Skip to agency navigation
Skip to main content

Official Website

of the Commonwealth of Pennsylvania

    The .gov means its official.

    Local, state, and federal government websites often end in .gov. Commonwealth of Pennsylvania government websites and email systems use "pennsylvania.gov" or "pa.gov" at the end of the address. Before sharing sensitive or personal information, make sure you're on an official state website. 
    PUBLIC SCHOOL EMPLOYEES’ RETIREMENT SYSTEM (PSERS)

    2023 Board Meeting Resolutions

    PSERB Resolution 2023-01
    Re: Appointment of Chief Investment Officer
    January 4, 2023

    RESOLVED,  that  the  Public  School  Employees’  Retirement  Board  (the  “Board”)  hereby  appoints  Benjamin L. Cotton, Ed.D., CFA, to the position of Chief Investment Officer effective January 17, 2023.  Mr.  Cotton  will  be  paid  a  salary  of  $515,000  annually.    To  attract  this  highly  skilled  investment professional, obtained through a nationwide search, he will also receive compensation in the form of a one-time $10,000 quality assurance payment.

    PSERB Resolution 2023-02
    Re: In Re S. Knight, Docket No. 2020-02
    January 20, 2023 

    RESOLVED, that, in the matter of Sybil Knight, Docket No. 2020-02, the Public School Employees' Retirement Board hereby adopts the Opinion and Recommendation of the Hearing Examiner and dismisses Claimant's appeal with prejudice.


    2023-03 PSERB Resolution
    Re: Clayton, Dubilier & Rice Fund XII, L.P.
    January 20, 2023
     

    RESOLVED, that the Public School Employees' Retirement Board hereby commits an amount not to exceed $100 million, plus reasonable and normal investment expenses, to Clayton, Dubilier & Rice Fund XII, L.P., and/or related investment vehicles, in accordance with the recommendation of G. Anthony Meadows, Portfolio Manager and Hamilton Lane. 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 2023-04
    Re: Sixth Street Lending Partners
    January 20, 2023
     

    RESOLVED, that the Public School Employees' Retirement Board hereby commits an amount not to exceed $250 million, plus reasonable and normal investment expenses, to Sixth Street Lending Partners and/or related investment vehicles, in accordance with the recommendation of Sean T. Sarraf, Senior Investment Professional, James F. Del Gaudio, Director and Aksia.  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 2023-05
    Re: Board Deliberation Policy
    February 24, 2023

    RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby adopts the Board Deliberation Policy, as proposed and recommended by the Governance and Administration Committee, and contained in Attachment A.

     

    PSERB Resolution 2023-06
    Re: Cyber Security Insurance Policy
    February 24, 2023

    RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby approves the cyber insurance policy through Lockton Insurance, an insurance broker, with an aggregate insurance limit and retention within ranges as outlined in the Lockton Cyber insurance proposal.  The final terms and conditions of the insurance policy must be satisfactory to the Office of Chief Counsel, Chief Information Security Officer, and the Office of the Executive Director.


    PSERB Resolution 2023-07
    Re: Withdrawal Liability Interest Rate for Closed Schools
    March 31, 2023

    RESOLVED, that the Public School Employees' Retirement Board hereby accepts the recommendation by the Finance and Actuarial Committee to adopt the proposed withdrawal liability interest rate for closed schools as recommended by Buck Global LLC:
    • Use the 10-Year Treasury Constant Maturity Monthly Average Rate (Rate) as of the last actuarial valuation immediately preceding the closure of the employer to calculate the withdrawal liability. If the Rate has changed by more than 100 basis points as of the closure date of the employer, then the Rate in effect as of the first of the month coincident with or just preceding to the closure date will be used to calculate the withdrawal liability.

    PSERB Resolution 2023-08
    Re: Finance and Actuarial Committee Work Plan
    March 31, 2023
     

    RESOLVED, that the Public School Employees' Retirement Board hereby accepts the recommendation of the Finance and Actuarial Committee to approve the Finance and Actuarial Committee Work Plan, as set forth in the attachment, to be used as a guide in the development of agendas.

