PUBLIC SCHOOL EMPLOYEES’ RETIREMENT SYSTEM (PSERS)

2010 Board Meeting Resolutions

PSERB Resolution 2010-01
Re: Brevan Howard Master Fund Limited
January 22, 2010

RESOLVED, that the Public School Employees' Retirement Board (the "Board") invests in the Brevan Howard Master Fund Limited, Class E shares, in an amount not to exceed 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 January 7, 2010.

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 2010-02
Re: Oppenheimer Capital

January 22, 2010

 

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hires Oppenheimer Capital to manage an absolute return options portfolio in an amount not to exceed 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 January 7, 2010.

 

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
2010-03

Re: BlackRock Emerging Markets Fund Ltd. 
January 22, 2010

RESOLVED, that the Public School Employees' Retirement Board (the "Board") invests $250 million in the BlackRock Emerging Markets Macro Fund Ltd. pursuant to the recommendations of James H. Grossman, Jr., Managing Director of External Public Markets, Risk & Compliance, and Wilshire Associates Incorporated, both dated January 7, 2010.

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 2010-04
Re: Emerging Markets Equity Portfolio 
January 22, 2010

RESOLVED, that the Public School Employees' Retirement Board (the "Board") invests $500 million in an internally-managed emerging markets equity portfolio pursuant to the recommendation of James H. Grossman, Jr., Managing Director of External Public Markets, Risk & Compliance dated January 7, 2010.

The portfolio will be managed internally by the Investment Staff with a portion of the proceeds invested in PSERS internally-managed LIBOR-Plus and/or STIF portfolio and the remainder to be invested in the BlackRock Emerging Markets Macro Fund Ltd. The emerging markets equity exposure of the entire allocation to this portfolio will be obtained through swaps. PSERB Resolution 2010-05 Re: Mariner Investment Group, LLC January 22, 2010


PSERB Resolution 2010-05 
Re: Mariner Investment Group, LLC
January 22, 2010

PSERB Resolution 2010-05 Re: Mariner Investment Group, LLC January 22, 2010 RESOLVED, that the Public School Employees' Retirement Board (the "Board") hires Mariner Investment Group, LLC to manage an opportunistic residential mortgage-backed securities portfolio in an amount not to exceed 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 January 7, 2010.

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 2010-06
Re: Investment Objectives and Guidelines
January 22, 2010


RESOLVED, that the Public School Employees' Retirement Board (the "Board") adopts the proposed Investment Objectives and Guidelines Addendum listed below pursuant to the recommendation of John B. Kemp, Senior Investment Professional, dated January 7, 2010.

 

Addendum

Addendum Title

Z

Securities Lending Program

 


PSERB Resolution 2010-07 
Re: Public Information Policy 
January 22, 2010

RESOLVED, that the Public School Employees' Retirement Board (the "Board") adopts the proposed changes to the Public Information Policy of the Commonwealth of Pennsylvania, Public School Employees' Retirement Board pursuant to the recommendation of Richard Michlovitz, Deputy Chief Counsel, dated January 8, 2010.

 

PSERB Resolution 2010-08
Re: Securities Litigation Policy 
January 22, 2010

RESOLVED, that the Public School Employees' Retirement System (the "Board") approves the proposed revisions to the Board s Securities Litigation Policy in accordance with the recommendation of Gerald Gornish, Chief Counsel, dated January 8, 2010.

 

PSERB Resolution 2010-09 
Re: Performance Review Procedure 
January 22, 2010

RESOLVED, that the Public School Employees' Retirement Board (the "Board") adopts the proposed evaluation form for use in the annual performance review of the Executive Director's position, pursuant to the recommendation of Maribel La Luz, Director of Human Resources, dated January 13, 2010.

 

PSERB Resolution 2010-10
Re:   Investment Policy Statement, Objectives, and Guidelines
March 11, 2010

RESOLVED, that the Public School Employees' Retirement Board (the "Board") adopts 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 11, 2010.

 

PSERB Resolution 2010-11
Re:  
U.S. and Non-U.S. Proxy Voting Policies
March 11, 2010

RESOLVED, that the Public School Employees' Retirement Board (the "Board") adopts the proposed U.S. and Non-U.S. Proxy Voting Policies pursuant to the recommendation of Robert E. Little, Portfolio Manager, dated February 25, 2010.

