PUBLIC SCHOOL EMPLOYEES’ RETIREMENT SYSTEM (PSERS)

2016 Board Meeting Resolutions

PSERB Resolution 2016-01
Signing of Contracts, Instruments, and Other Documents 
March 11, 2016

RESOLVED, that the Public School Employees’ Retirement Board authorizes any two or more of the persons occupying the followingpositions, namely, the Executive Director; Deputy Executive Director; Assistant Executive Director; Chief Financial Officer; ChiefInvestment Officer; Deputy Chief Investment Officer - Traditional Investments; Deputy Chief Investment Officer - Non-TraditionalInvestments; Managing Director of Investment Operations and Risk; 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 requirewritten signatures in the name of the Public School Employees' Retirement System (the "System"),and to endorse, assign, or guarantee allsuch 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- Traditional Investments, Deputy Chief Investment Officer - Non-Traditional Investments, Managing Director of lnvestment Operations and Risk, 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 2016-02
Re:  U.S. and Non-U.S. Proxy Voting Policies
March 11, 2016

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 February 22, 2016.

PSERB Resolution 2016-03
Re:  Securities Litigation Consultant 
March 11, 2016

RESOLVED, that the Public School Employees’ Retirement Board (Board), hereby retains Reinhart Boerner Van Deuren s.c. as the Board’s Securities Litigation Consultant for contract terms 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 2016-04
Re:  Investment Objectives and Guidelines
March 11, 2016

RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby adopts proposed Exhibit F and proposed changes to Exhibits D and E of the Investment Policy Statement, Objectives, and Guidelines, as amended, for the Public School Employees’ Retirement System, and proposed changes to Addendum W, pursuant to the recommendation of Joseph W. Sheva, Risk Manager, dated February 16, 2016.

PSERB Resolution 2016-05
Re:  Brookfield Strategic Real Estate Partners II, L.P.
March 11, 2016

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 Brookfield Strategic Real Estate Partners II, L.P. (and/or related investment vehicles), in accordance with the recommendation of  William P. Stalter, Senior Portfolio Manager, Real Estate, dated February 4, 2016 and Courtland Partners, Ltd., dated February 3, 2016.  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 2016-06
Re:  Pramerica Real Estate Capital VI, L.P.
March 11, 2016

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 Pramerica Real Estate Capital VI, L.P. (and/or related investment vehicles) in accordance with the recommendation of Laurann H. Stepp, Senior Portfolio Manager, dated February 11, 2016 and Courtland Partners, Ltd. recommendation dated    February 11, 2016.  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 2016-07
Re:  Strategic Partners Fund VII, L.P.
March 11, 2016

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 Strategic Partners Fund VII, L.P. (and/or related investment vehicles), in accordance with the recommendation of Charles J. Spiller, Deputy CIO, Non-Traditional Investments, dated February 12, 2016 and Portfolio Advisors, LLC., dated February 12, 2016.  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 2016-08
Re:  Hayfin SOF II USD LP
March 11, 2016

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 Hayfin SOF II USD LP (and/or related investment vehicles), in accordance with the recommendation of James F. Del Gaudio, Senior Investment Professional, dated February 11, 2016 and Portfolio Advisors LLC, dated February 10, 2016.  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 2016-09
Re:  Sixth Cinven Fund, L.P.
March 11, 2016

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 the Sixth Cinven Fund L.P. (and/or related investment vehicles), in accordance with the recommendation of Darren C. Foreman, Senior Portfolio Manager, Private Markets, dated February 12, 2016 and Portfolio Advisors LLC, dated February 12, 2016.  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 2016-10
Re:  L Catterton VIII, L.P.
March 11, 2016

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 L Catterton VIII, L.P.(and/or related investment vehicles), in accordance with the recommendation of Darren C. Foreman, Senior Portfolio Manager, Private Markets, dated February 12, 2016 and Portfolio Advisors LLC, dated February 12, 2016.  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 2016-11
Re:  Revised Policy Manual for Investment Professional Staff 
March 11, 2016

RESOLVED, that the Public School Employees’ Retirement Board (Board), hereby approves the updates and changes as set forth in the PSERS’ Policy Manual for Investment Professional Staff dated March 11, 2016, which after consultation with the Personnel Committee and Board Chairs will be effective upon final approval by the Governor’s Office.

