2018 Board Meeting Resolutions

PSERS Resolution 2018-01
Re:  PSERS Yes Holdings, L.P.
January 18, 2018        

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby (i) commits to maintain its investment in PSERS Yes Holdings LP, and (ii) that the Investment Office shall have the discretion to invest additional sums within the target ranges approved by the Board, as it pertains to Section VI: Risk Management and Controls of the Investment Policy Statement, Objectives and Guidelines, as amended from time to time, provided that any investment of an additional sum by the Investment Office shall be reported to the Board in a timely manner, in accordance with the recommendation of William P. Stalter, Senior Portfolio Manager, dated January 3, 2018.  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.

PSERS Resolution 2018-02
Re:  Blackstone Infrastructure Partners, L.P.
January 18, 2018 

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby invests an amount not to exceed $500 million plus reasonable normal investment expenses, in Blackstone Infrastructure Partners, L.P. (and/or related investment vehicles), in accordance with the recommendation of William P. Stalter, Senior Portfolio Manager, dated January 3, 2018 and Courtland Partners, Ltd., dated December 18, 2017, 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.

PSERS Resolution 2018-03
Re:  Investment Objectives and Guidelines
January 18, 2018

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby adopts proposed changes to Section VI. Risk Management and Controls 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, Senior Risk Manager, dated January 3, 2018.

PSERS Resolution 2018-04
Re:  U.S. and Non-U.S. Proxy Voting Policies
March 9, 2018

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, Manager of Investment Processes, dated February 16, 2018.

PSERS Resolution 2018-05
Re:  Investment Objectives and Guidelines
March 9, 2018 

RESOLVED, that the Public School Employees' Retirement Board (the "Board") adopts proposed changes to sections V. Performance Objectives and VI. Risk Management and Controls of the Investment Policy Statement, Objectives, and Guidelines, as amended, for the Public School Employees' Retirement System pursuant to the recommendations of Joseph W. Sheva, Senior Risk Manager, dated March 8, 2018.

PSERS Resolution 2018-06
Re:  Platinum Equity Small Cap Fund, L.P.
March 9, 2018

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 Platinum Equity Small Cap Fund, L.P. (and/or related investment vehicles), in accordance with the recommendation of Luke M. Jacobs, Portfolio Manager, dated February 8, 2018 and Hamilton Lane Advisors, L.L.C., dated February 7, 2018.  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.

PSERS Resolution 2018-07
Re:  Webster Capital IV, L.P.
March 9, 2018

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 Webster Capital IV, L.P. (and/or related investment vehicles), in accordance with the recommendation of Luke M. Jacobs, Portfolio Manager, dated February 9, 2018 and Hamilton Lane Advisors, L.L.C., dated January 29, 2018.  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.

PSERS Resolution 2018-08
Re:  K4 Private Investors, L.P.
March 9, 2018

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 K4 Private Investors, L.P. (and/or related investment vehicles), in accordance with the recommendation of Darren C. Foreman, Senior Portfolio Manager and Michael J. Tyler, Portfolio Manager, dated February 12, 2018 and Hamilton Lane Advisors, L.L.C., dated February 7, 2018.  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.

PSERS Resolution 2018-09
Re:  ICG Europe Fund VII SCSp
March 9, 2018

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 VII SCSp (and/or related investment vehicles), in accordance with the recommendation of James F. Del Gaudio, Portfolio Manager, dated February 12, 2018 and Hamilton Lane Advisors, L.L.C., dated January 29, 2018.  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

PSERS Resolution 2018-10
Re:  Cabot Industrial Core Fund II, L.P.
March 9, 2018

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 Core Fund II, L.P. (and/or related investment vehicles), in accordance with the recommendation of William P. Stalter, Senior Portfolio Manager, dated February 7, 2018 and Courtland Partners, Ltd. recommendation dated February 1, 2018.  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. 