 

PSERB Resolution 2010-12
Re:   Citigroup Inc.
March 11, 2010

RESOLVED, that the Public School Employees' Retirement Board (the "Board") authorizes the Executive Director, acting on behalf of the Public School Employees' Retirement System ("PSERS"), to cause PSERS to opt out of the class actions commenced in the United States District Court for the Southern District of New York, Case No. 07 CIV 9901(SHS) and Case No. 08 CIV 9522 (SHS) against Citigroup Inc. and other named defendants ("Defendants"), relating to the common stock, preferred stocks and certain bonds issued by Citigroup Inc. or its affiliates, provided there are no legal impediments to doing so, in accordance with the recommendation of Gerald Gornish, Chief Counsel, concurred in by Jeffrey B. Clay, Executive Director and Alan Van Noord, Chief Investment Officer.   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 2010-13
Re:
  Toyota Motor Corporation
April 5, 2010

RESOLVED, that the Public School Employees' Retirement Board (the "Board") authorizes the Executive Director, acting on behalf of the Public School Employees' Retirement System ("PSERS"), to seek to serve as co-representative of the class in partnership with one or more public pension funds, in the action commenced in the United States District Court for the Central District of California, Case Nos. 2:10 CV 00922; 2:10 CV 01429; 2:10 CV 01429;  2:10 CV 01911; 2:10 CV 02196; and 2:10 CV 02253, against Toyota Motor Corporation and other named defendants ("Defendants"), relating to the publicly traded securities issued by Toyota Motor Corporation or its affiliates, provided there are no legal impediments to doing so, in accordance with the recommendation of Jeffrey B. Clay, Executive Director, concurred in by Gerald Gornish, Chief Counsel and Alan Van Noord, Chief Investment Officer.  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 2010-14
Re:  Investment Objectives and Guidelines
April 30, 2010

RESOLVED, that the Public School Employees' Retirement Board (the "Board") adopts the proposed changes to Addendum I - U.S. Core Plus Fixed Income Portfolios, for the Public School Employees' Retirement System pursuant to the recommendation of James H. Grossman, Jr., Managing Director of External Public Markets, Risk & Compliance, dated April 14, 2010.

 

 

PSERB Resolution 2010-15
Re:  Hedge Fund Consultant
April 30, 2010

RESOLVED, that the Public School Employees' Retirement Board (the "Board"), in accordance with the
recommendation of the Hedge Fund Consultant Request for Proposal Evaluation Committee, retains Aksia LLC as the Fund s Hedge Fund Consultant for a contract term not to exceed five-year

The final terms and conditions of the contract 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 contract or by a memo to that effect appended to the implementing contract.

 

PSERB Resolution 2010-16
Re:   Elections Procedures and Guidelines Policy
April 30, 2010

RESOLVED, that the Public School Employees' Retirement Board adopts the proposed changes to the Elections Procedures and Guidelines Policy pursuant to the recommendation of Terrill J. Savidge, Deputy Executive Director, dated April 8, 2010.

 

PSERB Resolution 2010-17
Re: PSERB Ethics Policy
April 30, 2010

Resolved, that the Public School Employees' Retirement Board (the "Board") adopts the proposed PSERB Ethics Policy, effective July 1, 2010, as presented by Joseph E. Wasiak at the April 29, 2010 Bylaws/Policy Committee meeting.  


 

PSERB Resolution 2010-18
Re: Health Options Program 
Open Enrollment for the 2011 Plan Year

April 30, 2010
 

RESOLVED, that the Public School Employees' Retirement Board (the "Board") approves conducting an Open Enrollment for HOP for the 2011 Plan year in accordance with the attached recommendation of Mark Schafer as presented at the April 29, 2010, Health Care Committee meeting.

 

PSERB Resolution 2010-19
Re: Health Options Program Medicare Advantage and Companion Pre-65 Plans for 2011
April 30, 2010

RESOLVED, that the Public School Employees' Retirement Board (the "Board") approves contracting with Medicare Advantage and companion pre-65 managed care plans to fully participate in HOP effective January 1, 2011 in accordance with the attached recommendation of Mark Schafer as presented at the April 29, 2010, Health Care Committee meeting.