PSERB Resolution 2016-12
Re:  Latitude Management Real Estate Capital IV, Inc.
May 25, 2016

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 Latitude Management Real Estate Capital IV, Inc., (and/or related investment vehicles) in accordance with the recommendation of Laurann H. Stepp, Senior Portfolio Manager, dated April 29, 2016 and Courtland Partners, Ltd. recommendation dated April 29, 2016.  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 2016 - 13
Re: Value Medicare Rx Option Benefits and Rates
Effective January 1, 2017
June 10, 2016

RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby approves the following monthly premium rates and benefits of the Value Medicare Rx Option effective January 1, 2017 for calendar year 2017:

 
 

Value Medicare Rx Option:

2015

2016

Increase

Single

$19

$21

11%

Two Person

38

42

11%

 

 

Member Pays

2016

2017

 

Annual Deductible

$ 360

$ 400

Initial Coverage
(up to $3,310 in 2016 and $3,700 in 2017 total Rx spend)

Generic Drugs

25%

25%

Brand Drugs

25%

25%

Specialty Drugs

25%

25%

Coverage Gap
(Up to $4,850 in 2016 and $4,950 in 2017 TrOOP)

Generic Drugs

58%

51%

Brand Drugs

45%

40%

Catastrophic

Coverage
(no limit)

Generic Drugs

Greater of $ 2.95 
or 5%

Greater of $ 3.30 
or 5%

Brand Drugs

Greater of $ 7.40 
or 5%

Greater of $ 8.25 
or 5%

 

† Thresholds established by CMS

 
 

PSERB Resolution 2016 - 14
Re: Basic Medicare Rx Option Benefits and Rates
Effective January 1, 2017
June 10, 2016

RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby approves the following monthly premium rates and benefits of the Basic Medicare Rx Option effective January 1, 2017 for calendar year 2017:

 

Basic Medicare Rx Option:

2016

2017

Increase

Single

$49

$54

10%

Two Person

98

108

10%

 
 
 
 

 

Member Pays

2016

2017

 

Annual Deductible

$ 0

$ 0

Initial Coverage
(up to $3,310 in 2016 and $3,700 in 2017 total Rx spend)

Generic Drugs

$ 8
($24 for 90-days)

$ 8
($24 for 90-days)

Preferred Brand Drugs

30% up to $100
($250 for 90-days)
($225 for 90-days by mail)

30% up to $100
($250 for 90-days)
($225 for 90-days by mail)

Non-Preferred Brand Drugs

40%

40%

Specialty Drugs

33%

33%

Coverage Gap
(Up to $4,850 in 2016 and $4,950 in 2017 TrOOP)

Generic Drugs

58%

51%

Brand Drugs

45%

45%

Catastrophic

Coverage
(no limit)

Generic Drugs

Greater of $ 2.95 
or
5% up to $100

Greater of $ 2.95 
or
5% up to $250

Brand Drugs

Greater of $ 7.40 
or
5% up to $100

Greater of $ 7.40 
or
5% up to $250

 

† Thresholds established by CMS.

 
 

PSERB Resolution 2016 - 15
Re: Enhanced Medicare Rx Option Benefits and Rates
Effective January 1, 2017
June 10, 2016

RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby approves the following monthly premium rates and benefits of the Enhanced Medicare Rx Option effective January 1, 2017 for calendar year 2017:

 

Enhanced Medicare Rx Option:

2015

2016

Increase

Single

$99

$109

10%

Two Person

198

218

10%

 

 

Member Pays

2016

2017

 

Annual Deductible

$0

$0

Initial Coverage
(up to $3,310 total Rx spend in 2016 and $3,700 in 2017 total Rx)

Generic Drugs

$7 
($21 for 90-days)

$7 
($21 for 90-days)

