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PSERS 2014 Board Meeting Resolutions

PSERS Resolution 2014- 01
Re: Bank of New York Mellon Agreement
January 23, 2014

RESOLVED, that pursuant to the recommendation of John B. Kemp, Managing Director, Investment Operations, the Public School Employees' Retirement Board (the Board") hereby authorizes PSERS staff to enter into a settlement agreement with the Bank of New York Mellon consistent with the material terms and conditions outlined in executive session at the Finance Committee's meeting on January 23, 2014. The final terms and conditions of the settlement must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Office of Executive Director, as evidenced either by the appropriate signatures on the agreement or by a memo to that effect appended to the agreement.

PSERB Resolution 2014- 02
Re: Investment Objectives and Guidelines
January 23, 2014

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby adopts the Investment Policy Statement, Objectives, and Guidelines for the Public School Employees' Retirement System, as revised, pursuant to the recommendation of Joseph W. Sheva, Portfolio Manager, dated January 9, 2014.

PSERB Resolution 2014- 03
Re: Anderson Global Macro Fund, Ltd.
January 23, 2014

RESOLVED, that pursuant to the recommendations of Robert E. Little, Portfolio Manager, and Aksia, LLC, dated January 3, 2014, the Public School Employees' Retirement Board (the "Board") hereby (i) invests an initial amount of $150 million in the Anderson Global Macro Fund, Ltd., and (ii) that the Investment Office shall have the discretion to invest additional sums within the target ranges approved by the Board in Exhibit D of the Investment Policy Statement, Objectives and Guidelines, as amended from time to time (the current version of which can be found here), provided that any investment of an additional sum by the Investment Office shall be reported to the Board in a timely manner.

The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Office of Executive Director, as evidenced either by the appropriate signatures on, or by a memo to that effect appended to, the implementing investment contract.

PSERB Resolution 2014- 04
Re: Palladium Equity Partners IV, L.P.
January 23, 2014

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 Palladium Equity Partners IV, L.P., in accordance with the recommendation of Luke M. Jacobs, Senior Investment Analyst, Private Markets, dated January 23, 2014 and Portfolio Advisors, LLC., dated January 2, 2014. 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 2014- 05
Re: Bell Institutional Fund V, LLC
January 23, 2014

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby invests an amount not to exceed $75 million plus reasonable normal investment expenses, in Bell Institutional Fund V, LLC, in accordance with the recommendation of Laurann H. Stepp, Portfolio Manager, Real Estate, dated January 23, 2014 and Courtland Partners Ltd., dated January 2, 2014. 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 2014- 06
Re: U.S. and Non-U.S. Proxy Voting Policies
March 13, 2014

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby adopts the proposed U.S. and Non-U.S. Proxy Voting Policies pursuant to the recommendation of Lenann T. Engler, Senior Investment Analyst, dated February 27, 2014.

PSERB Resolution 2014- 07
Re: Investment Objectives and Guidelines
March 14, 2014

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby replaces Addendum X3 and adopts the proposed Private Market Policies and Guidelines Addenda listed below for the Public School Employees' Retirement System, pursuant to the recommendation of Charles J. Spiller, Managing Director of Private Markets and Real Estate, dated March 13, 2014.

Addendum	Addendum Title
X3-PM	Private Markets In-House Co-Investment and Secondary Investment Policy
X3-PD	Private Debt In-House Co-Investment and Secondary Investment Policy
X3-RE	Real Estate In-House Co-Investment and Secondary Investment Policy

PSERB Resolution 2014- 08
Re: Private Debt In-House Co-Investment and Secondary Program
March 14, 2014

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby invests $100 million, in the Private Debt In-House Co-Investment and Secondary Program, in accordance with the recommendation of Charles J. Spiller, Managing Director, Private Markets and Real Estate, dated March 13, 2014.

PSERB Resolution 2014- 09
Re: Real Estate In-House Co-Investment and Secondary Program
March 14, 2014

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby invests $100 million, in the Real Estate In-House Co-Investment and Secondary Program, in accordance with the recommendation of Charles J. Spiller, Managing Director, Private Markets and Real Estate, dated March 13, 2014.

PSERB Resolution 2014-10
Re: Strategic Partners Fund VI, L.P.
March 14, 2014

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 Strategic Partners Fund VI, L.P., in accordance with the recommendation of Luke M. Jacobs, Senior Investment Analyst, Private Markets, dated March 13, 2014 and Portfolio Advisors, LLC., dated February 2014. 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 2014- 11
Re: Ares European Real Estate Fund IV, L.P.
March 14, 2014

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 Ares European Real Estate Fund IV, L.P., in accordance with the recommendation of William P. Stalter, Portfolio Manager, Real Estate, dated March 13, 2014 and Courtland Partners Ltd., dated February 20, 2014. 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 2014- 12
Re: Carlyle Realty Partners VII, L.P.
March 14, 2014

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 Carlyle Realty Partners VII, L.P., in accordance with the recommendation of William P. Stalter, Portfolio Manager, Real Estate, dated March 13, 2014 and Courtland Partners Ltd., dated February 20, 2014. 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 2014- 13
Re: Chief Investment Officer
March 14, 2013

RESOLVED, that the Public School Employees' Retirement Board hereby retains and appoints James H. Grossman, Jr. as the Chief Investment Officer for the Public School Employees' Retirement System, effective January 13, 2014, at an annual salary of $293,537.00.

PSERB Resolution 2014- 14
Re: Investment Objectives and Guidelines
May 1, 2014

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby replaces Addendum X3 and adopts the proposed Private Market Policies and Guidelines Addenda listed below for the Public School Employees' Retirement System, pursuant to the recommendation of Charles J. Spiller, Managing Director of Private Markets and Real Estate, dated May 1, 2014.