 

PSERB Resolution 2010-20
Re:
  Toyota Motor Corporation
April 30, 2010


WHEREAS, the Public School Employees' Retirement Board ("Board") adopted Resolution
2010-13, on April 5, 2010, authorizing the Public School Employees' Retirement System ("PSERS") to seek to serve as co-lead plaintiff, in partnership with one or more public pension funds, in the filed actions in the United States District Court for the Central District of California against Toyota Motor Corporation and other named defendants, alleging violations of the federal securities laws;               

WHEREAS, PSERS staff, in implementing Resolution 2010-13, deemed it advisable to partner with one private fund in addition to three public pension funds ("Staff Action");

WHEREAS, Resolution 2010-13 was silent with respect to whether PSERS could partner with a private fund in addition to one or more public funds; and

WHEREAS, the Board affirms that the Staff Action was consistent with Resolution 2010-13,

NOW THEREFORE, it is hereby RESOLVED, that the Board ratifies the Staff Action to implement Resolution 2010-13.

 

 

PSERB Resolution 2010-21
Re:
  Toyota Motor Corporation
April 30, 2010

WHEREAS, the Public School Employees' Retirement Board (the "Board") adopted Resolution 2010-13, on April 5, 2010, authorizing the Public School Employees' Retirement System ("PSERS") to seek to serve as co-lead plaintiff, in a group with one or more public pension funds, in the filed actions in the United States District Court for the Central District of California against Toyota Motor Corporation and other named defendants, alleging violations of the federal securities laws (the "Class Action Suit");

WHEREAS, PSERS, as one member of a group of five prospective plaintiffs (the "Group") has filed an application seeking to be a co-lead plaintiff in the Class Action Suit;

WHEREAS, the Judge to whom the Class Action Suit has been assigned issued an Order, dated April 23, 2010, among other things, directing statements from the prospective plaintiffs, such as PSERS, that are currently members of groups as to whether each would be willing to serve as lead plaintiff alone if the Court does not accept a group as lead plaintiff; and

WHEREAS, PSERS believes that as an alternative to being a co-lead plaintiff in the Group it can serve and fulfill the responsibilities as lead plaintiff alone on behalf of all shareholders of Toyota Motor Corporation;

NOW THEREFORE, it is hereby RESOLVED, that the Board authorizes the Executive Director, acting on behalf of PSERS, to respond to the Order issued by the judge in the Toyota Motor Corporation case, dated April 23, 2010, by submitting a statement to the Court stating that PSERS would be willing to serve as lead plaintiff alone if the Court does not accept a group as lead plaintiff in the Class Action Suit.  

 

PSERB Resolution 2010-22
Re:  Investment Objectives and Guidelines
June 11, 2010

RESOLVED, that the Public School Employees' Retirement Board (the "Board") adopts the proposed Investment Objectives and Guidelines Addenda listed below for the Public School Employees' Retirement System pursuant to the recommendation of James H. Grossman, Jr., Managing Director of External Public Markets, Risk & Compliance, dated May 24, 2010.

Addendum         Addendum Title

K                    U.S. High Yield Fixed Income Portfolios

K1                  Mortgage and Asset Backed Securities Portfolios

L                     Internally-Managed Treasury Inflation Protection Securities Portfolios

Q                    Global Core Plus Fixed Income Portfolios

Q1                  Emerging Markets Fixed Income Portfolios

Y                    Internally-Managed Short-Term Investment Pool

Y1                   LIBOR-Plus Short-Term Investment Pools

 
                     Internally-Managed Premium Assistance Program Portfolio

 

PSERB Resolution 2010 - 23

Re: Health Options Program Third Party Administration Services
June 11, 2010

RESOLVED, that the Public School Employees' Retirement Board (the "Board") in accordance with the recommendation of the Third Party Administration Services Request For proposal Evaluation Committee, selects CoreSource, Inc., as the Third Party Administrator for the Health Options program and Premium Assistance program for the period commencing January 1, 2011, through December 31, 2013, renewable for up to two one-year periods upon mutual written consent of the parties, subject to negotiations of terms and conditions satisfactory to the Director, Health Insurance Office, the Office of Chief Counsel and the 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 2010 - 24
Re: Health Options Program 2011 Rates and Benefits: HOP Medical Plan, Pre-65 Medical Plan,  Basic and Enhanced Medicare Rx Options 
June 11, 2010

RESOLVED, that the Public School Employees' Retirement Board (the "Board") approves, effective January 1, 2011, the monthly premium rates and benefits as recommended in the report: 2011 Premium Rates and Benefits HOP Medical Plan, Pre-65 Medical Plan, Basic and Enhanced Medicare Rx Options.

