PSERB Resolution 2015- 01 RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby adopts proposed changes to Addendum X2 and Exhibits E and F of the Investment Policy Statement, Objectives, and Guidelines, as amended, for the Public School Employees’ Retirement System, pursuant to the recommendation of Joseph W. Sheva, Portfolio Manager, dated January 9, 2015.
PSERB Resolution 2015-02 RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby invests $150 million plus reasonable normal investment expenses in SASOF III LP in accordance with the recommendations of Robert E. Little, Portfolio Manager, and Aksia, LLC, dated January 7, 2015. 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 2015-03 Re: Equistone Partners Europe Fund V, L.P. January 21, 2015 RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby invests an amount not to exceed €75 million plus reasonable normal investment expenses, in Equistone Partners Europe Fund V, L.P., in accordance with the recommendation of Charles J. Spiller, Managing Director, Private Markets and Real Estate, dated January 21, 2015 and Portfolio Advisors LLC, dated January 1, 2015. 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, or by a memo to that effect appended to, the implementing investment contract. PSERB Resolution 2015-04 Re: HGGC Fund II, L.P. January 21, 2015 RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby invests an amount not to exceed $100 million plus reasonable normal investment expenses, in HGGC Fund II, L.P., in accordance with the recommendation of Charles J. Spiller, Managing Director, Private Markets and Real Estate, dated January 21, 2015 and Portfolio Advisors LLC, dated January 1, 2015. 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, or by a memo to that effect appended to, the implementing investment contract. PSERB Resolution 2015-05 Re: Cabot Industrial Core Fund, L.P. January 21, 2015 RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby invests an amount not to exceed $150 million plus reasonable normal investment expenses, in Cabot Industrial Core Fund, L.P., in accordance with the recommendation of Laurann H. Stepp, Senior Portfolio Manager, dated January 21, 2015 and Courtland Partners recommendation dated December 22, 2014. 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, or by a memo to that effect appended to, the implementing investment contract. PSERB Resolution 2015-06 Re: Board Automation Policy January 21, 2015 RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby adopts the proposed changes to Board Automation Policy for the Public School Employees Retirement Board pursuant to the recommendation of Joseph E. Wasiak, Jr., Assistant Executive Director, dated January 12, 2015. PSERB Resolution 2015-07 Signing of Contracts, Instruments, and Other Documents January 21, 2015 RESOLVED, that the Public School Employees' Retirement Board authorizes 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; Deputy Chief Investment Officer; Managing Director of Investment Operations and Risk; Managing Director of Private Markets and Real Estate; Managing Director of Equities; Managing Director of Fixed Income; and Director of Investment Accounting and Budget 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"), and to endorse, assign, or guarantee all such contracts, instruments, or documents in the name of the System. RESOLVED FURTHER, that (i) in the case of investment contracts, the Chief Investment Officer, Deputy Chief Investment Officer, Managing Director of Investment Operations and Risk, Managing Director of Private Markets and Real Estate, Managing Director of Equities, or Managing Director of Fixed Income must be one of the two signatories, and the Executive Director, Deputy Executive Director, Assistant Executive Director, Chief Financial Officer, or Director of Investment Accounting and Budget 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, Chief Financial Officer, or Director of Investment Accounting and Budget must be one of the two signatories, except in exigent circumstances when none of the designated individuals is available. PSERB Resolution 2015-08 Re: U.S. and Non-U.S. Proxy Voting Policies March 12, 2015 Resolved, that the Public School Employees’ Retirement Board (the “Board”) hereby adopts the proposed U.S. and Non-U.S. Proxy Voting Policies pursuant to the recommendation of Lenann T. Engler, Senior Investment Professional, dated March 5, 2015. PSERB Resolution 2015-09 Re: Investment Objectives and Guidelines March 12, 2015 Resolved, that the Public School Employees’ Retirement Board (the “Board”) hereby adopts proposed changes to Addendums P and Exhibits C, D, and E of the Investment Policy Statement, Objectives, and Guidelines, as amended, for the Public School Employees’ Retirement System, pursuant to the recommendation of James H. Grossman, Jr., Chief Investment Officer, dated March 2, 2015. PSERB Resolution 2015-10 Re: Partners Group Secondary 2015 (USD), L.P. March 12, 2015 Resolved, that the Public School Employees’ Retirement Board (the “Board”) hereby invests an amount not to exceed $100 million plus reasonable normal investment expenses, in Partners Group Secondary 2015 (USD), L.P., in accordance with the recommendation of Darren Foreman, Senior Portfolio Manager, Private Markets, dated March 12, 2015 and Portfolio Advisors LLC, dated February 18, 2015. 