2019 Board Meeting Resolutions

PSERB Resolution 2019-01
Re:  PSERS RFP 2018-3 Fiduciary Counsel
January 17, 2019

RESOLVED, that the Public School Employees' Retirement Board (the "Board"), in accordance with the recommendation of the Fiduciary Counsel Request for Proposals Evaluation Committee retains Cohen Milstein Sellers & Toll, PLLC as the Fiduciary Counsel to the Board for a contract term not to exceed five years.  The final terms and conditions of the contract must be satisfactory to the Office of Chief Counsel, the Office of Executive Director, and the Chairman of the Board as evidenced either by the appropriate signatures on, or by a memo to that effect appended to, the implementing contract.

PSERB Resolution 2019-02
Re:  Santé Health Ventures III, L.P. & Santé Health Ventures IV, L.P.
January 17, 2019

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 Santé Health Ventures III, L.P. ($75 million) and Santé Health Ventures IV, L.P. ($75 million) (and/or related investment vehicles), in accordance with the recommendation of Patrick G. Knapp, Senior Investment Professional, Private Markets, dated December 19, 2018 and Hamilton Lane, dated December 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 2019-03
Re:  Summit Partners Growth Equity Fund X, L.P.
January 17, 2019

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 Summit Partners Growth Equity Fund X, L.P. (and/or related investment vehicles), in accordance with the recommendation of Darren C. Foreman, Senior Manager, Private Markets, and Patrick G. Knapp, Senior Investment Professional, dated December 19, 2018 and Hamilton Lane, dated December 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 2019-04
Re: 812 Market, Inc.
January 17, 2018

RESOLVED, that the Public School Employees' Retirement Board (Board) hereby invests an amount not to exceed $200,000, via its interest in 812 Market, Inc., for the purpose of acquiring real property located at 1000 Market Street in Harrisburg, Pennsylvania, in accordance with the recommendation of Glen R. Grell, Executive Director, dated January 17, 2019.  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 contract.

PSERB Resolution 2019-05a
Re:  PSERS RFP 2018-6 Investment Consulting Services
March 8, 2019

​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, hereby recommends the Board retain 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 2019-05b
Re:  PSERS RFP 2018-6 Investment Consulting Services
March 8, 2019

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, hereby recommends the Board retain 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 2019-06
Re:  U.S. and Non-U.S. Proxy Voting Policies
March 8, 2019

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby recommends that the Board adopt 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, 2019.

​PSERB Resolution 2019-07
Re:  Exeter Industrial Core Fund III, L.P.
March 8, 2019

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 Core Fund III, L.P. (and/or related investment vehicles), in accordance with the recommendation of Melanie A. Cubias, Senior Investment Professional, and Melissa A. Quackenbush, Senior Portfolio Manager, dated February 5, 2019, and Hamilton Lane, dated January 22, 2019.  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 2019-08
Re:  Cabot UK Core-Plus Industrial Fund SCSp
March 8, 2019

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 Cabot UK Core-Plus Industrial Fund SCSp (and/or related investment vehicles), in accordance with the recommendation of Melissa A. Quackenbush, Senior Portfolio Manager, dated February 8, 2019 and Hamilton Lane, dated January 29, 2019.  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 2019-09
Re:  Clearlake Opportunities Partners (P) II, L.P.
March 8, 2019

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 Clearlake Opportunities Partners (P) II, L.P. (and/or related investment vehicles), in accordance with the recommendation of James F. Del Gaudio, Portfolio Manager and G. Anthony Meadows, Senior Investment Professional, dated February 15, 2019 and Hamilton Lane, dated January 28, 2019.  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 2019-10
Re:  Searchlight Capital III, L.P.
March 8, 2019

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 Searchlight Capital III, L.P. (and/or related investment vehicles), in accordance with the recommendation of Darren C. Foreman, Senior Portfolio Manager, Private Markets, and James F. Del Gaudio, Portfolio Manager, dated February 19, 2019 and Hamilton Lane, dated January 25, 2019.  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 2019-11
Re:  Falko Regional Aircraft Opportunities Fund II L.P.
March 8, 2019

