2024 Board Meeting Resolutions

PSERB Resolution 2024-25
Re: FY24-25 Internal Audit Plan
May 31, 2024

RESOLVED, that the Public School Employees' Retirement Board accepts the recommendation of the Audit, Compliance, and Risk Committee and adopts the FY24-25 Internal Audit plan.

PSERB Resolution 2024-26
Re: Investment Policy Statement
May 31, 2024

RESOLVED, that the Public School Employees' Retirement Board (the "Board") accepts the recommendation of the Investment Committee and adopts the changes to the following investment policies, attached​: 

Policies with changes only

• Investment Policy Statement
• Liquidity Policy
• Securities Lending Policy
• Tail Risk Mitigation Strategy Policy
• Qualified Independent Representative (QIR) Policy

Policies to be changed and consolidated

• Consolidation of the Cash Policy into the Public Markets Asset ClassPolicy
• Consolidation of the Derivatives Policy and the Leverage Policy into asingle Derivatives and Leverage Policy

PSERB Resolution 2024-27
Re: Bank of New York Mellon – Securities Lending Agent
May 31, 2024

RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) adopts the recommendation of the Investment Committee ​to hire Bank of New York Mellon as securities lending agent subject to the Investment Policy Statement, related Board policies, Objectives and Guidelines, as amended from time to time.

The final terms and conditions of the investment 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 2024-28
Re: ICG Europe Mid-Market Fund II SCSp
May 31, 2024 

RESOLVED, that the Public School Employees’ Retirement Board ​(the “Board”) adopts the recommendation of the Investment Committee​ to invest an amount not to exceed €150,000,000 plus reasonable and normal investment expenses, to ICG Europe Mid-Market Fund II SCSp and/or related investment vehicles. 

The final terms and conditions of the investment 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 2024-29
Re: Carlyle Realty Partners X, LP
May 31, 2024 

RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) adopts the recommendation of the Investment Committee​ to invest an amount not to exceed $300,000,000 plus reasonable and normal investment expenses, to Carlyle Realty Partners X, LP and/or related investment vehicles. 

The final terms and conditions of the investment 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 2024-30
Re: CION Grosvenor Infrastructure Interval Fund, LP
May 31, 2024

RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) adopts the recommendation of the Investment Committee​ to invest an amount not to exceed $300,000,000 plus reasonable and normal investment expenses, to CION Grosvenor Infrastructure Interval Fund, LP and/or related investment vehicles.

The final terms and conditions of the investment 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 2024-31
Re: Investment Compliance Monitoring Services
May 31, 2024 

RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) adopts the recommendation of the Investment Committee to authorize staff to negotiate the terms of a sole source procurement for Investment Compliance Monitoring Services with IQ EQ for a period of three years with not more than two one-year renewals negotiated at the discretion of staff.

The final terms and conditions of the contract 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 contract.

​PSERB Resolution 2024-32
Re: Account of Nelson, Docket No. 2019-09
May 31, 2024 

RESOLVED, that in the matter of Charles H. Nelson (Deceased) under claim of Jean Nelson, Docket No. 2019-09, the Public School Employees’ Retirement Board (the “Board”) accepts the recommendation of the Benefits and Appeals Committee and adopts the attached Opinion and Order of the Board​ and dismisses Claimant’s appeal with prejudice.

PSERB Resolution 2024-33
Re: Account of Zilinskas, Docket No. 2021-01
May 31, 2024 

RESOLVED, that in the matter of Mark J. Zilinskas, Docket No. 2021-01, the Public School Employees’ Retirement Board (the “Board”) accepts the recommendation of the Benefits and Appeals Committee and adopts the attached Opinion and Order of the Board ​and dismisses Claimant’s appeal with prejudice.​

​PSERB Resolution 2024-34
Re: Account of Prusick, Docket No. 2019-11
May 31, 2024 

RESOLVED, that in the matter of David J. Prusick, Docket No. 2019-11, the Public School Employees’ Retirement Board (the “Board”) accepts the recommendation of the Benefits and Appeals Committee and adopts the attached Opinion and Order of the Board ​and dismisses Claimant’s appeal with prejudice.