 

 

PSERB Resolution 2010-25
Re:
  BP p.l.c.
July 16, 2010

RESOLVED, that the Public School Employees' Retirement Board (the "Board") authorizes the Executive Director, acting on behalf of the Public School Employees' Retirement System ("PSERS"), to seek to serve as co-representative of the class in a group with one or more public pension funds or other appropriate and qualified plaintiffs, in the various class actions commenced in the United States District Court for the Eastern District of Louisiana and the Central District of California, against BP p.l.c. and other named defendants ("Defendants"), relating to the publicly traded securities issued by BP p.l.c. or its affiliates, provided there are no legal impediments to doing so, in accordance with the recommendation of Gerald Gornish, Chief Counsel, concurred in by Jeffrey B. Clay, Executive Director.   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 2010-26
Re:
  Directed Recertification of FY 2010-2011 Employer Contribution Rate
July 23, 2010

WHEREAS, pursuant to Section 8502(j) of the Public School Employees' Retirement Code (PSERC), 24 Pa.C.S. 8502(j), the Public School Employees Retirement Board (PSERB), required its actuary to conduct the June 30, 2009 annual actuarial valuation of the Public School Employees' Retirement System (PSERS); and

WHEREAS, Section 8502(k) of the PSERC, 24 Pa.C.S. 8502(k) provides:

The board shall, each year in addition to the itemized budget required under section 8330 (relating to appropriations by the Commonwealth), certify to the employers and the Commonwealth the employer contribution rate expressed as a percentage of members' payroll necessary for the funding of prospective annuities for active members and the annuities of annuitants, and certify the rates and amounts of the normal contributions as determined pursuant to section 8328(b) (relating to actuarial cost method), accrued liability contributions as determined pursuant to section 8328(c), supplemental annuities contribution rate as determined pursuant to section 8328(d) and the experience adjustment factor as determined pursuant to section 8328(e) and premium assistance contributions as determined pursuant to section 8328(f), which shall be paid to the fund and credited to the appropriate accounts. These certifications shall be regarded as final and not subject to modification by the Budget Secretary. ; and 

WHEREAS, on December 11, 2009, the PSERB, in accordance with Sections 8502(j) and (k) of the PSERC, adopted PSERB Resolution 2009-32, which states:

RESOLVED, that the Public School Employees Retirement Board hereby accepts the June 30, 2009 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 8.22% for Fiscal Year July 1, 2010 through June 30, 2011. ; and

WHEREAS, S.B. 1042, was passed by the Pennsylvania House and Senate on July 3, 2010 and signed by the Governor on July 6, 2010, thereby enacting Act 2010-46; and

WHEREAS, Section 3 of Act 2010-46 added, inter alia, Article XVII-N, Section 1701-N to the Fiscal Code; and

WHEREAS, Section 1701-N directs the PSERB to recertify PSERS employer contribution rate for Fiscal Year July 1, 2010 throughJune 30, 2011, as follows:

Notwithstanding any other provisions of law to the contrary, the Public School Employees' Retirement Board shall, effective for the fiscal year beginning July 1, 2010, recertify to the Secretary of the Budget and the employers, as defined in 24 Pa.C.S. 8102 (relating to definitions), within 20 days of the effective date of this section, the employer contribution rate expressed as a percentage of members' payroll necessary for the funding of prospective annuities for active members and the annuities of annuitants to be 5.00%, plus the premium assistance contribution rate of .64% in accordance with 24 Pa.C.S. 8328(f) (relating to actuarial cost method), and also recertify the rates, factors and amounts set forth in 24 Pa.C.S. 8502(k) (relating to administrative duties of board) to reflect the impact of the recertified rates provided in this section. This recertification shall supersede the prior certification for the fiscal year beginning July 1, 2010, for all purposes.

 NOW THEREFORE IT IS RESOLVED, that the PSERB, as directed by Article XVII-N, Section 1701-N of the Fiscal Code, hereby recertifies the employer contribution rate for Fiscal Year July 1, 2010 through June 30, 2011 from 8.22% to 5.64%, with 5% consisting of the pension component of the rate and .64% consisting of the premium assistance component of the rate.

RESOLVED FURTHER, that the PSERB directs its actuary, Buck Consultants to reflect the re-certification required by Article XVII-N, Section 1701-N of the Fiscal Code in PSERS June 30, 2010 actuarial valuation.