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 Falko Regional Aircraft Opportunities Fund II L.P. (and/or related investment vehicles) in accordance with the recommendation of Robert E. Little, Senior Portfolio Manager, dated February 15, 2019, and Aksia, LLC, dated February 5, 2019.  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 2019-12

Re:  Public Information Policy
March 8, 2019

MOVED, that the Public School Employees' Retirement Board (the "Board") hereby recommends the Board adopt the changes to the Public Information Policy, pursuant to the recommendation of Joseph E. Wasiak, Jr., Deputy Executive Director, contained in the memorandum dated February 21, 2019, SUBJECT: Changes to the Public Information Policy.

​PSERB Resolution 2019-13
Re:  Adoption of Plan Document of the School Employees' Defined Contribution Plan and Trust of the Public School Employees' Retirement Board
May 23, 2019

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby adopts the Plan Document of the School Employees' Defined Contribution Plan and Trust, pursuant to the recommendation of Jennifer A. Mills, Deputy Executive Director of Benefits and Director of Defined Contribution Investments, contained in the memorandum dated May 3, 2019, SUBJECT: School Employees' Defined Contribution Plan, and contained in Attachment A.

​PSERB Resolution 2019-14
Re:  Vanguard Treasury Money Market Fund
May 23, 2019

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby adopts the Vanguard Treasury Money Market Fund to invest the assets held in the forfeiture account for non-vested employer contributions, the account for stale-dated checks, and the Plan Expense Reimbursement Account of the School Employees' Defined Contribution Plan and Trust, pursuant to the recommendation of Jennifer A. Mills, Deputy Executive Director of Benefits and Director of Defined Contribution Investments, contained in the memorandum dated May 3, 2019, SUBJECT: School Employees' Defined Contribution Plan.

PSERB Resolution 2019-15
Re:  Calvert Balanced Fund
May 23, 2019

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby amends the share class of the Calvert Balanced Fund that was previously adopted as an investment option for the School Employees' Defined Contribution Plan from Class I to Class R6, pursuant to the recommendation of Jennifer A. Mills, Deputy Executive Director of Benefits and Director of Defined Contribution Investments, contained in the memorandum dated May 3, 2019, SUBJECT: School Employees' Defined Contribution Plan.

PSERB Resolution 2019-16
Re:  Audit & Compliance Monitoring Plan for FY 19/20
May 23, 2019

RESOLVED, that the Audit & Compliance Committee of the Public School Employees' Retirement Board (the "Board") hereby recommends the Board adopt the Audit & Compliance Monitoring Plan for FY 19/20 pursuant to the recommendation of Alicia E. James, Internal Auditor, dated May 2, 2019.  

PSERB Resolution 2019 -17
Re: HOP Medical Plan Benefit Changes and Rates
Effective January 1, 2020
May 23, 2019

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, 2020 for calendar year 2020:

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, ARIZONA, ARKANSAS, CALIFORNIA, COLORADO, CONNECTICUT, DELAWARE, 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, GUAM, HAWAII, IDAHO, ILLINOIS, INDIANA, IOWA, KANSAS, KENTUCKY, LOUISIANA, MAINE, MARYLAND, MASSACHUSETTS, MICHIGAN, MINNESOTA, MISSISSIPPI, MISSOURI, MONTANA, NEBRASKA, NEVADA, NEW HAMPSHIRE, NEW JERSEY (Burlington, Camden, Cumberland, Essex, Gloucester, Hunterdon, Mercer, Ocean, Salem & Warren), NEW MEXICO, 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), NORTH CAROLINA, NORTH DAKOTA, OHIO, OKLAHOMA, OREGON, PUERTO RICO, RHODE ISLAND, SOUTH CAROLINA, SOUTH DAKOTA, TENNESSEE, TEXAS, UTAH, VERMONT, VIRGIN ISLANDS, VIRGINIA, WASHINGTON, WASHINGTON, DC, WEST VIRGINIA, WISCONSIN, 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)