​PSERB Resolution 2024-35
Re: Cyber Insurance Brokerage Services
May 31, 2024 

RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) accepts the recommendation of the Governance and Administration Committee and authorizes PSERS staff to initiate the request for proposal process for an insurance broker to provide services in securing cyber security insurance.

​PSERB Resolution 2024-36
Re: Electronic Board Platform
May 31, 2024 

RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) accepts the recommendation of the Governance and Administration Committee and authorizes staff to seek a software renewal of the Electronic Board Platform Services that are currently provided to PSERS by Diligent Corporation and extend the license to use such software for a period not to exceed five years. 

The final terms and conditions of the contract are subject to legal due diligence and must be satisfactory to the Deputy Executive Director for Administration, 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 2024-37
Re: 2025 HOP Plans and Rates
May 31, 2024

RESOLVED, that the Public School Employees’ Retirement Board (the "Board") accepts the recommendation of the Health Care Committee and adopts the plan design changes and monthly premium rates listed in the attached charts for the HOP Medical Plan, HOP Value Medical Plan, the Pre-65 HOP Medical Plan, the HOP "High" Medicare Part D Rx Plan, and the HOP "Low" Medicare Part D Rx Plan effective January 1, 2025 for plan year 2025.

The attached charts will be made public on October 1, 2024 pursuant to the marketing requirements and related provisions of the Medicare Advantage and Medicare Prescription Drug Benefit rules (Chapter 42 of the Code of Federal Regulations, Parts 422 and 423).

​PSERB Resolution 2024-38
Re: Renewal and Amendment of the Agreement for Prescription Drug Benefits Administration Services with OptumRx, Inc.
May 31, 2024 

RESOLVED, that the Public School Employees’ Retirement Board accepts the recommendation of the Health Care Committee and authorizes staff to negotiate the terms of renewing the Agreement for Prescription Drug Benefits Administration Services with OptumRx, Inc. and further authorizes the agreement to be amended to include the administration of the Medicare Prescription Payment Plan required under the Inflation Reduction Act of 2022. The final terms and conditions of the amendments are subject to legal due diligence and must be satisfactory to the Office of Chief Counsel, the Health Insurance Office, 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 2024-39
Re: Premium Stabilization Demonstration Program
August 5, 2024

RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) accepts the recommendation of the Health Care Committee and authorizes staff to enroll the Health Options Program in the Premium Stabilization Demonstration Program created by the Centers for Medicare & Medicaid Services (CMS).

PSERB Resolution 2024-40
Re: Account of Musser B., Docket No. 2021-03
August 16, 2024

RESOLVED, that in the matter of Brett A. Musser, Docket No. 2021-03, 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 2024-41
Re: Investment Policy Statement
August 16, 2024

RESOLVED, that the Public School Employees' Retirement Board (the "Board") accepts the recommendation of the Investment Committee and adopts the changes to the following investment policies, attached:

Policies with changes only

• Investment Policy Statement

Policies to be changed and consolidated

• Consolidation of the Traditional Investments Due Diligence Policy and the Non-Traditional Investments Due Diligence Policy into a single External Manager DueDiligence and Monitoring Policy

PSERB Resolution 2024-42
Re: Aksia Contract Extension
August 16, 2024

RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) adopts the recommendation of the Investment Committee to extend the term of Aksia contract - Hedge Fund and Private Credit Investment Consulting Services (“Aksia Contract #1”), from January 31, 2026, to February 29, 2028, to make it coterminous with Aksia contract - Private Markets Investment Consulting and Back-Office Services (“Aksia Contract #2”).

The final terms and conditions of the investment 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 2024-43
Re: LLR Equity Partners VII, L.P.
August 16, 2024

RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) adopts the recommendation of the Investment Committee to invest an amount not to exceed $125 million, plus reasonable and normal investment expenses, to LLR Equity Partners VII, L.P., and/or related investment vehicles.

The final terms and conditions of the investment 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 2024-44
Re: Summit Partners Growth Equity Fund XII – A, L.P.
August 16, 2024

RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) adopts the recommendation of the Investment Committee to invest an amount not to exceed $100 million, plus reasonable and normal investment expenses, to Summit Partners Growth Equity Fund XII - A, L.P., and/or related investment vehicles.