     

    ​PSERB Resolution 2023-09
    Re: Governance and Administration Committee Work Plan
    March 31, 2023

    RESOLVED, that the Public School Employees' Retirement Board hereby accepts the recommendation of the Governance and Administration Committee to approve the Governance and Administration Committee Work Plan, as set forth in the attachment, to be used as a guide in the development of agendas.

     

    PSERB Resolution 2023-10 
    Re: Executive Director Performance Evaluation Process
    March 31, 2023
    RESOLVED, that the Public School Employees' Retirement Board hereby approves the Executive Director Evaluation Process, as set forth in the attachment, to be used for the current rating period, ending June 30, 2023

    PSERB Resolution 2023-11
    Re: DIF Infrastructure VII, L.P.
    March 31, 2023

    RESOLVED, that the Public School Employees' Retirement Board hereby commits an amount not to exceed €200,000,000, plus reasonable and normal investment expenses, to DIF Infrastructure Fund VII SCSp, and/or related investment vehicles, in accordance with the recommendation of William P. Stalter, Senior Portfolio Manager, Cody Steele, Senior Investment Professional, and Aksia. 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 2023-12
    Re: Commonwealth Holdings, Inc
    March 31, 2023

    RESOLVED, that the Public School Employees' Retirement Board hereby authorizes the disposition of the assets held by Commonwealth Holdings, Inc., in accordance with the recommendation of William P. Stalter, Senior Portfolio Manager. The final terms and conditions of the disposition 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 2023-13
    Re: Health Care Committee Work Plan
    March 31, 2023

    RESOLVED, that the Public School Employees' Retirement Board hereby accepts the recommendation of the Health Care Committee to approve the Health Care Committee Work Plan, as set forth in the attachment, to be used as a guide in the development of agendas.

    PSERB Resolution 2023-14
    Re: Defined Contribution Committee Work Plan
    March 31, 2023

    RESOLVED, that the Public School Employees' Retirement Board hereby accepts the recommendation of the Defined Contribution Committee to approve the Defined Contribution Committee Work Plan, as set forth in the attachment, to be used as a guide in the development of agendas.

     

    PSERB Resolution 2023-15
    Re: Benefits and Appeals Committee Work Plan
    March 31, 2023

    RESOLVED, that the Public School Employees' Retirement Board hereby accepts the recommendation of the Benefits and Appeals Committee to approve the Benefits and Appeals Committee Work Plan, as set forth in the attachment, to be used as a guide in the development of agendas.

     

    PSERB Resolution 2023-17
    Re: SOC 1 Type 2 Audit Readiness and Audit Services
    April 26, 2023

    RESOLVED, that the Public School Employees’ Retirement Board (the “Board”), in accordance with the recommendation of the Audit, Compliance, and Risk Committee hereby retains the accounting firm, CliftonLarsonAllen, LLP for RFP #2023-01, Service Organization Controls (SOC) 1 Type 2 Audit Readiness and Audit Services. The final terms and conditions of the contract are subject to legal due diligence and must be satisfactory to the Internal Audit Office, the Office of Chief Counsel, and the Office of Executive Director, as evidenced either by the appropriate signatures on, or by a memo to that effect appended to, the implementing contract.


    PSERB Resolution 2023-18
    Re: Investment Policy Statement Liquidity Policy
    May 24, 2023

    RESOLVED, that the Public School Employees' Retirement Board hereby adopts the changes to the Stand-alone Investment Liquidity Policy for the Public School Employees' Retirement System pursuant to the memo from Benjamin Cotton, Chief Investment Officer, dated May 18, 2023, and as amended to require twenty-four (24) hour notification to the full Board with a detailed report to the full Board within two (2) weeks. 