Preferred Brand Drugs

25% up to $65 
($130 for 90-days)
($120 for 90-days by mail)

25% up to $75 
($150 for 90-days)
($140 for 90-days by mail)

Non-Preferred Brand Drugs

35% up to $75
($150 for 90-days)
($140 for 90-days by mail)

35% up to $100
($200 for 90-days)
($190 for 90-days by mail)

Specialty Drugs

33%

33%

Coverage Gap
(Up to $4,850 in 2016 and $4,950 in 2017 TrOOP)

Generic Drugs

$7

25%

Brand Drugs

45%

40%

Catastrophic

Coverage
(no limit)

Generic Drugs

Greater of $2.95 
or
5% up to $100

Greater of $3.30  
or
5% up to $100

Brand Drugs

Greater of $7.40 
or
5% up to $100

Greater of $8.25  
or
5% up to $100

 
 

† Thresholds established by CMS.

 
 
 

PSERB Resolution 2016 - 16
Re: Value Medical Plan Benefits and Rates
Effective January 1, 2017
June 10, 2016

RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby approves the premium rates of the Value Medical Plan effective January 1, 2017 for calendar year 2017:

VALUE MEDICAL PLAN

 

Southeast Region (Out of State Zone 1)

2016

2017

$ Increase

% Increase

Single

$117

$117

$0

0%

Two Person

231

231

0

0%

 

 

Southwest Region (Out of State Zone 2)

2016

2017

$ Increase 

% Increase

Single

$115

$115

$0

0%

Two Person

227

227

0

0%

 

 

North & Central Region (Out of State Zone 3)

2016

2017

$ Increase

% Increase

Single

$102

$102

$0

0%

Two Person

199

199

0

0%

 

 

PSERB Resolution 2016 - 17
Re: HOP Medical Plan Benefits and Rates
Effective January 1, 2017
June 10, 2016
 
RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby approves the premium rates of the HOP Medical Plan effective January 1, 2017 for calendar year 2017: 
HOP MEDICAL PLAN

Southeast Region (Out of State Zone 1)

2016

2017

$ Increase

% Increase

Standard Rates

Single

$199

$199

$0

0%

 

Two Person

392

392

0

0%

Age 65 Rates

Single

170

170

0

0%

 

Two Person

334

334

0

0%

Age 65 Rates (2nd Year)

Single

176

176

0

0%

 

Two Person

347

347

0

0%

Age 65 Rates (3rd Year)

Single

182

182

0

0%

 

Two Person

359

359

0

0%

Age 65 Rates (4th Year)

Single

188

188

0

0%

 

Two Person

371

371

0

0%

Age 65 Rates (5th Year)

Single

194

194

0

0%

 

Two Person

383

383

0

0%

 

Southwest Region (Out of State Zone 2)

2016

2017

$ Increase

% Increase

Standard Rates

Single

$195

$190

-$5

-3%

 

Two Person

384

375

-9

-2%

Age 65 Rates

Single

166

162

-4

-2%

 

Two Person

327

319

-8

-2%

Age 65 Rates (2nd Year)

Single

172

168

-4

-2%

 

Two Person

339

332

-7

-2%

Age 65 Rates (3rd Year)

Single

178

173

-5

-3%

 

Two Person

351

342

-9

-3%

Age 65 Rates (4th Year)

Single

184

179

-5

-3%

 

Two Person

363

354

-9

-2%

Age 65 Rates (5th Year)

Single

190

185

-5

-3%

 

Two Person

376

367

-9

-2%

 

North & Central Region (Out of State Zone 3)

2016

2017

$ Increase

% Increase

Standard Rates

Single

$172

$172

$0

0%

 

Two Person

335

335

0

0%

Age 65 Rates

Single

147

147

0

0%

 

Two Person

285

285

0

0%

Age 65 Rates (2nd Year)

Single

152

152

0

0%

 

Two Person

297

297

0

0%

Age 65 Rates (3rd Year)

Single

157

157

0

0%

 

Two Person

307

307

0

0%

Age 65 Rates (4th Year)

Single

162

162

0

0%

 