PSERB Resolution 2019 -18
Re: Value Medical Plan Premium Rates
Effective January 1, 2020
May 23, 2019

RESOLVED, that the Public School Employees' Retirement Board hereby approves the following monthly premium rates of the Value Medical Plan effective January 1, 2020 for calendar year 2020:

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, ARIZONA, ARKANSAS, CALIFORNIA, COLORADO, CONNECTICUT, DELAWARE, 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, GUAM, HAWAII, IDAHO, ILLINOIS, INDIANA, IOWA, KANSAS, KENTUCKY, LOUISIANA, MAINE, MARYLAND, MASSACHUSETTS, MICHIGAN, MINNESOTA, MISSISSIPPI, MISSOURI, MONTANA, NEBRASKA, NEVADA, NEW HAMPSHIRE, NEW JERSEY (Burlington, Camden, Cumberland, Essex, Gloucester, Hunterdon, Mercer, Ocean, Salem & Warren), NEW MEXICO, 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), NORTH CAROLINA, NORTH DAKOTA, OHIO, OKLAHOMA, OREGON, PUERTO RICO, RHODE ISLAND, SOUTH CAROLINA, SOUTH DAKOTA, TENNESSEE, TEXAS, UTAH, VERMONT, VIRGIN ISLANDS, VIRGINIA, WASHINGTON, WASHINGTON, DC, WEST VIRGINIA, WISCONSIN, WYOMING

PSERB Resolution 2019 - 19
Re: Pre-65 Medical Plan Premium Rates
Effective January 1, 2020
May 23, 2019

RESOLVED, that the Public School Employees' Retirement Board hereby approves the following monthly premium rates of the Pre-65 Medical Plan effective January 1, 2020 for calendar year 2020:

Monthly Premium Rates

​PSERB Resolution 2019 -20
Re: Enhanced Medicare Rx Option Plan Benefit Changes and Rates
Effective January 1, 2020
May 23, 2019
 
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, 2020 for calendar year 2020:

Changes Mandated By CMS

^‡ Although CMS mandated 37% for generic drugs in the coverage gap in 2019, under the Enhanced Medicare Rx Option the Member payment was only 25%

Benefit Change

Monthly Premium Rates

PSERB Resolution 2019 - 21
Re: Basic Medicare Rx Option Plan Benefit Changes and Rates
Effective January 1, 2020
May 23, 2019

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, 2020 for calendar year 2020:

Changes Mandated By CMS

Benefit Changes

Monthly Premium Rates

PSERB Resolution 2019 - 22
Re: Value Medicare Rx Option Plan Benefit Changes and Rates
Effective January 1, 2020

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, 2020 for calendar year 2020:

Changes Mandated By CMS

 Monthly Premium Rates

​PSERB Resolution 2019-23
Re:  Bain Capital Distressed and Special Situations 2019 (A), L.P.
May 23, 2019

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 Distressed and Special Situations 2019 (A), L.P. (and/or related investment vehicles), in accordance with the recommendation of James F. Del Gaudio, Senior Portfolio Manager, dated April 22, 2019 and Hamilton Lane, dated April 11, 2019.  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 2019-24
Re:  Incline Elevate Fund, L.P.
May 23, 2019

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 Incline Elevate Fund, L.P. (and/or related investment vehicles), in accordance with the recommendation of Darren C. Foreman, Director, Private Markets and Luke M. Jacobs, Portfolio Manager, dated April 26, 2019 and Hamilton Lane, dated April 1, 2019.  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 2019-25
Re:  Hahn & Company III, L.P. and Hahn & Company III-S, L.P.
May 23, 2019