PSERB Resolution 2010-27
Re:   PSERB Concern Over Directed Re-certification of FY 2010-2011 Employer Contribution Rate
July 23, 2010

WHEREAS,  the Public School Employees' Board (PSERB) today took action to reduce and recertify the employer contribution rate for 2010-11 from 8.22% to 5.64% as prescribed by Act 2010-46; and

WHEREAS, this action was taken solely because, upon the advice of legal counsel, the Law directs the PSERB to do so, notwithstanding many Members of the PSERB were personally opposed to the directed re-certification given PSERS current funding challenges; and

WHEREAS, the vote of many Members of the PSERB was also made under protest as, unlike past re-certifications of the employer contribution rate by the PSERB, this re-certification was not the result of either a modification of the Public School Employees' Retirement System s (PSERS) funding methodology or any other change made to the Public School Employees' Retirement Code (PSERC); and

WHEREAS, said directed action regarding the employer contribution rate re-certification also sets a dangerous precedent to deliberately use the Fiscal Code to continue the under-funding of PSERS regardless of the actual funding needs of PSERS; and

WHEREAS, the PSERB is also deeply troubled by the legislative directive to reduce the employer contribution rate from the amount previously certified, for the following two reasons:  

(1) Act 2010-46 s directive to recertify the employer contribution rate undermines the PSERB s fiduciary responsibility to maintain a properly funded pension plan as required by the PSERC; and

 (2) The mandated re-certification of the employer contribution rate not only fails to address the serious long-term under-funding of PSERS, but increases the unfunded liability of PSERS; and

WHEREAS, PSERS has made numerous presentations on the need to resolve the funding challenges facing the System, including the reasons for and the options to resolve that under-funding; and

WHEREAS, several bills are pending in the General Assembly that seek to address all or a portion of the funding challenges that face PSERS; and

Whereas the PSERB recognizes that HB2497 PN3928 addresses PSERS funding challenges and such bill passed the House of Representatives on June 16, 2010 with a vote of 192 to 6 and awaits action in the Senate; and

WHEREAS, PSERS has provided technical assistance and actuarial/analytical support for many of the bills pending in the General Assembly that seek to address all or a portion of the funding challenges that face PSERS.

NOW THEREFORE IT IS RESOLVED, that the PSERB respectfully requests the General Assembly to enact legislation resolving the significant funding issues facing PSERS prior to adjournment of its 2009-2010 session and thus ensure the long-term viability of PSERS for the benefit of its members, active, retired  and future.

RESOLVED FURTHER, that the PSERB directs the Staff of PSERS to continue to cooperate fully with the General Assembly and the Governor s Office as they continue to seek a solution to PSERS significant unfunded liability, including but not limited to providing objective legislative drafting assistance, actuarial/analytical support, and direct testimony or assistance in preparing presentation materials concerning the proposed solutions to PSERS funding issues.

RESOLVED FURTHER, that the PSERB directs its Secretary to send a letter to both the Governor and the members of the General Assembly, expressing these views and the continued objective support by PSERS for a proposed solution to current funding challenges facing PSERS.

 
 

PSERB Resolution 2010-28
Re:
  Real Estate Consultant
August 12, 2010

RESOLVED, that the Public School Employees' Retirement Board (the "Board") retains Courtland Partners, LTD as the Fund s Real Estate Consultant for a contract term not to exceed five-years.  The final terms and conditions of the contract 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 contract or by a memo to that effect appended to the implementing contract.

 

 

PSERB Resolution 2010-29
Re:
  Stockbridge Real Estate Fund II, L.P. 
August 12, 2010

RESOLVED, that the Public School Employees' Retirement Board (the "Board") invests an amount equal to its allocable share, plus reasonable normal investment expenses, in the Stockbridge Real Estate Fund II Recapitalization Plan, in accordance with the recommendation of Charles J. Spiller, Director of Private Markets and Real Estate, dated August 11, 2010.  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 2010-30
Re: 
Investment Objectives and Guidelines
August 12, 2010

RESOLVED, that the Public School Employees' Retirement Board (the "Board") adopts the proposed changes to page 5 and Exhibit C of the Investment Policy Statement, Objectives, and Guidelines and Investment Objectives and Guidelines Addenda listed below for the Public School Employees' Retirement System pursuant to the recommendation of James H. Grossman, Jr., Managing Director of External Public Markets, Risk & Compliance, dated July 23, 2010.