Two Person

317

317

0

0%

Age 65 Rates (5th Year)

Single

167

167

0

0%

 

Two Person

326

326

0

0%

 

 
PSERB Resolution 2016 - 18
Re: Pre-65 Medical Plan and Rates
Effective January 1, 2017
June 10, 2016

RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby approves the premium rates of Pre-65 Medical Plan effective January 1, 2017 for calendar year 2017:
Pre-65 MEDICAL PLAN

 

All Regions

2016

2017

% Change

Pre-65 Medical Plan – Single

$ 836

$ 889

6%

Two-Person

1,839

1,956

6%

Pre-65 Medical Plan w/ Prescription Drugs

964

1,001

4%

Two-Person

2,120

2,201

4%

 
PSERB Resolution 2016-19
Re:  DRA Growth and Income Fund IX, LLC
June 10, 2016
 
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 DRA Growth and Income Fund IX, LLC (and/or related investment vehicles), in accordance with the recommendation of    Laurann H. Stepp, Senior Portfolio Manager, dated May 12, 2016 and Courtland Partners, Ltd. recommendation dated May 2, 2016.  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 2016-20
Re:  RCG Longview Debt Fund VI, L.P.
June 10, 2016
 
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 RCG Longview Debt Fund VI, L.P. (and/or related investment vehicles), in accordance with the recommendation of    Laurann H. Stepp, Senior Portfolio Manager, dated May 6, 2016 and Courtland Partners, Ltd. recommendation dated May 2, 2016.  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 2016-21
Re:  Bridgepoint Development Capital III, L.P.
June 10, 2016
 
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 Bridgepoint Development Capital III, L.P. (and/or related investment vehicles), in accordance with the recommendation of Darren C. Foreman, Senior Portfolio Manager, Private Markets, dated May 5, 2016 and Portfolio Advisors LLC, dated May 2, 2016.  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 2016-22
Re:  International Infrastructure Finance Company II, L.P.
June 10, 2016
  
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 International Infrastructure Finance Company II, L.P. (and/or related investment vehicles), in accordance with the recommendation of James F. Del Gaudio, Senior Investment Professional, dated May 16, 2016 and Portfolio Advisors LLC, dated May 2, 2016.  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 2016-23
Re:  The Värde Scratch and Dent Fund I-A, L.P.
June 10, 2016
 
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 The Värde Scratch and Dent Fund I-A, L.P. (and/or related investment vehicles), in accordance with the recommendation of James F. Del Gaudio, Senior Investment Professional, dated May 16, 2016 and Aksia, LLC, dated May 11, 2016.  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 2016-24
Re:  Venor Capital Offshore Ltd.
June 10, 2016
 
RESOLVED, that pursuant to the recommendations of Robert E. Little, Portfolio Manager, dated May 20, 2016, and Aksia, LLC, dated May 11, 2016, the Public School Employees’ Retirement Board (the “Board”) hereby (i) commits to invest an amount not to exceed $150 million in Venor Capital Offshore 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 the implementing investment contract or by a memo to that effect appended to the implementing investment contract.
 
PSERB Resolution 2016-25
Re: Five-Year Actuarial Experience Review
June 10, 2016
 
RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) accepts the June 30, 2015 Five-Year Actuarial Experience Review presentation prepared by Buck Consultants, and adopts:
 
1.    The demographic assumptions and option factor changes as more specifically set forth in the attached exhibits
2.    An inflation assumption of 2.75%
3.    An investment rate of return assumption of 7.25%, and
4.    A salary growth assumption of 5.0%
 
The adopted assumptions will be implemented in the June 30, 2016 actuarial valuation.
 