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, or by a memo to that effect appended to, the implementing investment contract. PSERB Resolution 2015-11 Re: Venor Special Situations Fund II, L.P. March 12, 2015 Resolved, that the Public School Employees’ Retirement Board (the “Board”) hereby invests an amount not to exceed $100 million plus reasonable normal investment expenses, in Venor Special Situations Fund II, L.P., in accordance with the recommendation of Darren Foreman, Senior Portfolio Manager, Private Markets, dated March 12, 2015 and Portfolio Advisors LLC, dated February 18, 2015. 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, or by a memo to that effect appended to, the implementing investment contract. PSERB Resolution 2015-12 Re: ICG Europe Fund VI, L.P. March 12, 2015 Resolved, that the Public School Employees’ Retirement Board (the “Board”) hereby invests an amount not to exceed €150 million plus reasonable normal investment expenses, in ICG Europe Fund VI, L.P. in accordance with the recommendations of Laurann H. Stepp, Senior Portfolio Manager, dated March 12, 2015 and Portfolio Advisors LLC, dated February 18, 2015. 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, or by a memo to that effect appended to, the implementing investment contract. PSERB Resolution 2015-13 Re: Blackstone Real Estate Partners Fund VIII, L.P. March 12, 2015 Resolved, that the Public School Employees’ Retirement Board (the “Board”) hereby invests an amount not to exceed $300 million plus reasonable normal investment expenses, in Blackstone Real Estate Partners Fund VIII, L.P., in accordance with the recommendation of William P. Stalter, Senior Portfolio Manager, dated March 12, 2015 and Courtland Partners Ltd., dated February 10, 2015. 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, or by a memo to that effect appended to, the implementing investment contract. PSERB Resolution 2015 -14 Re: Acting Executive Director Effective April 4, 2015 March 27, 2015 RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby approves for consideration by the Commonwealth’s Executive Board, the appointment for Acting Executive Director,Terrill J. Sanchez, at a salary of $171,756 annually, effective April 4, 2015 for the period of time Ms. Sanchez holds the position. PSERB Resolution 2015-15 Re: Executive Director April 14, 2015 RESOLVED, that the Public School Employees’ Retirement Board hereby offers the position of Executive Director to Glen R. Grell, effective May 1, 2015, contingent upon all necessary approvals and background and reference checks. PSERB Resolution 2015-16 Re: Private Market Interests Secondary Sale April 30, 2015 RESOLVED, that the Public School Employees' Retirement Board hereby authorizes the sale of the Public School Employees’ Retirement System’s interests in select private market funds that the Chief Investment Officer determines to make up the most efficient grouping for such a sale, provided that the sale price of said grouping in the aggregate shall be no less than 80 percent of the September 30, 2014 net asset value of the selected funds. The final terms and conditions of the sale(s) must be satisfactory to the Investment Office, the Office of Chief Counsel and the Office of Executive Director as evidenced either by the appropriate signatures on, or by a memo to that effect appended to, the implementing contract(s). PSERB Resolution 2015-17 Re: Bridgewater Optimal Portfolio, Ltd. April 30, 2015 RESOLVED, that pursuant to the recommendations of Susan E. Oh, Senior Portfolio Manager, and Aon Hewitt, dated April 9, 2015, that the Public School Employees’ Retirement Board (the “Board”) hereby (i) invests an initial amount of $600 million in the Bridgewater Optimal Portfolio, Ltd., and (ii) that the Investment Office shall have the discretion to invest additional sums within the target ranges approved by the Board in Exhibit E of the Investment Policy Statement, Objectives and Guidelines, as amended from time to time (the current version of which can be found at http://www.psers.state.pa.us/investment/guide/guide.htm), provided that any investment of an additional sum by the Investment Office shall be reported to the Board in a timely manner. 