The final terms and conditions of the investment 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 2024-45
Re: ACORE Opportunistic Credit II, L.P.
August 16, 2024

RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) adopts the recommendation of the Investment Committee to invest an amount not to exceed $175 million, plus reasonable and normal investment expenses, to ACORE Opportunistic Credit II, L.P., and/or related investment vehicles.

The final terms and conditions of the investment 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 2024-46
Re: Blackstone Infrastructure Partners Europe (CYM) L.P.
August 16, 2024

RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) adopts the recommendation of the Investment Committee to (i) commit an amount not to exceed €200,000,000 plus reasonable and normal investment expenses, to Blackstone Infrastructure Partners Europe (CYM) L.P. and/or related investment vehicles, and (ii) authorizes the Investment Office in its discretion to commit additional sums to Blackstone Infrastructure Partners, L.P., Blackstone Infrastructure Partners Europe (CYM) L.P. and/or related investment vehicles provided that at the time of any such commitment, the NAV of these vehicles together with the additional commitment amount, does not exceed the greater of (a) $1,000,000,000 or (b) 25% of the Private Infrastructure Portfolio’s NAV, until such time as otherwise approved or amended.

The final terms and conditions of the investment 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 2024-47
Re: Peppertree Capital Fund X QP, L.P.
August 16, 2024

RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) adopts the recommendation of the Investment Committee to invest an amount not to exceed $100 million, plus reasonable and normal investment expenses, to Peppertree Capital Fund X QP, L.P., and/or related investment vehicles.

The final terms and conditions of the investment 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 2024-48
Re: Account of J.W., Docket No. 2021-02
August 16, 2024

RESOLVED, that, in the matter of J.W., Docket No. 2021-02, the Public School Employees' Retirement Board accepts the recommendation of the Benefits and Appeals Committee and adopts the attached Opinion and Order of the Board and dismisses Claimant’s appeal with prejudice.

PSERB Resolution 2024-49
Re: 2025 HOP Medicare Rx Rates
August 16, 2024

RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) accepts the recommendation of the Health Care Committee and adopts the revised monthly premium rates listed in the attached for the HOP Medicare Plus Rx Plan and the HOP Medicare Standard Rx Plan effective January 1, 2025 for plan year 2025.

The attached will be made public on October 1, 2024 pursuant to the marketing requirements and related provisions of the Medicare Advantage and Medicare Prescription Drug Benefit rules (Chapter 42 of the Code of Federal Regulations, Parts 422 and 423).

PSERB Resolution 2024-50
Re: RFP 2024-02 Health Care Plan Consulting and Management Services
August 16, 2024

RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) adopts the recommendation of the Health Care Committee and engages The Segal Company for RFP 2024-02 Health Care Plan Consulting and Management Services. 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 2024-51
Re: Settlement of PSERB, et al. v. Aon Investments USA Inc.
August 16, 2024

RESOLVED, that the Public School Employees' Retirement Board (“the Board") hereby authorizes the settlement of the claims of the Board against Aon Investments USA Inc. (“Aon”) and the lawsuit brought against Aon in the Court of Common Pleas of Philadelphia County, Pennsylvania, Case No. 221102792 in exchange for a lump sum payment of $7,000,000. The final terms and conditions of a settlement agreement and mutual release between the Board and Aon must be in conformance with this Resolution and satisfactory to the Office of Chief Counsel and the Board Chairperson, as evidenced either by the appropriate signatures on the settlement agreement or by a memo to that effect appended to the settlement agreement and mutual release

PSERB Resolution 2024-52
Re: Office of Attorney General Engagement for the Collection of Withdrawal Liability for a Closed School Employer
September 25, 2024

RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) authorizes the engagement of the Office of Attorney General (“OAG”) pursuant to the Commonwealth Attorneys Act, 71 P.S. § 732-101 et seq. to collect the withdrawal liability for a school employer that becomes a nonparticipating employer under Section 8327.1(a)(1) and for which payment of the withdrawal liability has not been made within a reasonable time, as determined by the Office of Chief Counsel.  This Resolution does not authorize the OAG to seek relief under Section 8327(b) (relating to payments by employers) on the Board’s behalf.

PSERB Resolution 2024-53
Re: Cybersecurity Insurance Brokerage and Consulting Services
October 11, 2024

RESOLVED,  that the Public School Employees’ Retirement Board (the “Board”) adopts the recommendation of the Governance and Administration Committee and engages Arthur J. Gallagher Risk Management Services, LLC for RFP #2024-3.