PSERB Resolution 2016 - 26
Re: Basic Medicare Rx Option Rates
Effective January 1, 2017
August 12, 2016
 
RESOLVED, that the Public School Employees’ Retirement Board hereby approves the following monthly premium rates of the Basic Medicare Rx Option effective January 1, 2017 for calendar year 2017:
 

Basic Medicare Rx Option

2016

2017

Single

$49

$58

Two Person

98

116

 

PSERB Resolution 2016 - 27
Re: Value Medicare Rx Option Rates
Effective January 1, 2017
August 12, 2016

RESOLVED, that the Public School Employees’ Retirement Board approves the following monthly premium rates of the Value Medicare Rx Option effective January 1, 2017 for calendar year 2017:

 

Value Medicare Rx Option

2016

2017

Single

$19

$22

Two Person

38

44


 

 
PSERB Resolution 2016 - 28
Re: Enhanced Medicare Rx Option Rates
Effective January 1, 2017
August 12, 2016
 
RESOLVED, that the Public School Employees’ Retirement Board hereby approves the following monthly premium rates of the Enhanced Medicare Rx Option effective January 1, 2017 for calendar year 2017:

 

Enhanced Medicare Rx Option

2016

2017

Single

$99

$111

Two Person

198

222


 

 
PSERB Resolution 2016-29
Re:  Investment Objectives and Guidelines
September 9, 2016
 
 RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) adopt proposed changes to Exhibits B, 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 August 19, 2016.
 
PSERB Resolution 2016-30
RE:  2017-18 Administrative Budget and Directed Commissions Recapture Program Budget
October 7, 2016
 
RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby approves the 2017-18 Administrative Budget, not to exceed $45,841,000 and the 2017-18 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 2016-31
Re:  Financial Statements and Independent Auditor’s Report
October 7, 2016
 
RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby accepts the June 30, 2016 Financial Statements prepared by the Public School Employees’ Retirement System’s Office of Financial Management and approves the accompanying Report of Independent Public Accountants prepared for the Public School Employees’ Retirement System by SB & Company, LLC, for the year ended June 30, 2016.
RESOLVED FURTHER that the Board ratifies all payments that are reflected in the June 30, 2016 Financial Statements.
 
PSERB Resolution 2016-32
Re:  Apollo European Principal Finance Fund III (Dollar A), L.P.
October 7, 2016
 
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 Apollo European Principal Finance Fund III (Dollar A), L.P. (and/or related investment vehicles), in accordance with the recommendation of James F. Del Gaudio, Portfolio Manager, dated September 15, 2016 and Portfolio Advisors, LLC, dated August 29, 2016.  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 2016-33
Re:  Incline Equity Partners IV, L.P.
October 7, 2016
 
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 Incline Equity Partners IV, L.P. (and/or related investment vehicles), in accordance with the recommendation of Luke M. Jacobs, Portfolio Manager, Private Markets, dated September 19, 2016 and Portfolio Advisors, LLC., dated August 29, 2016.  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 2016-34
Re:  Platinum Equity Capital Partners IV, L.P.
October 7, 2016
 
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 Platinum Equity Capital Partners IV, L.P. (and/or related investment vehicles), in accordance with the recommendation of Luke M. Jacobs, Portfolio Manager, Private Markets, dated September 15, 2016 and Portfolio Advisors, LLC., dated August 29, 2016.  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 2016-35
Re:  Bell Institutional Fund VI, L.P. 
October 7, 2016
 
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 Bell Institutional Fund VI, L.P. (and/or related investment vehicles), in accordance with the recommendation of Laurann H. Stepp, Senior Portfolio Manager, dated August 30, 2016 and Courtland Partners, Ltd. recommendation dated August 30, 2016.  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 2016-36
Re:  Cabot Industrial Value Fund V, L.P. 
October 7, 2016
 
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 Cabot Industrial Value Fund V, L.P. (and/or related investment vehicles), in accordance with the recommendation of Laurann H. Stepp, Senior Portfolio Manager, dated August 30, 2016 and Courtland Partners, Ltd. recommendation dated August 30, 2016.  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 2016-37
Re:  Exeter Industrial Value Fund IV, L.P. 
October 7, 2016

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 Industrial Value Fund IV, L.P. (and/or related investment vehicles), in accordance with the recommendation of Laurann H. Stepp, Senior Portfolio Manager, dated September 7, 2016 and Courtland Partners, Ltd. recommendation dated August 30, 2016.  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 2016-38
Re: Health Options Program Budget
December 7, 2016
 
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 2017 in the aggregate amount of $390,443,000 as presented by Franca M. D’Agostino at the December 6, 2016 Health Care Committee meeting.