PSERS Resolution 2018-11
Re:  HS Group Sponsor Fund II Ltd.
March 9, 2018

RESOLVED, that pursuant to the recommendations of Robert E. Little and Raymond J. Schleinkofer, Senior Portfolio Managers, dated February 27, 2018, and Aksia, LLC, dated February 26, 2018, the Public School Employees' Retirement Board (the "Board") hereby (i) commits to invest an amount not to exceed $200 million in the HS Group Sponsor Fund II Ltd., and (ii) that the Investment Office shall have the discretion to invest additional sums within the target ranges approved by the Board in the Investment Policy Statement, Objectives and Guidelines, as amended from time to time (current version), 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 2018-12
Re: Keystone Florida LLC
April 10, 2018

RESOLVED, that pursuant to the recommendations of  Melissa A. Quackenbush, Senior Portfolio Manager, dated March 23, 2018, and Courtland Partners, Ltd, dated February 21, 2018, the Board of the Public School Employees' Retirement Board (the "Board") hereby approves that (i) the Board invest an initial amount of up to $215 million, plus reasonable normal investment and transaction expenses, in a to-be-formed LLC (100% owned by Public School Employees' Retirement System) whose initial purpose shall be to acquire a certain 3 multi-family property portfolio in Ft. Lauderdale and Orlando Florida, as described in the said March 23, 2018 recommendation and (ii) that the Investment Office shall have the discretion to invest additional sums within the target ranges approved by the Board in Investment Manager Target Ranges section of the Investment Policy Statement, Objectives and Guidelines, as amended from time to time.

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 2018 - 13
Re: HOP Medical Plan Benefit Changes and Rates
Effective January 1, 2019
May 24, 2018

RESOLVED, that the Public School Employees' Retirement Board hereby approves the following benefit change and monthly premium rates of the HOP Medical Plan effective January 1, 2019 for calendar year 2019:

Benefit Changes

Monthly Premium Rates

Pennsylvania (Bucks, Chester, Delaware, Montgomery, and Philadelphia Counties)

Zone 1: FLORIDA (Alachua, Bay, Bradford, Brevard, Broward, Calhoun, Charlotte, Citrus, Clay, Collier, Dixie, Miami-Dade, Duval, Gilchrest, Glades, Gulf, Hamilton, Hendry, Hernando, Highlands, Hillsborough, Indian River, Lafayette, Levy, Liberty, Martin, Monroe, Nassau, Okaloosa, Orange, Palm Beach, Pinellas, Putnam, St. Johns, Seminole, Sumter, Union, & Walton)  NEW JERSEY (Atlantic, Bergen, Cape May, Hudson, Middlesex, Monmouth, Morris, Passaic, Somerset, Sussex, Union), NEW YORK (Kings (Brooklyn), Nassau, Orange, Putnam, Queens, Rockland, Suffolk, Sullivan, Ulster, Westchester)

Pennsylvania (Allegheny, Fayette, Greene, Indiana, Washington, and Westmoreland Counties)

Zone 2: ALABAMA, ALASKA, ARKANSAS, CALIFORNIA, COLORADO, CONNECTICUT, FLORIDA (Baker, Columbia, De Soto, Escambia, Flagler, Franklin, Gadsden, Hardee, Holmes, Jackson, Jefferson, Lake, Lee, Leon, Madison, Manatee, Marion, Okeechobee, Osceola, Pasco, Polk, Saint Lucie, Santa Rosa, Sarasota, Suwannee, Taylor, Volusia, Wakulla, Washington), GEORGIA, ILLINOIS, INDIANA, KANSAS, KENTUCKY, LOUISIANA, MARYLAND, MASSACHUSETTS, MICHIGAN, MINNESOTA, MISSISSIPPI, MISSOURI, MONTANA, NEBRASKA, NEVADA, NEW HAMPSHIRE, NEW JERSEY (Burlington, Camden, Cumberland, Essex, Gloucester, Hunterdon, Mercer, Ocean, Salem & Warren), NEW YORK (Albany, Allegany, Broome, Cattaraugus, Cayuga, Chautauqua, Chemung, Chenango, Clinton, Columbia, Courtland, Dutchess, Delaware, Erie, Essex, Franklin, Fulton, Genesee, Greene, Hamilton, Herkimer, Jefferson, Lewis, Livingston, Madison, Montgomery, New York,  Niagara, Oneida, Onondaga, Ontario, Orleans, Oswego, Rensselaer,  Richmond, Saratoga, Seneca, Schenectady, Schuyler, Schoharie, Steuben, Tioga, Tompkins, St. Lawrence, Warren, Washington, Wayne, Wyoming, Yates), OKLAHOMA, SOUTH CAROLINA, TENNESSEE, TEXAS, UTAH, WEST VIRGINIA, WYOMING