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby invests an amount not to exceed a combined $150 million plus reasonable normal investment expenses, in Hahn & Company III, L.P. and Hahn & Company III-S, L.P. (and/or related investment vehicles), in accordance with the recommendation of Michael Tyler, Portfolio Manager, and G. Anthony Meadows, Sr. Investment Analyst, dated May 3, 2019 and Hamilton Lane, dated April 10, 2019.  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 2019-26
Re:  Amendment to the PSERB Statement of Organization, Bylaws, and Other Procedures
May 23, 2019

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby adopts the proposed changes to the Statement of Organization, Bylaws, and Other Procedures of the Public School Employees Retirement Board, pursuant to the recommendation of Joseph E. Wasiak, Jr., Deputy Executive Director of Administration, contained in the memorandum dated May 1, 2019, SUBJECT: School Employees' Defined Contribution Plan Governance Structure, and contained in Attachment A.

PSERB Resolution 2019-27
Re:  Amendment to the PSERB Election Procedures and Guidelines Policy, Fraud, Waste and Abuse Reporting and Investigation Policy, and Oral Argument Policy
May 23, 2019

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby adopts the proposed changes to the following policies of the Public School Employees Retirement Board pursuant to the recommendation of Joseph E. Wasiak, Jr., Deputy Executive Director of Administration, contained in the memorandum dated May 1, 2019, SUBJECT: School Employees' Defined Contribution Plan Governance Structure:

1. Election Procedures and Guidelines Policy, Attachment C
2. Fraud, Waste and Abuse Reporting and Investigation Policy, Attachment D
3. Oral Argument Policy, Attachment E

​PSERB Resolution 2019-28
Re:  Adoption of Investment Policy Statement, Objectives, and Guidelines of the School Employees Defined Contribution Plan of the Public School Employees' Retirement Board
May 23, 2019

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby adopts the Investment Policy Statement, Objectives, and Guidelines of the School Employees Defined Contribution Plan of the Public School Employees' Retirement Board ("DC Investment Policy"), pursuant to the recommendation of Joseph E. Wasiak, Jr., Deputy Executive Director of Administration, contained in the memorandum dated May 1, 2019, SUBJECT: School Employees' Defined Contribution Plan Governance Structure, and contained in Attachment B.

​PSERB Resolution 2019-29
Re:  Internal Control Assessments and Monitoring Plan
August 9, 2019

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, 2019 and the Monitoring Plan for the period July 1, 2019 through June 30, 2020 for the Public School Employees' Retirement System pursuant to the recommendation of Stephanie L. Lanius, Acting Internal Auditor, dated August 8, 2019.

PSERB Resolution 2019-30
Re: Enhanced Medicare Rx Option Plan and Rates Effective January 1, 2020
August 9, 2019

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, 2020 for calendar year 2020:

Monthly Premium Rates

PSERB Resolution 2019-31
Re: Basic Medicare Rx Option Plan Rates Effective January 1, 2020
August 9, 2019

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, 2020 for calendar year 2020:

Monthly Premium Rates

​PSERB Resolution 2019-32
Re: Value Medicare Rx Option Plan Rates Effective January 1, 2020
August 9, 2019

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, 2020 for calendar year 2020:

 Monthly Premium Rates

PSERB Resolution 2019-33
Re:  Policy Changes
August 9, 2019

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby adopts the changes to the following policies:

Securities Litigation Policy,
Public Information Policy, and
Education Policy

pursuant to the recommendation of Joseph E. Wasiak, Jr., Deputy Executive Director, contained in the memorandum dated July 23, 2019, SUBJECT: Changes to Board Policies and Resolutions.

PSERB Resolution 2019-34
Re:  Designated Signatory Resolution Change

August 9, 2019

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby adopts the changes to the Designated Signatory Resolution pursuant to the recommendation of Joseph E. Wasiak, Jr., Deputy Executive Director, contained in the memorandum dated July 23, 2019, SUBJECT: Changes to Board Policies and Resolutions.

PSERB Resolution 2019-35
Re:  Investment Objectives and Guidelines
August 9, 2019

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby adopt the proposed changes to the VI. Risk Management and Controls and VII. Monitoring and Reporting sections 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 July 22, 2019.