    PSERB Resolution 2023-19
    Re: Investment Policy Statement Tail Risk Mitigation Strategy Policy
    May 24, 2023

    RESOLVED, that the Public School Employees' Retirement Board hereby adopts the temporary changes to the Stand-alone Investment Tail Risk Mitigation Strategy Policy for the Public School Employees' Retirement System pursuant to the memo from Benjamin Cotton, Chief Investment Officer, dated May 18, 2023.


    PSERB Resolution 2023-20
    Re: Audit Plan Fiscal Year 2023/2024
    June 9, 2023

    RESOLVED, that the Public School Employees’ Retirement Board hereby adopts the Audit Plan for Fiscal Year 2023/2024, as presented by Mei Gentry, Chief Audit Officer, on May 31, 2023.


    PSERB Resolution 2023-21  
    Re: 2024 HOP Rates
    June 9, 2023

    RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby adopts the monthly premium rates listed in the attached charts under Tab 5.2.3 in Diligent for the HOP Medical Plan, HOP Value Medical Plan, the Pre-65 HOP Medical Plan, the HOP Enhanced Medicare Part D Rx Plan, the HOP Basic Medicare Part D Plan, and the HOP Value Medicare Part D Rx Plan effective January 1, 2024 for plan year 2024.  

    PSERB Resolution 2023-22
    Re: Benefits and Appeals Committee Staff Complement
    June 9, 2023

    RESOLVED, that the Public School Employees’ Retirement Board hereby authorizes staff to take the appropriate actions as necessary to request an increase to the complement of the Member Service Center and Regional Offices of the Bureau of Communications and Counseling, not to exceed twenty (20) full-time positions.


    PSERB Resolution 2023-23
    Re: In Re S. Barton, Docket No. 2021-09
    June 9, 2023
    RESOLVED, that, in the matter of Susan D. Barton, Docket No. 2021-09, the Public School Employees’ Retirement Board hereby adopts the Opinion and Recommendation of the Hearing Examiner as modified and dismisses Claimant’s appeal with prejudice.


    PSERB Resolution 2023-24
    Re: Investment Committee Work Plan
    June 9, 2023

    RESOLVED, that the Public School Employees' Retirement Board hereby accepts the recommendation of the Investment Committee to approve the Investment Committee Work Plan, as set forth in the attachment, to be used as a guide in the development of agendas.

     

    PSERB Resolution 2023-25
    Re: Insight Partners Fund XIII, L.P.
    June 9, 2023

    RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby commits an amount not to exceed $130 million plus reasonable normal investment expenses, to Insight Partners Fund XIII, L.P., and/or related investment vehicles, in accordance with the recommendation of G. Anthony Meadows, Portfolio Manager and Aksia. 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 2023-26
    Re: PIMCO Commercial Real Estate Debt Fund II, L.P.
    June 9, 2023

    RESOLVED, that Public School Employees’ Retirement Board (the “Board”) hereby commits an amount not to exceed $200 million, plus reasonable and normal investment expenses, to PIMCO Commercial Real Estate Debt II and/or related investment vehicles, in accordance with the recommendation of Sean T. Sarraf, Senior Investment Professional, James F. Del Gaudio, Director and Aksia. 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 2023-27
    Re: LS Power Fund V, L.P.
    June 9, 2023
     
    RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby commits an amount not to exceed $200,000,000, plus reasonable and normal investment expenses, to LS Power Equity Partners V, L.P., and/or related investment vehicles, in accordance with the recommendation of Cody Steele, Senior Investment Professional, William P. Stalter, Senior Portfolio Manager and Aksia. 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 2023-28
    Re: Keystone-Florida Property Holding Corp.
    June 9, 2023