Pennsylvania  (Adams, Armstrong, Beaver, Bedford, Berks, Blair, Bradford, Butler, Cambria, Cameron, Carbon, Centre, Clarion, Clearfield, Clinton, Columbia, Crawford, Cumberland, Dauphin, Delaware, Elk, Erie, Forest, Franklin, Fulton, Huntingdon, Jefferson, Juniata, Lackawanna, Lancaster, Lawrence, Lebanon, Lehigh, Luzerne, Lycoming, McKean, Mercer, Mifflin, Monroe, Montour, Northampton, Northumberland, Perry, Pike, Potter, Schuylkill, Snyder, Somerset, Sullivan, Susquehanna, Tioga, Union, Venango, Warren, Wayne, Wyoming and York Counties)

Current Zone 3 (Moving to Zone 2): ARIZONA, DELAWARE, GUAM, HAWAII, IDAHO, IOWA, MAINE, NEW MEXICO, NORTH CAROLINA, NORTH DAKOTA, OHIO, OREGON, PUERTO RICO, RHODE ISLAND, SOUTH DAKOTA, VERMONT, VIRGIN ISLANDS, VIRGINIA, WASHINGTON, WASHINGTON, DC, WISCONSIN

PSERB Resolution 2018 - 14
Re: Value Medical Plan Benefit Changes and Rates
Effective January 1, 2019
May 24, 2018

 RESOLVED, that the Public School Employees' Retirement Board hereby approves the following benefit change and monthly premium rates of the Value Medical Plan effective January 1, 2019 for calendar year 2019:

Benefit Changes

Monthly Premium Rates

Zone 1: FLORIDA (Alachua, Bay, Bradford, Brevard, Broward, Calhoun, Charlotte, Citrus, Clay, Collier, Dixie, Miami-Dade, Duval, Gilchrest, Glades, Gulf, Hamilton, Hendry, Hernando, Highlands, Hillsborough, Indian River, Lafayette, Levy, Liberty, Martin, Monroe, Nassau, Okaloosa, Orange, Palm Beach, Pinellas, Putnam, St. Johns, Seminole, Sumter, Union, & Walton)  NEW JERSEY (Atlantic, Bergen, Cape May, Hudson, Middlesex, Monmouth, Morris, Passaic, Somerset, Sussex, Union), NEW YORK (Kings (Brooklyn), Nassau, Orange, Putnam, Queens, Rockland, Suffolk, Sullivan, Ulster, Westchester)

Zone 2: ALABAMA, ALASKA, ARKANSAS, CALIFORNIA, COLORADO, CONNECTICUT, FLORIDA (Baker, Columbia, De Soto, Escambia, Flagler, Franklin, Gadsden, Hardee, Holmes, Jackson, Jefferson, Lake, Lee, Leon, Madison, Manatee, Marion, Okeechobee, Osceola, Pasco, Polk, Saint Lucie, Santa Rosa, Sarasota, Suwannee, Taylor, Volusia, Wakulla, Washington), GEORGIA, ILLINOIS, INDIANA, KANSAS, KENTUCKY, LOUISIANA, MARYLAND, MASSACHUSETTS, MICHIGAN, MINNESOTA, MISSISSIPPI, MISSOURI, MONTANA, NEBRASKA, NEVADA, NEW HAMPSHIRE, NEW JERSEY (Burlington, Camden, Cumberland, Essex, Gloucester, Hunterdon, Mercer, Ocean, Salem & Warren), NEW YORK (Albany, Allegany, Broome, Cattaraugus, Cayuga, Chautauqua, Chemung, Chenango, Clinton, Columbia, Courtland, Dutchess, Delaware, Erie, Essex, Franklin, Fulton, Genesee, Greene, Hamilton, Herkimer, Jefferson, Lewis, Livingston, Madison, Montgomery, New York,  Niagara, Oneida, Onondaga, Ontario, Orleans, Oswego, Rensselaer,  Richmond, Saratoga, Seneca, Schenectady, Schuyler, Schoharie, Steuben, Tioga, Tompkins, St. Lawrence, Warren, Washington, Wayne, Wyoming, Yates), OKLAHOMA, SOUTH CAROLINA, TENNESSEE, TEXAS, UTAH, WEST VIRGINIA, WYOMING

Current Zone 3 (Moving to Zone 2): ARIZONA, DELAWARE, GUAM, HAWAII, IDAHO, IOWA, MAINE, NEW MEXICO, NORTH CAROLINA, NORTH DAKOTA, OHIO, OREGON, PUERTO RICO, RHODE ISLAND, SOUTH DAKOTA, VERMONT, VIRGIN ISLANDS, VIRGINIA, WASHINGTON, WASHINGTON, DC, WISCONSIN