The final terms and conditions of the contract are subject to legal due diligence and must be satisfactory to the Deputy Executive Director for Administration, 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 2024-54
Re: Audit, Compliance, and Risk Committee Vital Signs
October 25, 2024

RESOLVED, that the Public School Employees' Retirement Board accepts the recommendation of the Audit, Compliance, and Risk Committee to adopt the following vital signs and metrics for the internal audit office and enterprise risk management program: 

• Planned Progress vs. Actual Progress on Annual Audit Plan
• Residual Risk Heat Map
• Management Action Plan Status Tracker

PSERB Resolution 2024-55
Re: SB & Company Financial Statement Audit Report
October 16, 2024

RESOLVED, that the Public School Employees' Retirement Board accepts the recommendation of the Audit, Compliance, and Risk Committee and approves the attached SB & Company Independent Auditor’s Report for the audited financial statements.

PSERB Resolution 2024-56
Re: Governance and Administration Committee Vital Sign
October 25, 2024

RESOLVED, that the Public School Employees’ Retirement Board accepts the recommendation of the Governance and Administration Committee and adopts the following vital signs and metrics for its key areas of oversight:

Human Resources

• # days from applicant packets distributed to start date established
• % EPRs not delivered timely (within 14 days of due date)
• % PDs not updated within one year of last update
• % employees with approved performance standards

Information Technology

• # critical outages
• % “healthy” application deployments (timeliness, SCRs fixed – new SCRs)
• # vulnerabilities addressed (patches applied, age of vulnerabilities, improvement from baseline)
•  # failed phishing tests

Procurement

• # days from bid/proposal opening date to Recommendation for Contractor Selection
• # sole source contracts, # emergency contracts, # settlement agreements

Imaging

• # days from document receipt to full validation
• # document errors

Governance

• % of policy inventory reviewed by the Board within the last 3 years

PSERB Resolution 2024-57
Re: Classification and Compensation Plan Policy and Classification and Compensation Plan Policy Transition Plan
October 25, 2024

RESOLVED, that the Public School Employees’ Retirement Board accepts the recommendation of the Governance and Administration Committee and adopts the attached Classification and Compensation Plan Policy and Classification and Compensation Plan Policy Transition Plan (formerly the Policy Manual for Investment Professionals).

PSERB Resolution 2024-58
Re: Withdrawal Liability Collections Policy
October 25, 2024

RESOLVED, that the Public School Employees’ Retirement Board accepts the recommendation of the Finance and Actuarial Committee and adopts the attached Withdrawal Liability Collections Policy.  

PSERB Resolution 2024-59
Re: Buck Global, LLC Contract Extension
October 25, 2024

RESOLVED, that the Public School Employees’ Retirement Board accepts the recommendation of the Finance and Actuarial Committee and exercises the optional one-year extension of the term of the existing contract with Buck Global, LLC, 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 2024-60
Re:  Finance and Actuarial Committee Vital Signs
October 25, 2024

RESOLVED, that the Public School Employees’ Retirement Board accepts the recommendation of the Finance and Actuarial Committee and adopts the following vital signs and metrics for financial management:

• Growth in Employer Covered Payroll
• % Change in Employer Annual Normal Cost of Benefits
• Actuarial Funded Ratio
• % Change in Employer Contribution Rate
• Average % of Actuarially Determined Contribution Received
• Actual Expenditures/Commitments vs. Budget

PSERB Resolution 2024-61
Re: : Fiscal Year 2025-26 Budget Requests
October 25, 2024

RESOLVED, that the Public School Employees’ Retirement Board accepts the recommendation of the Finance and Actuarial Committee and approves the following Budget requests for Fiscal Year 2025-26, subject to adjustments by the Governor’s Budget Office or the General Assembly:

1. The 2025-26 Administrative Budget, not to exceed $64,523,000.
2. The 2025-26 Investment Related Expenses Budget, not to exceed $40,881,000.
3. The 2025-26 Defined Contribution Budget, not to exceed $1,405,000.
4. The 2025-26 Health Insurance Account (Premium Assistance) – Administrative Budget, not to exceed $1,317,000.
5. The 2025-26 Health Options Program – Administrative Budget, not to exceed $1,767,000.
6. The 2025-26 Directed Commissions Recapture Program Budget, not to exceed $2,000,000 for the Public School Employees’ Retirement System.