    RESOLVED, that the Public School Employees’ Retirement Board hereby authorizes the disposition of Parcel A held by Keystone-Florida Property Holding Corp., in accordance with the recommendation of Melissa A. Quackenbush, Senior Portfolio Manager. The final terms and conditions of the disposition 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 2023-29
    Re: Signing of Contracts, Instruments, and Other Documents
    June 9, 2023
    RESOLVED, that the Public School Employees’ Retirement Board authorizes any two or more of the persons occupying the following positions, namely, the Executive Director; Deputy Executive Director and Director of Defined Contribution Investments; Deputy Executive Director of Administration; Chief Financial Officer; Chief Investment Officer; Deputy Chief Investment Officer; Deputy Chief Investment and Operations Officer; Director, Investment Operations; and Director of Investment Accounting and Budget to execute and deliver any and all contracts, instruments, or documents that require written signatures in the name of the Public School Employees’ Retirement System (the “System”) or the School Employees’ Defined Contribution Plan (the “Plan”), as applicable, and to endorse, assign, or guarantee all such contracts, instruments, or documents in the name of the System or the Plan, as applicable.

    RESOLVED FURTHER, that (i) in the case of investment contracts, the Chief Investment Officer; Deputy Chief Investment Officer; Deputy Chief Investment and Operations Officer; or Director, Investment Operations must be one of the two signatories, and the Executive Director; Deputy Executive Director, Director of Defined Contribution Investments; Deputy Executive Director of Administration; Chief Financial Officer; or Director of Investment Accounting and Budget must be one of the two signatories, except in exigent circumstances when the only authorized signatories who are available hold Investment Office positions; and (ii) in the case of all other contracts, the Executive Director; Deputy Executive Director, Director of Defined Contribution Investments; Deputy Executive Director of Administration; Chief Financial Officer; or Director of Investment Accounting and Budget must be one of the two signatories, except in exigent circumstances when none of the designated individuals is available. 

    RESOLVED FURTHER, that the members of System staff shall be authorized to execute and deliver forms and other non-contractual documents relating to either investment or benefit matters in the course of their assigned ministerial duties (e.g., tax forms, confirmations of the System’s and/or Plan’s tax exempt status, verifications of account information, workers’ compensation and unemployment compensation forms, and other documents that do not require the exercise of discretion or judgment on the part of the staff member who executes the document). 


    PSERB Resolution 2023-30 
    Re: Strategic Plan Framework
    August 11, 2023

    RESOLVED, that the Public School Employees’ Retirement Board adopts the framework of the Strategic Plan as presented today


    PSERB Resolution 2023-31
    Re: Policy Manual for Investment Professional Staff Promotions
    August 11, 2023

    RESOLVED, that the Public School Employees’ Retirement Board adopts the proposed amendments to the Promotions language (section 1.5) within the Policy Manual for Investment Professional Staff.

     

    PSERB Resolution 2023-32
    Re: Board Policy List
    August 11, 2023

    RESOLVED, that the Public School Employees’ Retirement Board adopts the August 11th, 2023, Board Policy list and accompanying policy committee assignments.


    PSERB Resolution 2023-33
    Re: Investment Policy Statement Allocation Adjustment
    August 11, 2023
     
    RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby adopts the Asset Allocation Targets and Ranges, and the Policy Benchmarks and Policy Weights, pursuant to the proposed Allocation Targets and Ranges and Benchmark and Policy Weights identified for Option 5, on pages 8, 9, and 10, within the Interim SAA Implementations Considerations presentation prepared by Benjamin L. Cotton, Chief Investment Officer, and presented to the Investment Committee on August 10, 2023, to be effective from October 1, 2023.
     
    It is further RESOLVED that the Board authorizes the Investment Office to amend sections VI. Asset Allocation and VII. Performance Objectives of the Investment Policy Statement for the Public School Employees’ Retirement System, subject to review by the Office of Chief Counsel to reflect the adopted Allocation Targets and Ranges, Benchmark and Policy Weights approved herein with an effective date October 1, 2023.