PSERB Resolution 2018 - 15
Re: Pre-65 Medical Plan Benefit Changes and Rates
Effective January 1, 2019
May 24, 2018

RESOLVED, that the Public School Employees' Retirement Board hereby approves the following benefit change and monthly premium rates of the Pre-65 Medical Plan effective January 1, 2019 for calendar year 2019:

Benefit Changes

Monthly Premium Rates

PSERB Resolution 2018 - 16
Re: Enhanced Medicare Rx Option Plan Benefit Changes and Rates
Effective January 1, 2019 
May 24, 2018

RESOLVED, that the Public School Employees' Retirement Board hereby approves the following benefit changes and monthly premium rates of the Enhanced Medicare Rx Option effective January 1, 2019 for calendar year 2019:

Changes Mandated By CMS

^‡ Although CMS mandates 37% for generic drugs in the coverage gap, under the Enhanced Medicare Rx Option the Member payment is only 25%

Monthly Premium Rates

PSERB Resolution 2018 - 17
Re: Basic Medicare Rx Option Plan Benefit Changes and Rates
Effective January 1, 2019
May 24, 2018

RESOLVED, that the Public School Employees' Retirement Board hereby approves the following benefit changes and monthly premium rates of the Basic Medicare Rx Option effective January 1, 2019 for calendar year 2019:

Changes Mandated By CMS

Benefit Changes

Monthly Premium Rates

PSERB Resolution 2018 - 18
Re: Value Medicare Rx Option Plan Benefit Changes and Rates
Effective January 1, 2019
May 24, 2018

RESOLVED, that the Public School Employees' Retirement Board hereby approves the following benefit changes and monthly premium rates of the Value Medicare Rx Option effective January 1, 2019 for calendar year 2019:

Changes Mandated By CMS

Benefit Changes

Formulary Change

Benefit Change

^† Maximum deductible established by CMS

 Monthly Premium Rates

PSERB Resolution 2018-19
Re: Fraud, Waste and Abuse Reporting and Investigation Policy
May 24, 2018

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby adopts the Fraud, Waste and Abuse Reporting and Investigation Policy pursuant to the recommendation of Joseph E. Wasiak, Jr., Assistant Executive Director, contained in the memorandum dated May 3, 2018, SUBJECT: Fraud, Waste and Abuse Reporting and Investigation Policy.

PSERB Resolution 2018-20
Re:Investment Objectives and Guidelines
May 24, 2018

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby adopts proposed changes to Addendum X5 – Private Markets and Real Estate Pennsylvania In-house Co-investment Investment Policy, 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, Senior Risk Manager, dated May 3, 2018.

PSERB Resolution 2018-21
Re:ECM Feeder Fund 2, LP
May 24, 2018

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 ECM Feeder Fund 2, L.P. (and/or related investment vehicles), in accordance with the recommendation of Raymond J. Schleinkofer, Senior Portfolio Manager dated May 4, 2018 and Aksia, LLC dated May 3, 2018.  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 2018-22
Re:TSSP Opportunities Partners IV, L.P.
May 24, 2018

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 TSSP Opportunities Partners IV, L.P. (and/or related investment vehicles), in accordance with the recommendation of James F. Del Gaudio, Portfolio Manager, dated May 1, 2018 and Hamilton Lane Advisors, L.L.C., dated April 23, 2018.  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 2018-23
Re: Trilantic Capital Partners VI (North America), L.P.
May 24, 2018

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 Trilantic Capital Partners VI (North America), L.P. (and/or related investment vehicles), in accordance with the recommendation of Darren C. Foreman, Senior Portfolio Manager, and Patrick G. Knapp, Senior Investment Professional, dated April 16, 2018 and Hamilton Lane Advisors, L.L.C., dated April 3, 2018.  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 2018-24
Re: AG Realty Value Fund X, L.P.
May 24, 2018

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 AG Realty Value Fund X, L.P. (and/or related investment vehicles), in accordance with the recommendation of William P. Stalter, Senior Portfolio Manager, dated April 25, 2018 and Courtland, a StepStone company, dated April 11, 2018. 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 2018-25
Re:  LEM Multifamily Fund V, L.P.
May 24, 2018

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 LEM Multifamily Fund V, L.P. (and/or related investment vehicles), in accordance with the recommendation of William P. Stalter, Senior Portfolio Manager, and Melanie A. Cubias, Senior Investment Professional, dated April 23, 2018 and Courtland, a StepStone company, dated April 17, 2018. 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 2018-26
Re: Audit Plan for FY 2018/19
May 24, 2018

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby adopts the Audit Plan for FY 2018/19 pursuant to the recommendation of Alicia E. James, Internal Auditor, dated May 4, 2018.  

