report
    October 1, 2009

    RESOLVED, that the Public School Employees Retirement Board (the Board) accepts the June 30, 2009 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, 2009.

    RESOLVED FURTHER that, pursuant to 24 Pa. C.S. 8521(d), the Board ratifies all payments that are reflected in the June 30, 2009 Financial Statements.

     
    PSERB Resolution 2009-27

    Re:   Segal Claims Audit
    October 1, 2009

    RESOLVED, that the Public School Employees Retirement Board (the Board) accepts the June 19, 2009 Electronic Claims Analysis for the Public School Employees Retirement System Health Options Program prepared by The Segal Company, for the year ended December 31, 2008.
     
     
    PSERB Resolution 2009-28

    RE:   2010-2011 Administrative Budget and Directed Commissions Recapture Program Budget
    October 1, 2009

    RESOLVED, that the Public School Employees Retirement Board (the Board) approves the 2010-2011 Administrative Budget (not to exceed $45,197,322) and the 2010-2011 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 2009-29 

    Re:   Investment Objectives and Guidelines
    December 11, 2009

    RESOLVED, that the Public School Employees Retirement Board (the Board) adopts the proposed change to page 9 of the Investment Policy Statement, Objectives, and Guidelines pursuant to the recommendation of James H. Grossman, Jr., Managing Director of External Public Markets, Risk & Compliance.

     
     
     
    PSERB Resolution 2009-30

    Re:   Centerline Capital Group 
    December 11, 2009

    RESOLVED, that pursuant to the recommendation of Charles J. Spiller, Director of Private Markets and Real Estate dated December 11, 2009 , the Public School Employees Retirement Board hereby take the following actions:
     

    1)      Approves the proposed change of control from Centerline Capital Group to Island Capital Group for the following investments:   Centerline Diversified Risk CMBS Fund LLC (Fund I), Centerline Diversified Risk CMBS Fund II LLC (Fund II), Centerline High Yield CMBS Fund III LLC (Fund III ), Centerline Real Estate Special Situations Mortgage Fund LLC), and the Fund III Loan Agreement;

      2)       Approves the proposed settlement structure for the Fund II claw-back;

      3)       Approves the proposed changes to the Fund III management fee calculation and Fund III Loan terms;

      4)       Approves the proposed sale of the PSERS investment in Fund I to Island Capital Group at the current market value; and

      5)       Approves a settlement of PSERS subordination guarantee as negotiated by PSERS Investment Office.

    The final terms and conditions of the various documents necessary to effect said actions must be satisfactory to the Investment Office, the Office of Chief Counsel, and 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 2009-31
    Re: Health Options Program Budget
    December 10, 2009

    RESOLVED, that the Public School Employees Retirement Board (the Board) adopts the proposed Program and Administrative Budget of the Health Options Program and the Me dicare Prescription Drug Program Administrative Budget for the Plan Year 2010 in the aggregate amount of  $226,079,000 , as presented by Mark F. Schafer at the December 10, 2009 Health Care Committee meeting.