     

    PSERB Resolution 2023-34
    Re: TCI Real Estate Partners Fund IV, L.P.
    August 11, 2023
     
    RESOLVED, the Public School Employees’ Retirement Board (the “Board”) hereby commits an amount not to exceed $200 million plus reasonable normal investment expenses, to TCI Real Estate Partners Fund IV LP, and/or related investment vehicles, in accordance with the recommendation of Robert E. Little, Senior Portfolio Manager, and Aksia. 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 2023-35
    Re: Brookfield Strategic Real Estate Partners V, L.P.
    August 11, 2023
     
    RESOLVED, the Public School Employees’ Retirement Board (the “Board”) hereby commits an amount not to exceed $300 million plus reasonable and normal investment expenses, to Brookfield Strategic Real Estate Partners V, L.P. and/or related investment vehicles, in accordance with the recommendation of Melissa A. Quackenbush, Senior Portfolio Manager, Jarrett B. Richards, Senior Investment Professional and Aksia, LLC. 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 2023-36
    Re: Partial Withdrawal Liability Payment Plan and Calculation for an Employer with Both a Partial and a Full Withdrawal Liability Determination
    October 20, 2023

    RESOLVED, that the Public School Employees’ Retirement Board, in accordance with the recommendation of the Finance and Actuarial Committee, adopts: 

    • the proposed payment plan methodology as an optional payment method for a partial withdrawal liability; and 
    • the proposed calculation for an employer with both a partial and a full withdrawal liability determination. 



    PSERB Resolution 2023-37
    Re: Fiscal Year 2023-24 Budget Requests
    October 20, 2023

    RESOLVED, that the Public School Employees’ Retirement Board, in accordance with the recommendation of the Finance and Actuarial Committee, adopts the following increases to the original Fiscal Year 2023-24 Budget Requests: 
    • Additional $261,000 for the 2023-24 Investment Related Expenses Budget, for a total not to exceed $41,144,000. 
    • Additional $5,000 for the 2023-24 Health Insurance Account (Premium Assistance) – Administrative Budget, for a total not to exceed $1,269,000. 
    • Additional $8,000 for the 2023-24 Health Options Program – Administrative Budget, for a total not to exceed $1,652,000. 


    PSERB Resolution 2023-38
    Re: Buck Global LLC Contract Renewal 
    October 20, 2023

    RESOLVED, that the Public School Employees’ Retirement Board adopts the recommendation of the Finance and Actuarial Committee to extend the term of the existing contract with Buck Global, LLC, for an additional twelve month time period for each of the Fixed Fee and Hourly Services.  The final terms and conditions of the contract are subject to legal due diligence and must be satisfactory to the Office of Financial Management, the Office of Chief Counsel, and the Office of Executive Director, as evidenced either by the appropriate signatures on, or by a memo to that effect appended to, the implementing contract. 



    PSERB Resolution 2023-39
    Re: Fiscal Year 2024-25 Budget Request
    October 20, 2023

    RESOLVED, that the Public School Employees' Retirement Board (the “Board”) adopts the recommendation of the Finance and Actuarial Committee and approves the following Budget requests for Fiscal Year 2024–25. 
    1. The 2024-25 Administrative Budget, not to exceed $61,403,000, subject to adjustments by the Governor’s Budget Office or the General Assembly,
    2. The 2024-25 Investment Related Expenses Budget, not to exceed $40,682,000,
    3. The 2024-25 Defined Contribution Budget, not to exceed $1,282,000, subject to adjustments by the Governor’s Budget Office or the General Assembly,
    4. The 2024-25 Health Insurance Account (Premium Assistance) - Administrative Budget, not to exceed $1,285,000,
    5. The 2024-25 Health Options Program - Administrative Budget, not to exceed $1,681,000 and,
    6. The 2024-25 Directed Commissions Recapture Program Budget, not to exceed $2,000,000, for the Public School Employees’ Retirement System. 