PSERB Resolution 2018-27
Re:  Act 5
May 24, 2018

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby authorizes the Executive Director, with the advice and assistance of the Office of Chief Counsel and outside tax counsel, to submit a draft Plan Document of the School Employees' Defined Contribution Plan to the Internal Revenue Service ("IRS"), in accordance with the recommendation of Glen R. Grell, dated May 23, 2018.  The Board further authorizes the Executive Director to take such actions required to obtain an IRS determination letter for the draft Plan Document.  Such actions may include, but are not limited to: communicating with the IRS; drafting required changes to the draft Plan Document, if any; and remitting the necessary fees and paying costs associated with such preparation, legal review, and filing.

RESOLVED FURTHER, that the Board hereby directs the Executive Director to report the status of PSERS' efforts in obtaining an IRS determination letter. The final form of the draft Plan Document, as approved by the IRS, shall be submitted to the Board for review and ratification.

PSERB Resolution 2018-28
Re: New Position – Deputy Executive Director and Director of Defined Contribution Investments
May 24, 2018

RESOLVED, that the Public School Employees' Retirement Board hereby authorizes the creation of an investment professional position, subject to the Policy Manual of Investment Professional Staff, entitled: "Deputy Executive Director and Director of Defined Contribution Investments."  Appropriate staff are authorized to take appropriate action as necessary to effectuate this decision.  

PSERB Resolution 2018-29
Re:  DC Plan Default Investment Option
May 24, 2018

RESOLVED, that the Public School Employees' Retirement Board hereby adopts the T. Rowe Price Retirement Blend Target Date Funds as the default investment option for the Defined Contribution plan, subject to terms acceptable to the Executive Director and the Office of Chief Counsel, pursuant to the recommendation of Krista A. Roessler, Senior Investment Professional, and Charles W. Cammack Associates, Inc., dated May 24, 2018.

PSERB Resolution 2018-30
Re: PSERS RFP 2018-1 Third-Party Administrator to Provide Recordkeeping Services for Defined Contribution Plan
May 24, 2018

RESOLVED, that the Public School Employees' Retirement Board, in accordance with the recommendation of the evaluation committee for PSERS' Request for Proposals for Third-Party Administrator to Provide Recordkeeping Services for Defined Contribution Plan, hereby engages Voya Institutional Plan Services (VIPS), effective on or about August 16, 2018.   The final terms and conditions of the contract must be satisfactory to the Executive Director and the Office of Chief Counsel.

​PSERB Resolution 2018-31
Re:  PIMCO Commercial Real Estate Debt Fund, L.P.
July 3, 2018

RESOLVED, that the Public School Employees' Retirement Board (the "Board") invests an amount not to exceed $200 million plus reasonable normal investment expenses, in PIMCO Commercial Real Estate Debt Fund, L.P. (and/or related investment vehicles), in accordance with the recommendation of James F. Del Gaudio, Portfolio Manager, dated June 26, 2018 and Aksia, LLC, dated June 25, 2018.  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 2018 - 32
Re: Basic Medicare Rx Option Rates
Effective January 1, 2019
August 10, 2018

RESOLVED, that the Public School Employees' Retirement Board hereby approves the following monthly premium rates of the Basic Medicare Rx Option effective January 1, 2019 for calendar year 2019:

PSERB Resolution 2018 -33
Re: Enhanced Medicare Rx Option Rates
Effective January 1, 2019
August 10, 2018

RESOLVED, that the Public School Employees' Retirement Board hereby approves the following monthly premium rates of the Enhanced Medicare Rx Option effective January 1, 2019 for calendar year 2019:

PSERB Resolution 2018-34
Re:  Change to Statement of Organization, Bylaws, and Other
Procedures
August 10, 2018

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby adopts the changes to the Statement of Organization, Bylaws, and Other Procedures Section 4.2.(c) Budget/Finance Committee, pursuant to the recommendation of Joseph E. Wasiak, Jr., Assistant Executive Director, contained in the memorandum dated July 24, 2018, SUBJECT: Bylaws Update.

​PSERB Resolution 2018-35
Re:  Revised Policy Manual for Investment Professional Staff
August 10, 2018

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby approves the changes to the PSERS Policy Manual for Investment Professional Staff, pursuant to the recommendation of Joseph E. Wasiak, Jr., Assistant Executive Director, contained in the memorandum dated July 25, 2018, SUBJECT:  Proposed Changes to the Policy Manual for Investment Professional Staff. 