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, or by a memo to that effect appended to, the implementing investment contract. PSERB Resolution 2015-18 Re: Investment Objectives and Guidelines April 30, 2015 RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby adopts proposed changes to Exhibits B (10-Year Target Allocation), C (Current Target Allocation), D (Policy Index), and E (Public Market Investment Manager Target Ranges) of the Investment Policy Statement, Objectives, and Guidelines, as amended, for the Public School Employees’ Retirement System, pursuant to the recommendation of James H. Grossman, Jr., Chief Investment Officer, dated April 20, 2015 and Aon Hewitt Investment Consulting, Inc. dated April 2015. PSERB Resolution 2015-19 Re: Private Markets and Real Estate Pennsylvania Co-Investment April 30, 2015 RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby invests an amount not to exceed $250 million, in Private Markets and Real Estate Pennsylvania Co-Investment Program, in accordance with the recommendation of Charles J. Spiller, Managing Director, Private Markets and Real Estate, dated April 30, 2015. 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, or by a memo to that effect appended to, the implementing investment contract. PSERB Resolution 2015-20 Re: LEM Multifamily Senior Equity Fund IV, L.P. April 30, 2015 RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby invests an amount not to exceed $75 million plus reasonable normal investment expenses, in LEM Multifamily Senior Equity Fund IV, L.P., in accordance with the recommendation of William P. Stalter, Senior Portfolio Manager, dated April 30, 2015 and Courtland Partners recommendation dated April 8, 2015. 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, or by a memo to that effect appended to, the implementing investment contract. PSERB Resolution 2015-21 Re: Stockbridge Real Estate Fund III Co-investment April 30, 2015 RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby permits the remaining Stockbridge Real Estate Fund III co-investment allocation (PSERB Resolution 2007-42) to be invested in co-investment opportunities presented to the Limited Partners of Stockbridge Real Estate Fund I, Stockbridge Real Estate Fund II or Stockbridge Real Estate Fund III, in accordance with the recommendation of William P. Stalter, Senior Portfolio Manager, dated April 2, 2015. The final terms and conditions of the investments must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director, as evidenced either by the appropriate signatures on, or by a memo to that effect appended to, the implementing investment contract. PSERB Resolution 2015-22 Re: Clearlake Capital Fund IV, LP April 30, 2015 RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby invests an amount not to exceed $75 million plus reasonable normal investment expenses, in Clearlake Capital Fund IV, L.P., in accordance with the recommendation of Charles J. Spiller, Managing Director, Private Markets and Real Estate, dated April 30, 2015 and Portfolio Advisors, LLC., dated April 2015. 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, or by a memo to that effect appended to, the implementing investment contract. PSERB Resolution 2015-23 Re: Coller International Partners VII, LP April 30, 2015 RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby invests an amount not to exceed $100 million plus reasonable normal investment expenses, in Coller International Partners VII, L.P., in accordance with the recommendation of Charles J. Spiller, Managing Director, Private Markets and Real Estate, dated April 30, 2015 and Portfolio Advisors, LLC., dated April 2015. 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, or by a memo to that effect appended to, the implementing investment contract. PSERB Resolution 2015 -24 Re: Health Options Program Third Party Administration Services April 30, 2015 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, hereby selects CoreSource, Inc., as the Third Party Administrator for the Health Options Program and Premium Assistance Program for the period commencing January 1, 2016, through December 31, 2018, 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. PSERB Resolution 2015-25 Re: Executive Director April 30, 2015 RESOLVED, that the Public School Employees’ Retirement Board hereby hires Glen R. Grell in the position of Executive Director at an annual salary of $215,004 effective May 1, 2015. PSERB Resolution 2015 - 26 Re: Hedge Fund Investment Consultant June 11, 2015 RESOLVED, that pursuant to the recommendations of the Technical Evaluation Committee for PSERS RFP 2015-2 as presented by John B. Kemp, the Public School Employees’ Retirement Board (the “Board”) hereby retains Aksia LLC as Hedge Fund Investment Consultant for a contract term not to exceed five years. The final terms and conditions of the purchase order must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Office of Executive Director, as evidenced either by the appropriate signatures on, or by a memo to that effect appended to, the implementing investment contract. PSERB Resolution 2015 - 27 Re: Cerberus Institutional Partners VI, L.P. June 11, 2015 RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby invests an amount not to exceed $200 million plus reasonable normal investment expenses, in Cerberus Institutional Partners VI, L.P., in accordance with the recommendation of Charles J. Spiller, Managing Director, Private Market and Real Estate, dated June 11, 2015 and Portfolio Advisors LLC, dated April 2015. 