Addendum

Addendum Title

B

Enhanced U.S. Master Limited Partnership Index Portfolios

H

Full Discretion Commodity Program

H1

Enhanced Commodity Index Program

P

Active Currency Hedging Overlay Program

P1

Active Currency Program

 

 


PSERB Resolution
2010-31
Re:
  Investment Professionals Salary Adjustment
August 12, 2010

RESOLVED, that the Public School Employees' Retirement Board approves a 1% increase in the salaries of PSERS Chief Investment Officer and five Investment Office Managing Directors, effective as of October 1, 2010, all in accordance with the recommendation of Jeffrey B. Clay, Executive Director, dated July 30, 2010 .

 


 

PSERB Resolution 2010-32
Re:  Proxy Research and Voting Services Search 
August 12, 2010

RESOLVED, that the Public School Employees' Retirement Board rejects all Proxy Research and Voting Services proposals pursuant to the recommendation of John B. Kemp, Investment Operations Manager.

 

PSERB Resolution 2010-33
Re: 
2011-2012 Administrative Budget and Directed Commissions Recapture Program Budget
October 8, 2010

RESOLVED, that the Public School Employees' Retirement Board (the "Board") approves the 2011-2012 Administrative Budget, not to exceed $44,412,306, and the 2011-2012 Directed Commissions Recapture Program Budget, $2,000,000, for the Public School Employees' Retirement System as more particularly set forth in the attached summaries.

 


 

PSERB Resolution 2010-34
Re:
  Financial Statements and Independent Auditor s Report
October 8, 2010

RESOLVED, that the Public School Employees' Retirement Board (the "Board") accepts the June 30, 2010 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, 2010.

RESOLVED FURTHER that, pursuant to 24 Pa. C.S. 8521(d), the Board ratifies all payments that are reflected in the June 30, 2010 Financial Statements.

 

 
PSERB Resolution 2010-35
Re:
  Bridgewater All Weather@12%, Ltd. Fund
October 8, 2010
 

RESOLVED, that the Public School Employees' Retirement Board (the "Board") invests up to 1.50% of the Fund in All Weather@12%, Ltd. pursuant to the recommendation of James H. Grossman, Jr., Managing Director of External Public Markets, Risk & Compliance dated September 22, 2010.

 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 2010-36

Re:   Investment Objectives and Guidelines
October 8 2010

RESOLVED, that the Public School Employees' Retirement Board (the "Board") adopts the proposed Investment Objectives and Guidelines Addenda listed below for the Public School Employees' Retirement System pursuant to the recommendation of James H. Grossman, Jr., Managing Director of External Public Markets, Risk & Compliance, dated September 22, 2010.      

 

Addendum

Addendum Title

A

U.S.Style-Oriented Large Cap Equities

C

U.S.Style-Oriented Small Cap Equities

C1

U.S.Micro Cap Equities

E

Internally Managed Indexed Equity Portfolios

E1

Internally Managed Alpha Generation Program

E2

Equity Rebalancing Program

J

Fixed Income Rebalancing Program

M

Non-U.S. Equities

N

Non-U.S. Small Cap Equities

O

Emerging Markets Equities

O1

Emerging Markets Small Cap Equities

X2

Absolute Return Policy

 

 

 

 

PSERB Resolution 2010-37

Re:  Proxy Research and Voting Services Consultant
October 8, 2010

RESOLVED, that the Public School Employees' Retirement Board (the "Board") retains Glass Lewis as the Fund s Proxy Research and Voting Consultant for a contract term not to exceed five-years.  The final terms and conditions of the contract 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 contract or by a memo to that effect appended to the implementing contract.

 

 

PSERB Resolution 2010-38

Re:   Securities Litigation Consultant
October 8, 2010

 

RESOLVED, that the Public School Employees' Retirement Board (the "Board"), retains both Reinhart Boerner Van Deuren s.c. and Lieff Cabraser Heimann and Bernstein LLP as the Board s Securities Litigation Consultants for contract terms not to exceed five-years.   The final terms and conditions of the contracts 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 contract or by a memo to that effect appended to the implementing contract.