​PSERB Resolution 2018 -36
Re:  Internal Control Assessments and Monitoring Plan
August 10, 2018

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby accepts the results of the Internal Control Assessments for the fiscal year ending June 30, 2018 and the Monitoring Plan  for the period July 1, 2018 through June 30, 2019 for the Public School Employees' Retirement System pursuant to the recommendation of Alicia E. James, Internal Auditor, dated August 3, 2018.

PSERB Resolution 2018-37
Re:  NGP Natural Resources XII, L.P.
August 10, 2018

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby invests an amount not to exceed $225 million plus reasonable normal investment expenses, in NGP Natural Resources XII, L.P. (and/or related investment vehicles), in accordance with the recommendation of Raymond J. Schleinkofer, Senior Portfolio Manager and Michael Tyler, Portfolio Manager, dated July 24, 2018 and Hamilton Lane, dated June 27, 2018.  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 2018-38
Re:  Steadview Capital Partners LP
August 10, 2018

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 Steadview Capital Partners LP (and/or related investment vehicles), in accordance with the recommendation of Raymond J. Schleinkofer, Senior Portfolio Manager and Jeffrey R. Burton, Senior Portfolio Manager, dated July 24, 2018 and Aksia, LLC dated July 18, 2018.  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 2018-39
Re:  PSERS RFP 2018-2 Investment Consulting Services
August 10, 2018

RESOLVED, that the Public School Employees' Retirement Board (the "Board"), in accordance with the recommendation of the Investment Consulting Services Request for Proposals Evaluation Committee retains Aon Hewitt Investment Consulting, Inc. as the Investment Consultant for the Defined Contribution component 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, or by a memo to that effect appended to, the implementing investment contract.

PSERB Resolution 2018-40
Re:  Investment Objectives and Guidelines
August 10, 2018

RESOLVED, that the Public School Employees' Retirement Board (the "Board") adopts proposed changes to sections IV. Strategic Asset Allocation and V. Performance Objectives of the Investment Policy Statement, Objectives, and Guidelines, as amended, for the Public School Employees' Retirement System pursuant to the recommendations of Joseph W. Sheva, Senior Risk Manager, dated July 23, 2018.

PSERB Resolution 2018-41
Re:  PSERS Investment Professionals Response to Resolution 2017-41
August 10, 2018

RESOLVED, that the Public School Employees' Retirement Board (the "Board") accepts the PSERS Investment Professional Response to Resolution 2017-41, supports the target of a $2.49B fee reduction over the 30 year term, and authorizes PSERS Investments Professionals to begin implementing the various recommendations. PSERS Investment Professionals will monitor and report the progress to the Board, subject to further modifications upon the Board's consideration of any recommendations from the Act 5 Investment Commission.       

PSERB Resolution 2018-42
Re:  PSERS RFP 2018-2 Investment Consulting Services
August 10, 2018

RESOLVED, that the Public School Employees' Retirement Board (the "Board"), in accordance with the recommendation of the Investment Consulting Services Request for Proposals Evaluation Committee retains Aon Hewitt Investment Consulting, Inc. as the Investment Consultant for the Defined Benefit component 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, or by a memo to that effect appended to, the implementing investment contract.

PSERB Resolution 2018-44
Re:  Investment Objectives and Guidelines
October 12, 2018

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby adopt the proposed changes to the VI. Risk Management and Controls section 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, Senior Risk Manager, dated October 11, 2018.

PSERB Resolution 2018-45
Re:  Bain Capital Asia Fund IV, L.P.
October 12, 2018

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 Bain Capital Asia Fund IV, L.P. (and/or related investment vehicles), in accordance with the recommendation of Michael Tyler, Manager, dated September 24, 2018 and Hamilton Lane, dated August 23, 2018.  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 2018-46
Re:  TCI Real Estate Partners Fund III LP
October 12, 2018

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby invests an amount not to exceed $400 million plus reasonable normal investment expenses, in TCI Real Estate Partners Fund III LP (and/or related investment vehicles), in accordance with the recommendation of James F. Del Gaudio, Portfolio Manager, dated September 14, 2018 and Aksia, LLC, dated September 11, 2018.  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 2018-47
Re:  AKAZ Offshore Fund Ltd
October 12, 2018