PSERB Resolution 2019-36
Re:  Platinum Equity Capital Partners V, L.P.
August 9, 2019

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 V, L.P. (and/or related investment vehicles), in accordance with the recommendation of Luke M. Jacobs, Portfolio Manager, dated April 29, 2019 and Hamilton Lane, dated April 1, 2019.  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 2019-37
Re:  Bell Institutional Fund VII, L.P.
August 9, 2019

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 Bell Institutional Fund VII, L.P. (and/or related investment vehicles), in accordance with the recommendation of Melissa A. Quackenbush, Senior Portfolio Manager, dated May 23, 2019 and Hamilton Lane, dated April 1, 2019.  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. In addition, the Board's approval is conditional upon satisfactory review by the Board's Fiduciary Counsel and the Internal Auditor, a copy of which shall be presented to the Board in advance of close.

PSERB Resolution 2019-38
Re:  Cabot Industrial Value Fund VI, L.P.
August 9, 2019

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 VI, L.P. (and/or related investment vehicles), in accordance with the recommendation of Melissa A. Quackenbush, Senior Portfolio Manager, dated July 3, 2019 and Hamilton Lane, dated June 20, 2019.  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 2019-39
Re:  DRA Growth and Income Master Fund X, LLC
August 9, 2019

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 & Income Master Fund X, LLC. (and/or related investment vehicles), in accordance with the recommendation of Melissa A. Quackenbush, Senior Portfolio Manager, dated July 11, 2019 and Hamilton Lane, dated June 24, 2019.  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 2019-40
Re: AG Europe Realty Fund III, L.P.
August 9, 2019

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 AG Europe Realty Fund III, L.P. (and/or related investment vehicles), in accordance with the recommendation of Melanie A. Cubias, Senior Investment Professional, and Melissa A. Quackenbush, Senior Portfolio Manager, dated July 5, 2019 and Hamilton Lane, dated June 24, 2019.  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 2019-41
Re:  SSG Capital Partners V, L.P.
August 9, 2019

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 SSG Capital Partners V, L.P. (and/or related investment vehicles), in accordance with the recommendation of James F. Del Gaudio, Senior Portfolio Manager, dated July 5, 2019 and Aksia, LLC dated June 18, 2019.  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 2019-42
Re:  Investment Objectives and Guidelines Strategic Asset Allocation
August 9, 2019

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby adopt the proposed short- and long-term asset allocation as presented by Aon Hewitt Investment Consulting, Inc. in their July 24, 2019 presentation entitled "Asset-Liability Study Results", effective October 1, 2019, as reflect in the changes to the IV. Strategic Asset Allocation 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 July 22, 2019.

PSERB Resolution 2019-43
Re:  Investment Objectives and Guidelines Benchmark
August 9, 2019

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby adopt the proposed benchmark changes as presented by Aon Hewitt Investment Consulting, Inc. in their July 2019 presentation entitled "Benchmark Review – Full Report", effective October 1, 2019, as reflected in the changes to the V. Performance Objectives, VI. Risk Management and Controls and VIII. Definitions sections 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 July 22, 2019.

PSERB Resolution 2019-44
Re:  Amendment to the Statement of Organization Bylaws, and Other Procedures
October 11, 2019

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby adopts the amendment to Section 6.3 of the Statement of Organization Bylaws, and Other Procedures, pursuant to the recommendation of Joseph E. Wasiak, Jr., Deputy Executive Director, contained in the memorandum dated September 25, 2019, SUBJECT: Bylaws Change.

​PSERB Resolution 2019-45
Re:  Ft. Lauderdale Galleria Mall
October 11, 2019

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby recommends that the Board, in its capacity as the sole shareholder of the Keystone-Florida Property Holding Corp., approve the expenditure of an amount not to exceed $25 million for tenant improvements and landlord work associated with new and/or potential leases at the Ft. Lauderdale Galleria Mall in accordance with the recommendation of Melissa A. Quackenbush, Senior Portfolio Manager, Real Estate, dated October 10, 2019.  The final terms and conditions of the sale must be satisfactory to the directors of the Keystone-Florida Property Holding Corp.