    PSERB Resolution 2023-40
    Re: June 30, 2023 and 2022 Financial Statements and Ratification of Payments
    October 20, 2023

    RESOLVED, that the Public School Employees Retirement Board in accordance with the recommendation of the Finance and Actuarial Committee, adopts the June 30, 2023 and 2022 Financial Statements and ratifies all payments that are reflected within.  



    PSERB Resolution 2023-41
    Re: SB & Co Report for Financial Statement Audit 
    October 20, 2023

    RESOLVED, that the Public School Employees’ Retirement Board approves the Independent Auditor's Report for the audited financial statements, as presented by SB & Company, in accordance with the recommendation of the Audit, Compliance and Risk Committee. 



     

    PSERB Resolution 2023-42
    Re: Policy on Referrals of Investment Opportunities and Service Provider Candidates
    October 20, 2023
     
    RESOLVED, that the Public School Employees’ Retirement Board adopts the attached Policy on Referrals of Investment Opportunities and Service Provider Candidates​, in accordance with the recommendation of the Governance and Administration Committee. 


    PSERB Resolution 2023-43
    Re: Board Education Policy 
    October 20, 2023
     
    RESOLVED, that the Public School Employees’ Retirement Board adopts the proposed amendments to the attached Board Education Policy, in accordance with the recommendation of the Governance and Administration Committee. 


     

    PSERB Resolution 2023-44
    Re: Amendments to the Executive Director Evaluation Process 
    October 20, 2023
     
    RESOLVED, that the Public School Employees' Retirement Board hereby approves the amendments to the attached Executive Director Evaluation Process to include the evaluation processes for the Chief Counsel and Chief Investment Officer, formalized as the Board Direct Report Performance Evaluation Procedure. 


     

    PSERB Resolution 2023-45
    Re: Office of Chief Counsel Salary Adjustments 
    October 20, 2023

    RESOLVED, that the Public School Employees Retirement Board (“Board”) accepts the recommendation of the Governance and Administration Committee to authorize salary adjustments for legal counsel situated in the System Office of Chief Counsel as of June 30, 2023 in accordance with salary increases authorized by the Executive Board of the Commonwealth for attorneys under the Office of General Counsel until such time as the legal counsel is covered under a PSERS-specific compensation policy.  Attorneys situated or hired into the Office of Chief Counsel on or after July 1, 2023, shall be authorized for subsequent increases as of January 1, 2024 and as authorized by the Executive Board of the Commonwealth. 



    PSERB Resolution 2023-46
    Re: J. Esch, Docket No. 2020-09
    October 20, 2023

    RESOLVED, that, in the matter of Jeanine Esch, Docket No. 2020-09, the Public School Employees' Retirement Board accepts the recommendation of the Benefits and Appeals Committee and adopts the proposed Opinion and Order of the Board and dismisses Claimant's appeal with prejudice. 



    PSERB Resolution 2023-47
    Re: R. Cammisa-Cantz, Docket No. 2020-11 
    October 20, 2023

    RESOLVED, that, in the matter of Rosina Cammisa-Cantz, Docket No. 2020-11, the Public School Employees' Retirement Board accepts the recommendation of the Benefits and Appeals Committee and adopts the Opinion and Order of the Board and dismisses Claimant's appeal with prejudice. 



    PSERB Resolution 2023-48
    Re: RFP Pharmacy Medicare Part D Compliance Consultant
    October 20, 2023

    RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) adopts the recommendation of the Health Care Committee and engages BluePeak Advisors for RFP #2023-2 CMS Medicare Part D PDP Compliance Consulting. The final terms and conditions of the contract are subject to legal due diligence and must be satisfactory to the Health Insurance Office, the Office of Chief Counsel, and the Office of Executive Director, as evidenced either by the appropriate signatures on, or by a memo to that effect appended to, the implementing contract. 