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 the AKAZ Offshore Fund Ltd (and/or related investment vehicles) in accordance with the recommendation of Robert E. Little, Senior Portfolio Manager, dated September 17, 2018, and Aksia, LLC, dated September 11, 2018.  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 2018-48
Re:  Caspian Opportunistic Dislocation Strategy
October 12, 2018

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 the Caspian Opportunistic Dislocation Strategy (and/or related investment vehicles), in accordance with the recommendation of Robert E. Little, Senior Portfolio Manager, dated September 11, 2018, and Aksia, LLC, dated September 7, 2018.  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 2018-49
Re:  Triton Value Fund (Cayman) L.P.
October 12, 2018

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 Triton Value Fund (Cayman) L.P. (and/or related investment vehicles), in accordance with the recommendation of Raymond J. Schleinkofer, Senior Portfolio Manager and Jeffrey R. Burton, Senior Portfolio Manager, dated September 17, 2018, and Aksia, LLC, dated September 19, 2018.  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 2018-50
Re:  Brookfield Strategic Real Estate Partners III - A L.P.
October 12, 2018

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 Brookfield Strategic Real Estate Partners III – A L.P. (and/or related investment vehicles), in accordance with the recommendation of Melissa A. Quackenbush, Senior Portfolio Manager, dated September 28, 2018 and StepStone Real Estate, dated September 25, 2018.  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 2018-51
RE:  2019-20 Administrative, Defined Contribution, Investment Related Expenses and Directed Commissions Recapture Program Budgets
October 12, 2018

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby approves the (i) 2019-20 Administrative Budget, not to exceed $51,644,000, subject to adjustments by the Governor's Budget Office or the General Assembly; (ii) the 2019-20 Defined Contribution Budget, not to exceed $2,450,000, subject to adjustments by the Governor's Budget Office or the General Assembly; (iii)  the Investment Related Expenses Budget, not to exceed $35,278,000 and (iv) the 2019-20 Directed Commissions Recapture Program Budget, not to exceed $2,000,000, for the Public School Employees' Retirement System as more particularly set forth in the attached summaries.

​PSERB Resolution 2018-52
Re:  Financial Statements and Ratification of Payments
October 12, 2018

RESOLVED, that Public School Employees' Retirement Board (the "Board") hereby accepts the June 30, 2018 and 2017 Financial Statements prepared by the Public School Employees' Retirement System's Office of Financial Management and ratifies all payments that are reflected in the June 30, 2018 and 2017 Financial Statements.

PSERB Resolution 2018-53
Re:  Independent Auditors' Report
October 12, 2018

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby approves the accompanying Independent Auditors' Report prepared for the Public School Employees' Retirement System by CliftonLarsonAllen, LLP, for the fiscal year ended June 30, 2018.

PSERB Resolution 2018-54
Re: Agency Committee on Fee Transparency
October 12, 2018

Resolved that the  PSERS Board Chair shall establish and appoint an ad hoc Agency Committee, comprised of 5 Board Members and supported by relevant staff, to review and assess current policies, practices and standards regarding the reporting of investment management performance and fees, charges, expenses and profit-sharing arrangements, and to make recommendations to the Board, with the goal of making PSERS a national public pension fund leader in fee and performance disclosure and transparency. 

The Agency Committee should receive relevant information from staff in advance of meeting and should consider current practices and emerging best industry practices with respect to performance, manager fee structures and public disclosure of compensation arrangements.  

The Agency Committee should hold its first meeting prior to the December 2018 Board Meeting and should endeavor to report and make its recommendations to the Board at the January or March 2019 Board Meeting.

PSERB Resolution 2018-55
Re:  Fee Transparency Committee
October 12, 2018

Resolved that the Public School Employees Retirement System recommends that the newly established ad hoc Agency Committee collaborate with other public pension funds and national organizations who serve public pension funds, to work towards a nationwide goal of establishing uniform reporting guidelines for ensuring improved transparency in public pension reporting of pension plan fees and reporting of carried interest.

​PSERB Resolution 2018-56
Re:  Change to Ethics Policy
December 7, 2018

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby adopts the changes to the Ethics Policy, pursuant to the recommendation of Joseph E. Wasiak, Jr., Deputy Executive Director, contained in the memorandum dated November 19, 2018, SUBJECT: Changes to the Ethics Policy.

​PSERB Resolution 2018 -57
Re:  Internal Audit Office Study and Assessment
December 7, 2018

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby accepts  the report of Ernst &Young, LLP, dated December 5, 2018 of the Internal Audit Office Study and Assessment for the Public School Employees' Retirement System (PSERS) and directs PSERS staff to pursue the implementation of the recommendations, including pursuing the increase in staffing levels for the Internal Audit Office through the Office of Administration and Office of the Budget.