PSERB Resolution 2019-46
Re: 812 Market, Inc.
October 11, 2019

RESOLVED, that the Public School Employees' Retirement Board (Board) hereby approves an additional investment, in an amount not to exceed $5,000,000, via its interest in 812 Market, Inc., for use in the site preparation and development of real property located in Harrisburg, Pennsylvania, as more fully set forth in the confidential recommendation memorandum of Glen R. Grell, Executive Director, dated October 10, 2019. 

PSERB Resolution 2019-47
Re:  Investment Objectives and Guidelines
October 11, 2019

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby adopt the proposed changes to the II. Roles and Responsibilities 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 September 26, 2019, as further amended by the change to the descriptive language relating to the State Treasurer.

PSERB Resolution 2019-48
Re: Exeter Industrial Value Fund V, L.P.
October 11, 2019

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 V, L.P. (and/or related investment vehicles), in accordance with the recommendation of Melanie A. Cubias, Senior Investment Professional, and Melissa A. Quackenbush, Senior Portfolio Manager, dated September 9, 2019 and Hamilton Lane, dated August 30, 2019.  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 2019-49
RE: 2020-21 Administrative, Defined Contribution, Investment Office Consolidation, Investment Related Expenses,  Health Insurance Account (Premium Assistance) Administrative, Health Options Program Administrative and Directed Commissions Recapture Program Budgets
October 11, 2019

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby recommends that the Board approves:

1. The 2020-21 Administrative Budget, not to exceed $52,294,000, subject to adjustments by the Governor's Budget Office or the General Assembly
2. The 2020-21 Investment Office Consolidation Budget, not to exceed $4,000,000, subject to adjustments by the Governor's Budget Office or the General Assembly
3. The 2020-21 Defined Contribution Budget, not to exceed $1,083,000, subject to adjustments by the Governor's Budget Office or the General Assembly
4. The 2020-21 Investment Related Expenses Budget, not to exceed $34,149,000
5. The 2020-21 Health Insurance Account (Premium Assistance) Administrative Budget, not to exceed $2,001,000
6. The 2020-21 Health Options Program Administrative Budget, not to exceed $1,414,000 and;

The 2020-21 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 2019-50
Re:  Financial Statements and Ratification of Payments
October 11, 2019

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby accepts the June 30, 2019 and 2018 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, 2019 and 2018 Financial Statements.

PSERB Resolution 2019-51
Re:  Independent Auditors' Report
October 11, 2019

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, 2019.

​PSERB Resolution 2019-52
Re: RFP Results for Investment Compliance Services
October 11, 2019

Changed to Notational Ballot for future vote

​PSERB Resolution 2019-53
Re:  SERS/PSERS Investment Office Consolidation
October 11, 2019

RESOLVED, that PSERS conduct educational sessions concerning the potential impact to the Systems of the merger of the PSERS and SERS Investment Offices, to create an informative process for the benefit of PSERS members, retirees, and PA school board representatives.

FURTHER RESOLVED, that the results of these educational sessions, and the details of any proposed merger, be presented to the PSERS Board.

PSERB Resolution 2019-54
Re:  HOP PDP Code of Conduct Policy
December 6, 2019

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby adopts the Health Options Program (HOP) Prescription Drug Plan (PDP) Code of Conduct Policy pursuant to the recommendation of Stephanie L. Lanius, Acting Internal Auditor and Medicare Part D Compliance Officer, dated November 19, 2019.  Within 90 days of the adoption of the HOP PDP Code of Conduct Policy, all covered parties will be required to provide written acknowledgement of receipt and understanding of the policy.