 
 

 

PSERB Resolution 2010-39

Re:   Capula Global Relative Value Fund Limited
December 10, 2010

 

RESOLVED, that the Public School Employees' Retirement Board (the "Board") invests in the Capula Global Relative Value Fund Limited, Class F shares, in an amount not to exceed 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 Aksia, LLC, both dated November 19, 2010.

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 2010-40

Re:   Caspian Select Credit International, Ltd.
December 10, 2010

RESOLVED, that the Public School Employees' Retirement Board (the "Board") invests in the Caspian Select Credit International, Ltd., Class A shares, in an amount not to exceed 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 Aksia, LLC, both dated November 19, 2010.

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 2010-41

Re:  Investment Objectives and Guidelines
December 10, 2010

RESOLVED, that the Public School Employees' Retirement Board (the "Board") adopts the proposed Investment Objectives and Guidelines Addenda listed below for the Public School Employees' Retirement System pursuant to the recommendation of James H. Grossman, Jr., Managing Director of External Public Markets, Risk & Compliance, dated November 19, 2010.

 

Addendum  

Addendum Title

X2

Absolute Return Policy

        
 

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 2010-42
Re:   Quaker BioVentures, L.P.
December 10, 2010

 

RESOLVED, that the Public School Employees' Retirement Board (the "Board") invests up to $15 million plus reasonable normal investment expenses, in the Quaker BioVentures Senior Preferred Rights Offering, in accordance with the recommendation of Charles J. Spiller, Managing Director of Private Markets and Real Estate, dated December 9, 2010.  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.

 

 

PSERS Resolution 2010-43
Re:   Crestview Partners II (PF) LP
December 10, 2010

 

RESOLVED, that the Public School Employees' Retirement Board (the "Board") moves the $200 million investment currently in Crestview Partners II (PF) LP to Crestview Partners II LP in accordance with the recommendation of Charles J. Spiller, Managing Director of Private Markets and Real Estate, dated December 9, 2010.  The final terms and conditions of the investment 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 2010-44
Re:   Tax Qualification
December 10, 2010

 WHEREAS, by Resolution 2008-52, dated June 20, 2008, the Public School Employees' Retirement Board (the Board) authorized the Executive Director, with the advice and consent 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 deemed necessary or desirable to address the efforts of the Internal Revenue Service (IRS) to require public pension plans to obtain an IRSqualification determination letter; and

WHEREAS, by that same Resolution 2008-52, the Board required that any formal filing by PSERS with the IRSrelated to a tax qualification determination letter or any other process to resolve PSERS tax qualified status be undertaken only with prior Board approval; and

WHEREAS, the IRSannounced on November 5, 2008 that all government plans seeking a tax qualification determination letter may do so by filing in its Cycle E program by January 31, 2011; and

WHEREAS, PSERS has engaged outside counsel through the Office of General Counsel; and

WHEREAS, outside counsel, with the concurrence of the Office of Chief Counsel, has recommended that PSERS file the necessary forms with the IRSin its Cycle E filing period to obtain a tax qualification determination letter and to make a contemporaneous filing with the IRS Employee Plans Compliance Resolution System.

NOWTHEREFORE, IT IS RESOLVED, that the Board authorize the Executive Director, with the advice of the Office of Chief Counsel and outside counsel, to file all necessary forms and documents with the IRSin its Cycle E filing period to obtain a tax qualification determination letter and to make a contemporaneous filing with the IRS Employee Plans Compliance Resolution System.

 

 

PSERB Resolution 2010-45

Re: Health Options Program Budget
December 10, 2010

RESOLVED, that the Public School Employees' Retirement Board (the "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 2011 in the aggregate amount of $229,165,000, as presented by Mark F. Schafer at the December 9, 2010 Health Care Committee meeting.

 

 

PSERB Resolution 2010-46
Re:   Amendment to the Policy Manual for Investment Professional Staff
December 10, 2010

RESOLVED, in accordance with the recommendation of the Personnel Committee of the Public School Employees' Retirement Board (Board), the Board hereby approves the proposed amendments to the Policy Manual for Investment Professional Staff, effective immediately, as more particularly set forth in Exhibit A attached hereto.

 

 

PSERB Resolution 2010-47
Re:   Actuarial Valuation
December 10, 2010

RESOLVED, that the Public School Employees' Retirement Board (the "Board"), hereby accepts the June 30, 2010 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 8.65% for Fiscal Year July 1, 2011 through June 30, 2012.