PSERB Resolution 2024-62
Re: June 30, 2024, and 2023 Financial Statements and Ratification of Payments
October 25, 2024

RESOLVED, that the Public School Employees’ Retirement Board (the "Board") accepts the recommendation of the Finance and Actuarial Committee and adopts the attached June 30, 2024, and 2023 Financial Statements and ratifies all payments that are reflected within.  

PSERB Resolution 2024-63
Re: Benefits and Appeals Committee Vital Signs
October 25, 2024

RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) accepts the recommendation of the Benefits and Appeals Committee and adopts the following vital signs and metrics for member services:

• Retirements Processed
• Refunds Processed
• Non-Exception Retirement Estimates
• Average Call Times
• Average Secure Messaging Response Time
• Average Member Call Abandonment Rate

PSERB Resolution 2024-64
Re: Account of Annette Patterson, Docket No. 2021-16
October 25, 2024

RESOLVED, that, in the matter of Annette Patterson, Docket No. 2021-16, the Public School Employees' Retirement Board accepts the recommendation of the Benefits and Appeals Committee and adopts the attached Opinion and Order of the Board and dismisses Claimant’s appeal with prejudice.

PSERB Resolution 2024-65
Re: Account of Patrick Fuhrman, Docket No. 2022-16
October 25, 2024

RESOLVED, that, in the matter of Patrick Fuhrman Docket No. 2022-16, the Public School Employees' Retirement Board accepts the recommendation of the Benefits and Appeals Committee and adopts the attached Opinion and Order of the Board and dismisses Claimant’s appeal with prejudice.

PSERB Resolution 2024-66
Re: Account of Ellen Wright, Docket No. 2020-05
October 25, 2024

RESOLVED, that, in the matter of Ellen Wright, Docket No. 2020-05, the Public School Employees' Retirement Board accepts the recommendation of the Benefits and Appeals Committee and adopts the attached Opinion and Order of the Board and dismisses Claimant’s appeal with prejudice.

PSERB Resolution 2024-67
Re: Investment Policy Statement, Objectives, and Guidelines of the School Employees’ Defined Contribution Plan
October 25, 2024

RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) accepts the recommendation of the Defined Contribution Committee and adopts the changes to the Investment Policy Statement, Objectives, and Guidelines of the School Employees’ Defined Contribution Plan, attached.

PSERB Resolution 2024-68
Re: Investment Policy Statement Asset Allocation
October 25, 2024

RESOLVED, that the Public School Employees' Retirement Board (the "Board") accepts the recommendation of the Investment Committee and removes the long term targets and adopts Asset Allocation Targets and Ranges, and the Policy Benchmarks and Policy Weights identified for Option 02 as attached to be effective from December 1, 2024.

Further resolved that the Investment Office is authorized 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 removal of the long term targets, and the adoption of the Allocation Targets and Ranges, Policy Benchmark and Policy Benchmark Weights.

PSERB Resolution 2024-69
Re: Tail Risk Mitigation Strategy Policy
October 25, 2024

RESOLVED, that the Public School Employees' Retirement Board (the "Board") accepts the recommendation of the Investment Committee and retires the Tail Risk Mitigation Strategy Policy as of June 30, 2025, and in the interim, delegates the manner and timing with which the related activities are discontinued, to Benjamin L. Cotton, Chief Investment Officer.

PSERB Resolution 2024-70
Re: Brookfield Infrastructure Specialized Solutions, L.P.
October 25, 2024

RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) accepts the recommendation of the Investment Committee and commits an amount not to exceed $250 million plus reasonable, normal investment expenses, to Brookfield Infrastructure Specialized Solutions, L.P. and/or related investment vehicles in accordance with the recommendation of Cody Steele, Portfolio Manager and Aksia, LLC; and

The final terms and conditions of the investment 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 2024-71
Re: Commonwealth Holdings, Inc.
October 25, 2024

RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) adopts the recommendation of the Investment Committee and authorizes (1) the creation of a new 501(c)(25) corporation and (2) the transfer of the assets held by Commonwealth Holdings, Inc., to the new corporation.

The final terms and conditions 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 organizational documents.