PSERB Resolution 2019-55
Re: Health Options Program Budget
December 6, 2019

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 2020 in the aggregate amount of $463,161,000 as recommended by Peter Camacci, Director Health Insurance Office in the Memo dated November 21, 2019.

PSERB Resolution 2019-56
Re:  Investment Objectives and Guidelines
December 6, 2019

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby adopt the proposed changes to the Introduction and Purpose, Roles and Responsibilities and Investment Objectives sections of the Investment Policy Statement, Objectives, and Guidelines, as amended, for the Public School Employees' Retirement System on the recommendation of Joseph W. Sheva, Senior Risk Manager, dated November 19, 2019.

​PSERB Resolution 2019-57
Re: SASOF V LP
December 6, 2019

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 SASOF V LP (and/or related investment vehicles) in accordance with the recommendation of Robert E. Little, Senior Portfolio Manager, dated November 18, 2019, and Aksia, LLC, dated November 15, 2019. 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 2019-58
Re:  Portfolio Advisors Secondary Fund IV, L.P.
December 6, 2019        

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 Portfolio Advisors Secondary Fund IV, L.P. (and/or related investment vehicles), in accordance with the recommendation of Luke M. Jacobs, Manager, Private Markets, dated November 21, 2019 and Hamilton Lane, dated October 29, 2019.  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 2019-59
Re:  Incline Equity Partners V, L.P.
December 6, 2019

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 Incline Equity Partners V, L.P. (and/or related investment vehicles), in accordance with the recommendation of Darren C. Foreman, Director, Private Markets and Luke M. Jacobs, Manager, Private Markets, dated November 20, 2019 and Hamilton Lane, dated October 25, 2019.  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 2019-60
Re:  Apax X USD, L.P.
December 6, 2019

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 Apax X USD, L.P. (and/or related investment vehicles), in accordance with the recommendation of Darren C. Foreman, Director, and Luke M. Jacobs, Manager, Private Markets, dated November 18, 2019 and Hamilton Lane, dated September 3, 2019.  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 2019-61
Re:  Insight Partners XI, L.P.
December 6, 2019

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 Insight Partners XI, L.P. (and/or related investment vehicles), in accordance with the recommendation of Darren C. Foreman, Director, Private Markets and Luke M. Jacobs, Portfolio Manager, Private Markets, dated November 21, 2019 and Hamilton Lane, dated November 5, 2019.  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 2019-62
Re:  Clearlake Capital Partners VI, L.P.
December 6, 2019

 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 Clearlake Capital Partners VI, L.P. (and/or related investment vehicles), in accordance with the recommendation of James F. Del Gaudio, Senior Portfolio Manager, dated November 6, 2019 and Hamilton Lane, dated October 28, 2019.  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 2019-63
Re:  Actuarial Valuation and Fiscal Year 2020-21 Employer Contribution Rate
December 6, 2019

RESOLVED, that the Public School Employees' Retirement Board (PSERB) hereby accepts the June 30, 2019 actuarial valuation report prepared by Buck, and adopts the actuarial factors, assumptions, and methodologies contained therein, which result in an employer contribution rate of 34.51% for Fiscal Year July 1, 2020 through June 30, 2021.

PSERB Resolution 2019-64
Re:  Investment Transparency Policy
December 6, 2019

RESOLVED, that the Public School Employees' Retirement Board (PSERB) hereby adopts the accompanying Investment Transparency Policy as recommended by the Agency Committee on Fee Transparency and the Office of Chief Counsel.

PSERB Resolution 2019-65
Re:  Procurement of Cyber Insurance
December 6, 2019

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby approves the purchase of cyber insurance in accordance with the memorandum of Charles K. Serine, Chief Counsel, dated November 22, 2019, through Lockton Insurance, an insurance broker, with an aggregate insurance limit and deductibles within the ranges specified in the Lockton Cyber Insurance proposal.  The final terms and conditions of the insurance policy must be satisfactory to the Office of Chief Counsel, Office of Technology, and the Office of Executive Director.