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, or by a memo to that effect appended to, the implementing investment contract. PSERB Resolution 2015 - 28 Re: Cerberus PSERS Levered Loan Opportunities Fund, L.P. June 11, 2015 RESOLVED, that pursuant to the recommendations of Charles J. Spiller, Managing Director, Private Market and Real Estate, dated June 11, 2015 and Portfolio Advisors LLC, dated May 2015, the Public School Employees’ Retirement Board (the “Board”) hereby (i) invests an initial amount of up to $300 million, plus reasonable normal investment expenses, in Cerberus PSERS Levered Loan Opportunities Fund, L.P., and (ii) that the Investment Office shall have the discretion to invest additional sums within the target ranges approved by the Board in Exhibit D of the Investment Policy Statement, Objectives and Guidelines, as amended from time to time (the current version of which can be found at http://www.psers.state.pa.us/investment/guide/guide.htm, provided that any investment of an additional sum by the Investment Office shall be reported to the Board in a timely manner. 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, or by a memo to that effect appended to, the implementing investment contract. PSERB Resolution 2015 - 29 Re: Sankaty Credit Opportunities VI, L.P. June 11, 2015 RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby invests an amount not to exceed $250 million plus reasonable normal investment expenses, in Sankaty Credit Opportunities VI, L.P., in accordance with the recommendation of James F. Del Gaudio, Senior Investment Professional, dated June 11, 2015 and Portfolio Advisors LLC, dated May 2015. 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, or by a memo to that effect appended to, the implementing investment contract. PSERB Resolution 2015 - 30 Re: Summit Partners Growth Equity Fund IX, L.P. June 11, 2015 RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby invests an amount not to exceed $100 million plus reasonable normal investment expenses, in Summit Partners Growth Equity Fund IX, L.P., in accordance with the recommendation of Charles J. Spiller, Managing Director, Private Markets and Real Estate, dated June 11, 2015 and Portfolio Advisors, LLC., dated May 2015. 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, or by a memo to that effect appended to, the implementing investment contract. PSERB Resolution 2015 - 31 Re: Summit Partners Venture Capital Fund IV, L.P. June 11, 2015 RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) invests an amount not to exceed $50 million plus reasonable normal investment expenses, in Summit Partners Venture Capital Fund IV, L.P., in accordance with the recommendation of Charles J. Spiller, Managing Director, Private Markets and Real Estate, dated June 11, 2015 and Portfolio Advisors, LLC., dated May 2015. 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, or by a memo to that effect appended to, the implementing investment contract. PSERB Resolution 2015 - 32 Re: HOP Medical Plan Benefits and Rates June 11, 2015 RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby approves the premium rates of the HOP Medical Plan effective January 1, 2016 for calendar year 2016: HOP MEDICAL PLAN
PSERB Resolution 2015 - 33 Re: Basic Medicare Rx Option Benefits and Rates Effective January 1, 2016 June 11, 2015 RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby approves the following monthly premium rates of the Basic Medicare Rx Option effective January 1, 2016 for calendar year 2016:
PSERB Resolution 2015 - 34 Re: Enhanced Medicare Rx Option Benefits and Rates Effective January 1, 2016 June 11, 2015 RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby approves the following monthly premium rates of the Enhanced Medicare Rx Option effective January 1, 2016 for calendar year 2016:
PSERB Resolution 2015 - 35 Re: HOP Medical Plan Benefits and Rates Effective January 1, 2016 June 11, 2015 RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby approves the premium rates of the HOP Pre-65 Medical Plan effective January 1, 2016 for calendar year 2016: HOP Pre-65 MEDICAL PLAN
PSERB Resolution 2015 - 36 Re: Value Medical Plan Benefits and Rates Effective January 1, 2016 June 11, 2015 RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby approves the following Value Medical Plan benefits effective January 1, 2016 for the 2016 plan year:
1 Member copayment not to exceed remaining allowed amount after Medicare And Further RESOLVED the Board (the Board”) hereby approves the following monthly premium rates of the Value Medical Plan effective January 1, 2016 for calendar year 2016:
PSERB Resolution 2015 - 37 Re: Value Medicare Rx Option Benefits and Rates Effective January 1, 2016 June 11, 2015 RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby approves the following Value Medicare Rx Option benefits effective January 1, 2016 for the 2016 plan year:
And Further RESOLVED, that the Public School Employees’ Retirement Board (the Board”) hereby approves the following monthly premium rates of the Value Medicare Rx Option effective January 1, 2016 for calendar year 2016:
PSERB Resolution 2015 - 38 Re: Health Options Program Voluntary Dental Plan Insurer June 11, 2015 RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) in accordance with the recommendation of the Voluntary Dental Plan Insurer - Request For Proposal Evaluation Committee, hereby selects MetLife as the insurance carrier for the Voluntary Dental Plan for the Health Options Program for the period commencing January 1, 2016, through December 31, 2017, renewable for up to three one-year periods upon mutual written consent of the parties, subject to negotiations of terms and conditions satisfactory to the Board. PSERB Resolution 2015 - 39 RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby approves the following monthly premium rates of the Enhanced Medicare Rx Option effective January 1, 2016 for calendar year 2016:
PSERB Resolution 2015 - 40 RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby approves the following monthly premium rates of the Basic Medicare Rx Option effective January 1, 2016 for calendar year 2016:
PSERB Resolution 2015 - 41 RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby approves the following monthly premium rates of the Value Medicare Rx Option effective January 1, 2016 for calendar year 2016:
PSERB Resolution 2015 - 42 RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby approves the following Voluntary Dental Plan benefits effective January 1, 2016 for the 2016 plan year:
And Further RESOLVED, that the Board approves the following monthly premium rates of the Dental Plan effective January 1, 2016 for calendar year 2016:
These benefits and rates are subject to negotiations of terms and conditions with MetLife per its proposal in response to the Request For Proposal – Voluntary Dental Plan Insurer satisfactory to the Director, Health Insurance Office, the Office of Chief Counsel and the Executive Director. PSERB Resolution 2015-43Re: Investment Objectives and GuidelinesAugust 6, 2015RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby adopts proposed changes to the Investment Objectives and Guidelines and Exhibit D (Policy Index) of the Investment Policy Statement, Objectives, and Guidelines, as amended, for the Public School Employees’ Retirement System, pursuant to the recommendation of Joseph W. Sheva, dated July 17, 2015. PSERB Resolution 2015-44 RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby invests an additional amount not to exceed $50 million, in the Private Markets In-House Co-Investment and Secondary Program, in accordance with the recommendation of Charles J. Spiller, Managing Director, Private Markets and Real Estate, dated August 5, 2015. PSERB Resolution 2015-45 RESOLVED, that pursuant to the recommendations of Robert E. Little, Portfolio Manager, and Aksia, LLC, dated July 22, 2015, the Public School Employees’ Retirement Board (the “Board”) hereby (i) commits to invest an amount not to exceed $200 million in Independence Reinsurance Partners, LP, and (ii) that the Investment Office shall have the discretion to invest additional sums within the target ranges approved by the Board in Exhibit E of the Investment Policy Statement, Objectives and Guidelines, as amended from time to time (the current version online), provided that any investment of an additional sum by the Investment Office shall be reported to the Board in a timely manner. 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 2015-46 RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby invests an amount not to exceed $50 million plus reasonable normal investment expenses, in Aisling Capital IV, L.P., in accordance with the recommendation of Luke M. Jacobs, Portfolio Manager, Private Markets, dated August 5, 2015 and Portfolio Advisors, LLC., dated July 14, 2015. 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, or by a memo to that effect appended to, the implementing investment contract. PSERB Resolution 2015-47 RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby invests an amount not to exceed $150 million plus reasonable normal investment expenses, in Bain Capital Asia Fund III, L.P., in accordance with the recommendation of Michael J. Tyler, Portfolio Manager, Private Markets, dated July 14, 2015 and Portfolio Advisors, LLC., dated May 2015. 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, or by a memo to that effect appended to, the implementing investment contract.