    PSERB Resolution 2023-49
    Re: NISA Investment Advisors, LLC
    October 20, 2023
     
    RESOLVED, that the Public School Employees’ Retirement Board, in accordance with the recommendation of the Investment Committee, authorizes an engagement with NISA Investment Advisors, LLC to manage and maintain up to $10 billion of liquid markets exposure in a Directed Beta Overlay program as directed by the Investment Office.  Such engagement will include the initial allocation and ongoing maintenance of supporting cash or physical assets as collateral not to exceed 25% of the authorized liquid markets exposure, with all exposures and supporting collateral maintained in separately managed investment and collateral maintenance accounts.   
     
     
    The final terms and conditions of the engagement are subject to legal due diligence and 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 contracts. 
     


     

    PSERB Resolution 2023-50
    Re: Womble Bond Dickinson Contract Amendment 
    October 20, 2023

    RESOLVED, that the Public School Employees' Retirement Board (the Board) hereby authorizes Womble Bond to provide access to Board members through the Womble Bond Dickinson, (US), LLP (Womble Bond) platform, to documents the Public School Employees’ Retirement System (PSERS) has produced or is reasonably likely to produce to third-parties pursuant to litigation regarding the Shared Risk Calculation and the Harrisburg Real Estate and which the Office of Chief Counsel finds of significance.  

    The documents shall be made searchable but not downloadable and printable. 

    Access is to be provided on a per person (user account) basis, with a cost no greater than $200 per user per month. Access to the Womble Bond platform will cease at the termination of the Womble contract. 

    FURTHER RESOLVED, that the Board hereby authorizes that the Womble Bond contract be amended in order to provide the access designated herein and access to the Chief Counsel and any Office of Chief Counsel attorneys designated by the Chief Counsel. The purpose of the latter access is to allow the Chief Counsel to carry out his duties specified in this Resolution. The final terms and conditions of the amendment are subject to legal due diligence and must be satisfactory to 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 amendment. 
     



    PSERB Resolution 2023-51 
    Re: RFP# 2023-3 Pension and Investment Consulting Services for Governmental Defined Contribution Plan 
    December 1, 2023

    RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) adopts the recommendation of the Defined Contribution Committee and engages CapFinancial
    Partners, LLC for RFP #2023-03. The final terms and conditions of the contract are subject to legal due diligence and must be satisfactory to the Deputy Executive Director and Director of Defined Contribution Investments, the Office of Chief Counsel, and the Office of Executive Director, as evidenced either by the appropriate signatures on, or by a memo to that effect appended to, the implementing contract.



    PSERB Resolution 2023-52
    Re: Adviser Compliance Associates, LLC ("ACA") Final Report 
    December 15, 2023

     

    RESOLVED, that the Public School Employees' Retirement Board has received the ACA memo concluding PSERS performance reporting from FY 2013 to 2023 is accurate and complete and directs the Chair to assign appropriate recommendations to the relevant committees for consideration.  ​

     

    PSERB Resolution 2023-53
    Re: Kring, K., Docket No. 2018-12
          Claar M., Docket No. 2018-13
    December 15, 2023

    RESOLVED, that in the consolidated matter of Kay M. Kring, Docket No. 2018-12, and Michelle A. Claar, Docket No. 2018-13, the Public School Employees' Retirement Board hereby accepts the recommendation of the Benefits and Appeals Committee and adopts the proposed Opinion and Order of the Board and dismisses Claimant's appeal with prejudice.​


    PSERB Resolution 2023-54 
    Re: Sadler D., Docket No. 2021-12
    December 15, 2023

    RESOLVED, that in the matter of Diane Sadler, Docket No. 2021-12, the Public School Employees' Retirement Board hereby accepts the recommendation of the Benefits and Appeals Committee and adopts the proposed Opinion and Order of the Board and dismisses Claimant's appeal with prejudice.​


    PSERB Resolution 2023-55
    Re: Crisostomo M., Docket No. 2021-14
    December 15, 2023

    RESOLVED, that in the matter of Mabel Crisostomo, Docket No. 2021-14, the Public School Employees' Retirement Board hereby accepts the recommendation of the Benefits and Appeals Committee and adopts the proposed Opinion and Order of the Board and dismisses Claimant's appeal with prejudice.