​PSERB Resolution 2018-58
Re:  Tulco, LLC
December 7, 2018

RESOLVED, that the Public School Employees' Retirement Board (the "Board") invests an amount not to exceed $100 million plus reasonable normal investment expenses, in Tulco, LLC (and/or related investment vehicles), in accordance with the recommendation of James F. Del Gaudio, Portfolio Manager, dated October 4, 2018 and November 15, 2018 and Hamilton Lane Advisors, L.L.C., dated October 1, 2018.  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 2018-59
Re:  Lindsay Goldberg V L.P.
December 7, 2018

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 Lindsay Goldberg V L.P. (and/or related investment vehicles), in accordance with the recommendation of Luke M. Jacobs, Portfolio Manager, dated November 21, 2018 and Hamilton Lane, dated November 2, 2018.  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 2018-60
RE:  Cederberg Greater China Equity Fund
December 7, 2018

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 the Cederberg Greater China Equity Fund (and/or related investment vehicles), in accordance with the recommendation of Raymond J. Schleinkofer, Senior Portfolio Manager and Jeffrey R. Burton, Senior Portfolio Manager, dated November 15, 2018 and Aksia, LLC dated November 8, 2018.  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 2018-61
Re:  Southern Florida Multi-Family Acquisition
December 7, 2018

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby invests an amount not to exceed $70 million plus reasonable normal investment expenses in a to-be-formed LLC (100% owned by the Pennsylvania Public School Employees' Retirement System) to acquire a certain 240 unit multi-family garden style apartment property in southern Florida, in accordance with the recommendation of Melissa A. Quackenbush, Senior Portfolio Manager, dated November 28, 2018 and StepStone Real Estate, dated November 26, 2018.  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 2018-62
Re:  Private Markets Secondary Sale
December 7, 2018

RESOLVED, that the Public School Employees' Retirement Board (the "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 100% of the June 30, 2018 net asset value of the selected funds.  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 2018-63
Re: 812 Market, Inc.
December 5, 2018

RESOLVED, that the Public School Employees' Retirement Board (Board) hereby invests an amount not to exceed $1 million, via its interest in 812 Market, Inc., for the purpose of acquiring real property located at 23, 27, and 31 N. 10^th Street in Harrisburg, Pennsylvania, in accordance with the recommendation of Charles J. Spiller, Deputy Chief Investment Officer, Non-Traditional Investments, dated December 5, 2018.  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 2018-64
Re: 812 Market, Inc.
December 7, 2018

RESOLVED, that the Public School Employees' Retirement Board (Board) hereby invests an amount not to exceed $2 million, via its interest in 812 Market, Inc., for the purpose of acquiring real property known as the Publications Building in Harrisburg, Pennsylvania, pursuant to Act 128 of 2018, and in accordance with the recommendation of Charles J. Spiller, Deputy Chief Investment Officer, Non-Traditional Investments, dated December 5, 2018.  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 2018-65
Re: Health Options Program Budget
December 7, 2018

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 2019 in the aggregate amount of $463,470,000 as presented by Peter Camacci at the December 6, 2018 Health Care Committee meeting.

PSERB Resolution 2018-66
Re:  Actuarial Valuation
December 7, 2018

RESOLVED, that the Public School Employees' Retirement Board (PSERB) hereby accepts the June 30, 2018 actuarial valuation report prepared by Buck, and adopts the actuarial factors, assumptions, and methodologies contained therein, which result in an employer contribution rate of 34.29% for Fiscal Year July 1, 2019 through June 30, 2020.

PSERB Resolution 2018-67
Re:  DC Plan Tier 2 Investment Options
December 7, 2018

RESOLVED, that the Public School Employees' Retirement Board hereby adopts the below funds for the Tier 2 options in the PSERS' Defined Contribution Plan, pursuant to the recommendation of Raymond Schleinkofer, Senior Manager, and Charles W. Cammack Associates, Inc., dated December 7, 2018.

ICMA-RC VT Plus

PIMCO Total Return Instl

BlackRock High Yield Bond K

Templeton Global Bond R6

Fidelity® 500 Index Premium

Fidelity® Extended Market Index Premium

American Funds Europacific Growth R6

Oppenheimer Developing Markets I

PIMCO Real Return Instl

Fidelity® Real Estate Index Premium

Calvert Balanced I