PSERB Resolution 2015-48 RESOLVED, that the Public School Employees’ Retirement Board retains Glass Lewis & Co., as Proxy Research and Voting Consultant for a contract term not to exceed five years. The final terms and conditions of the purchase order must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Office of Executive Director, as evidenced either by the appropriate signatures on, or by a memo to that effect appended to, the implementing investment contract. PSERB Resolution 2015-49 RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby discontinues the use of Addenda T, T1, T2 and B1 and adopts changes to Addendum E of the Investment Objectives and Guidelines and Exhibits B (10-Year Target Allocation), C (Current Target Allocation) and D (Policy Index) of the Investment Policy Statement, Objectives, and Guidelines, as amended, for the Public School Employees’ Retirement System, pursuant to the recommendation of Joseph W. Sheva, dated September 22, 2015. PSERB Resolution 2015-50 RESOLVED, that pursuant to the recommendations of Robert E. Little, Portfolio Manager, dated September 22, 2015, and Aksia, LLC, dated September 15, 2015, the Public School Employees’ Retirement Board (the “Board”) hereby (i) invests $200 million in the OWS Credit Opportunity investment strategy, within which One William Street Capital Management, LP will create the OWS Credit Opportunity Offshore Fund III, Ltd., and (ii) that the Investment Office shall have the discretion to invest additional sums within the target ranges approved by the Board in Exhibit E of the Investment Policy Statement, Objectives and Guidelines, as amended from time to time (the current version of which can be found online), provided that any investment of an additional sum by the Investment Office shall be reported to the Board in a timely manner. 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 2015-51 RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby invests an amount not to exceed $100 million plus reasonable normal investment expenses, in Searchlight Capital II, L.P., in accordance with the recommendation of James F. Del Gaudio, Senior Investment Professional, dated September 22, 2015 and Portfolio Advisors LLC, dated September 14, 2015. 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, or by a memo to that effect appended to, the implementing investment contract. PSERB Resolution 2015-52 RESOLVED, that pursuant to the recommendations of James F. Del Gaudio, Senior Investment Professional, dated September 22, 2015, and Portfolio Advisors LLC, dated September 14, 2015, the Public School Employees’ Retirement Board (the “Board”) hereby (i) invests an additional amount of up to $250 million, plus reasonable normal investment expenses, in PSERS TAO Partners Parallel Fund, L.P., and (ii) that the Investment Office shall have the discretion to invest additional sums within the target ranges approved by the Board in Exhibit D of the Investment Policy Statement, Objectives and Guidelines, as amended from time to time (the current version of which can be found online), provided that any investment of an additional sum by the Investment Office shall be reported to the Board in a timely manner. 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, or by a memo to that effect appended to, the implementing investment contract. PSERB Resolution 2015-53 RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby invests an amount not to exceed $200 million plus reasonable normal investment expenses, in Avenue Europe Special Situations Fund III (U.S.), L.P., in accordance with the recommendation of James F. Del Gaudio, Senior Investment Professional, dated September 21, 2015 and Portfolio Advisors LLC, dated September 11, 2015. 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, or by a memo to that effect appended to, the implementing investment contract. PSERB Resolution 2015-54 RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby invests an amount not to exceed $100 million plus reasonable normal investment expenses, in Catterton Growth Partners III L.P., in accordance with the recommendation of Darren C. Foreman, Senior Portfolio Manager, Private Markets, dated October 5, 2015 and Portfolio Advisors LLC, dated September 14, 2015. 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, or by a memo to that effect appended to, the implementing investment contract. PSERB Resolution 2015-55 RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby approves the 2016-17 Administrative Budget, not to exceed $45,115,000 and the 2016-17 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 2015-56 RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby accepts the June 30, 2015 Financial Statements and approves the accompanying Independent Auditor Report prepared for the Public School Employees’ Retirement System by SB & Company, LLC, for the year ended June 30, 2015. RESOLVED FURTHER that the Board ratifies all payments that are reflected in the June 30, 2015 Financial Statements. PSERB Resolution 2015-57 RESOLVED, that the Public School Employees’ Retirement Board authorizes 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; Deputy Chief Investment Officer; Managing Director of Investment Operations and Risk; Managing Director of Private Markets and Real Estate; Managing Director of Equities; Managing Director of Fixed Income; and Director of Investment Accounting and Budget 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”), and to endorse, assign, or guarantee all such contracts, instruments, or documents in the name of the System. RESOLVED FURTHER, that (i) in the case