 
PSERB Resolution 2016-39
Re:  Investment Objectives and Guidelines
December 7, 2016 
 
RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby adopts the Investment Policy Statement, Objectives, and Guidelines for the Public School Employees’ Retirement System pursuant to the recommendation of Joseph W. Sheva, Risk Manager, dated November 18, 2016.
 
PSERB Resolution 2016-40
Re:  GCM Grosvenor Customized Infrastructure Strategies II, L.P. 
December 7, 2016
 
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 GCM Grosvenor Customized Infrastructure Strategies II, L.P. (and/or related investment vehicles), in accordance with the recommendation of William P. Stalter, Senior Portfolio Manager, dated November 8, 2016 and Courtland Partners, Ltd. recommendation dated November 2, 2016.  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 2016-41
Re: LLR Equity Partners V, L.P.
December 7, 2016
 
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 LLR Equity Partners V, L.P. (and/or related investment vehicles), in accordance with the recommendation of Luke M. Jacobs, Portfolio Manager, Private Markets, dated November 18, 2016 and Portfolio Advisors, LLC., dated October 27, 2016.  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 2016-42
Re: HgCapital 8, L.P.
December 7, 2016
 
RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby invests an amount not to exceed £95 million plus reasonable normal investment expenses, in HgCapital 8, L.P. (and/or related investment vehicles), in accordance with the recommendation of Darren C. Foreman, Senior Portfolio Manager, Private Markets, dated November 4, 2016 and Portfolio Advisors LLC, dated October 20, 2016.  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 2016-43 
Re: HGGC Fund III, L.P.
December 7, 2016
 
RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby invests an amount not to exceed $125 million plus reasonable normal investment expenses, in HGGC Fund III, L.P. (and/or related investment vehicles), in accordance with the recommendation of Darren C. Foreman, Senior Portfolio Manager, Private Markets, dated November 4, 2016 and Portfolio Advisors LLC, dated October 20, 2016.  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 2016-44
Re:  Two Sigma Risk Premia Enhanced Fund, LP
December 7, 2016
 
RESOLVED, that pursuant to the recommendations of Robert E. Little, Senior Portfolio Manager, dated November 21, 2016, and Aksia, LLC, dated October 26, 2016, the Public School Employees’ Retirement Board (the “Board”) hereby (i) commits to invest an amount not to exceed $200 million in Two Sigma Risk Premia Enhanced Fund, 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, or by a memo to that effect appended to, the implementing investment contract. 
 
PSERB Resolution 2016-45
Re: Penn Mutual Asset Management, LLC
December 7, 2016
 
RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby (i) retains Penn Mutual Asset Management, LLC to manage an initial amount of $100 million, in PSERS LIBOR Plus portfolio in accordance with the recommendation of Robert J Devine, Managing Director of Fixed Income, dated November 18, 2016 and Aon Hewitt Investment Consulting, Inc., dated November 16, 2016, and (ii) the Investment Office shall have the discretion to allocate additional sums within the target ranges approved by the Board in the Investment Policy Statement, Objectives and Guidelines.  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 2016-46
Re:  Revised Policy Manual for Investment Professional Staff 
December 7, 2016
 
RESOLVED, that the Public School Employees’ Retirement Board (the Board), hereby repeals, ab initio, PSERB Resolution 2016-11 and replaces it, in its entirety, with this resolution; and
FURTHER RESOLVED, that the Board approves, effective January 1, 2017, the updates and changes set forth in the PSERS’ Policy Manual for Investment Professional Staff dated December 7, 2016.
 
PSERB Resolution 2016-47
Re:  Actuarial Valuation
December 07, 2016
 
RESOLVED, that the Public School Employees’ Retirement Board (PSERB) hereby accepts the June 30, 2016 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 32.57% for Fiscal Year July 1, 2017 through June 30, 2018.