    PSERB Resolution 2023-56
    Re: Health Options Program Budget 2024
    December 15, 2023

    ​RESOLVED, that the Public School Employees Retirement Board hereby accepts the recommendation of the Health Care Committee and adopts the proposed Health Options Program Budget and two supplemental budgets for the sponsor's Administrative and Medicare Prescription Drug Program for the Plan Year 2024 in the aggregate amount of $548,488,000.​


    PSERB Resolution 2023-57
    Re: Actuarial Valuation and Certification of FY2024-25 Employer Contribution Rate and Shared Risk Rate Provisions
    December 15, 2023

     

    RESOLVED, that the Public School Employees' Retirement Board (the "Board") accepts the recommendation of the Finance and Actuarial Committee and adopts the June 30, 2023 Actuarial Valuation Report prepared by Buck Global, LLC, and the actuarial factors, assumptions, and methodologies contained therein, which result in an employer contribution rate of 33.90% for Fiscal Year July 1, 2024 through June 30, 2025.

     

    RESOLVED FURTHER, that the Board certifies and decreases the current rates to the basic T-E member contribution rate of 7.5%, T-F member contribution rate of 10.3%, T-G member contribution rate of 8.25% (Defined benefit rate 5.50%; DC rate 2.75%) and T-H member contribution rate of 7.5% (Defined benefit rate 4.50%; DC rate 3.00% for the three-year period from July 1, 2024 to June 30, 2027 in accordance with the Shared Risk provisions of PSERS' Retirement Code​.

     

    PSERB Resolution 2023-58
    Re: 2023 Stress Testing and Risk Assessment Report   
    December 15, 2023
     

    RESOLVED, that the Public School Employees' Retirement Board (the "Board"), in accordance with the recommendation of Finance and Actuarial Committee, accepts the 2023 Stress Testing and Risk Assessment Report, as presented by Buck Global, LLC​.

     

    PSERB Resolution 2023-59
    Re: Termination of Aon Investments USA, Inc. 
    December 15, 2023

    RESOLVED, that the Public School Employes' Retirement Board hereby exercises its options pursuant to Rider 4, Sections 1.23 CONTRACT-021.1(a)(3), (15) and (17) and 1.25 CONTRACT-023.1a(c) of Purchase Order No. 4300636463 (the "Agreement") and terminates Aon Investments USA, Inc. ("Aon") as the Board's investment consultant for cause, effective immediately upon notice to Aon​.


    PSERB Resolution 2023-60
    Re: Clearlake Capital Partners VIII, LP
    December 15, 2023
     

    RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby commits an amount not to exceed $100 million, plus reasonable normal investment expenses, to Clearlake Capital Partners VIII, LP, and/or related investment vehicles, in accordance with the recommendation of Luke M. Jacobs, Portfolio Manager and Aksia, LLC. 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 2023-61
    Re: OceanSound Partners Fund II, LP
    December 15, 2023
     

    RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby commits an amount not to exceed $100 million plus reasonable normal investment expenses, to OceanSound Partners Fund II, LP, and/or related investment vehicles, in accordance with the recommendation of Darren C. Foreman, Director, and Aksia.  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 2023-62
    Re: Procurement of Hudepohl & Associates
    December 15, 2023

    RESOLVED, that the Public School Employees Retirement Board hereby authorizes a procurement process to retain Hudepohl & Associates LLC for continued services related to the compensation study and Policy Manual for Investment Professionals. Such services shall include continued research assistance and guidance in implementing policy changes​.

    PSERB Resolution 2023-63
    Re: Executive Director Compensation Adjustment
    December 15, 2023

    RESOLVED, that the Public School Employees Retirement Board approves the Cost of Living Adjustment of 3.5% for the Executive Director, as proposed by the Office of Administration​.