of investment contracts, the Chief Investment Officer, Deputy Chief Investment Officer, Managing Director of Investment Operations and Risk, Managing Director of Private Markets and Real Estate, Managing Director of Equities, or Managing Director of Fixed Income must be one of the two signatories, and the Executive Director, Deputy Executive Director, Assistant Executive Director, Chief Financial Officer, or Director of Investment Accounting and Budget 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, Chief Financial Officer, or Director of Investment Accounting and Budget must be one of the two signatories, except in exigent circumstances when none of the designated individuals is available. RESOLVED FURTHER, that the members of System staff shall be authorized to execute and deliver forms and other non-contractual documents relating to either investment or benefit matters in the course of their assigned ministerial duties (e.g., tax forms, confirmations of the System’s tax exempt status, verifications of account information, workers’ compensation and unemployment compensation forms, and other documents that do not require the exercise of discretion or judgment on the part of the staff member who executes the document). PSERB Resolution 2015-58 RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby adopts proposed changes to Addendums X2, X3-PD, X3-PM and X3-RE and the Investment Policy Statement, Objectives, and Guidelines, as amended, for the Public School Employees’ Retirement System, pursuant to the recommendation of Joseph W. Sheva, Risk Manager, dated November 20, 2015. PSERB Resolution 2015-59 RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby invests an amount not to exceed $100 million plus reasonable normal investment expenses, in Blackstone Real Estate Debt Strategies III, L.P., in accordance with the recommendation of William P. Stalter, Senior Portfolio Manager, Real Estate, dated November 14, 2015 and Courtland Partners, Ltd., dated November 11, 2015. 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, or by a memo to that effect appended to, the implementing investment contract. PSERB Resolution 2015-60 RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby invests an amount not to exceed $100 million plus reasonable normal investment expenses, in Exeter Core Industrial Club Fund II, L.P. in accordance with the recommendation of Laurann H. Stepp, Senior Portfolio Manager, dated December 7, 2015 and Courtland Partners, Ltd. recommendation dated November 11, 2015. 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 2015-61 RESOLVED, that pursuant to the recommendations of James F. Del Gaudio, Senior Investment Professional, dated November 20, 2015, and Portfolio Advisors LLC, dated November 12, 2015, the Public School Employees’ Retirement Board (the “Board”) hereby (i) invests an initial amount of up to $350 million, plus reasonable normal investment expenses, in LBC - PSERS Credit Fund, and (ii) that the Investment Office shall have the discretion to invest additional sums within the target ranges approved by the Board in Exhibit D of the Investment Policy Statement, Objectives and Guidelines, as amended from time to time (the current version of which can be found online), provided that any investment of an additional sum by the Investment Office shall be reported to the Board in a timely manner. 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, or by a memo to that effect appended to, the implementing investment contract. PSERB Resolution 2015-62 RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby invests an amount not to exceed $100 million, which represents an additional $200 million from what was approved in PSERB Resolution 2014-44, in the Real Estate In-House Co-Investment and Secondary Program, in accordance with the recommendation of Charles J. Spiller, Managing Director, Private Markets and Real Estate, dated December 7, 2015. PSERB Resolution 2015-63 RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby adopts the proposed Health Options Program Budget and two supplemental budgets for the sponsor’s Administrative and Medicare Prescription Drug Program (PDP) for the Plan Year 2016 in the aggregate amount of $354,071,000 as presented by Mark F. Schafer at the December 7, 2015 Health Care Committee meeting. PSERB Resolution 2015-64 RESOLVED, that the Public School Employees’ Retirement Board (PSERB) hereby accepts the June 30, 2015 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 30.03% for Fiscal Year July 1, 2016 through June 30, 2017. PSERB Resolution 2015-65 WHEREAS, SB 1082, P.N. 1460, a pending pension reform bill, proposes the use of “rate collars” to lower the employer contribution rate for fiscal year (FY) 2016-2017 and thereafter, and thereby underfund the Public School Employees’ Retirement System (PSERS); and WHEREAS, the underfunding of PSERS has been the largest contributor to the existing $37.3 billion pension debt; and WHEREAS, extending the use of rate collars reverts to the detrimental past practice of underfunding PSERS which further strains PSERS cash flow and ability to invest and increases the pension debt; and NOW THEREFORE IT IS RESOLVED, that the PSERS’ Board of Trustees hereby authorizes the Board Secretary to send a letter to the Governor and House and Senate leadership to express their concern over the proposed use of rate collars in SB 1082, P.N. 1460 for FY 2016-2017 and thereafter, or any other pension legislation, and the resulting underfunding of PSERS. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PUBLIC SCHOOL EMPLOYEES’ RETIREMENT SYSTEM (PSERS)