Addendum Addendum Title

X3-PM Private Markets In-House Co-Investment and Secondary Investment Policy

PSERB Resolution 2014- 15
Re: Investment Objectives and Guidelines
May 1, 2014

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby adopts the Absolute Return Policy Investment Objectives and Guidelines for the Public School Employees' Retirement System, as revised, pursuant to the recommendation of Robert E. Little, Portfolio Manager, dated April 17, 2014.

PSERB Resolution 2014- 16
Re: The Energy & Minerals Group Fund III, LP
May 1, 2014

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 Energy & Minerals Group Fund III, L.P. in accordance with the recommendation of Michael J. Tyler, Sr. Investment Analyst, Private Markets, dated May 1, 2014 and Portfolio Advisors, LLC, dated April 10, 2014. 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 2014- 17
Re: LBC Credit Partners III, L.P.
May 1, 2014

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby increases its commitment from $200 million to $240 million plus reasonable normal investment expenses, in LBC Credit Partners III, L.P. in accordance with the recommendations of James H. Grossman, Jr., Chief Investment Officer dated April 17, 2014. 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 2014- 18
Re: PSERS TAO Partners Parallel Fund, L.P.
May 1, 2014

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby invests an amount not to exceed $250 million plus reasonable normal investment expenses, in PSERS TAO Partners Parallel Fund, L.P. in accordance with the recommendations of Joseph W. Sheva, Portfolio Manager, and Portfolio Advisors LLC, dated April 10, 2014. 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 2014- 19
Re: Investment Objectives and Guidelines
June 13, 2014

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby adopts the new Exhibit B (10-Year Target Allocation) and proposed changes to Exhibits C (Current Target Allocation) and D (Policy Index) of the Investment Policy Statement, Objectives, and Guidelines, as amended, for the Public School Employees' Retirement System pursuant to the recommendations of James H. Grossman, Jr., Chief Investment Officer, dated May 28, 2014 and Hewitt EnnisKnupp, dated June 12, 2014.

PSERB Resolution 2014- 20
Re: The V rde Scratch and Dent Fund, L.P.
June 13, 2014

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 The V rde Scratch and Dent Fund, L.P. in accordance with the recommendations of Laurann H. Stepp, Portfolio Manager, dated June 12, 2014 and Aksia LLC, dated May 19, 2014. 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 2014- 21
Re: Transfer of Black River Inflation Opportunity Fund A to Black River Fixed Income Relative Value Opportunity Fund Ltd.
June 13, 2014

RESOLVED, that pursuant to the recommendation of Bob Devine, Senior Portfolio Manager, dated May 23, 2014, the Public School Employees' Retirement Board (the "Board") hereby (i) invests the $82.3 million in the Black River Inflation Opportunity Fund A into Black River Fixed Income Relative Value Opportunity Fund Ltd. (FIRVO), (ii) that FIRVO be included in the Black River Inflation Opportunity Fund and (iii) that the Investment Office shall have the discretion to invest additional sums within the target ranges approved by the Board in Exhibit D of the Investment Policy Statement, Objectives and Guidelines, as amended from time to time (the current version of which can be found at http://www.psers.state.pa.us/investment/guide/guide.htm, provided that any investment of an additional sum by the Investment Office shall be reported to the Board in a timely manner.

PSERB Resolution 2014- 22
Re: Bridgepoint Europe V, L.P.
June 13, 2014

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 Bridgepoint Europe V, L.P., in accordance with the recommendation of Charles J. Spiller, Managing Director, Private Markets and Real Estate, dated June 12, 2014 and Portfolio Advisors LLC, dated May 19, 2014. 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 2014- 23
Re: NGP Natural Resources XI, L.P.
June 13, 2014

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 NGP Natural Resources XI, L.P., in accordance with the recommendation of Charles J. Spiller, Managing Director, Private Markets and Real Estate, dated June 12, 2014 and Portfolio Advisors LLC, dated May 20, 2014. 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 2014- 24
Re: Orchid Asia VI, L.P.
June 13, 2014

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 Orchid Asia VI, LP, in accordance with the recommendation of Michael J. Tyler, Sr. Investment Analyst, Private Markets, dated June 12, 2014 and Portfolio Advisors, LLC dated April 28, 2014. 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 2014- 25
Re: HOP Medical Plan Benefits and Rates Effective January 1, 2015
June 13, 2014

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby approves the premium rates of the HOP Medical Plan effective January 1, 2015 for calendar year 2015:

HOP MEDICAL PLAN

Southeast Region	2014	2015	% Change
Standard Rate	$ 199	$ 199	0%
Age 65 Rate	170	170	0
Age 65 Rate (2 ^nd Year)	176	176	0
Age 65 Rate (3 ^rd Year)	182	182	0
Age 65 Rate (4 ^th Year)	N/A	188	0

Southwest Region	2014	2015	% Change
Standard Rate	$195	$195	0%
Age 65 Rate	166	166	0
Age 65 Rate (2 ^nd Year)	172	172	0
Age 65 Rate (3 ^rd Year)	178	178	0
Age 65 Rate (4 ^th Year)	N/A	184	0

North and Central Region	2014	2015	% Change
Standard Rate	$ 169	$ 169	0%
Age 65 Rate	144	144	0
Age 65 Rate (2 ^nd Year)	149	149	0
Age 65 Rate (3 ^rd Year)	154	154	0
Age 65 Rate (4 ^th Year)	N/A	159	0

PSERB Resolution 2014- 26
Re: HOP Pre-65 Medical Plan Benefits and Rates Effective January 1, 2015
June 13, 2014

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby approves the premium rates of the HOP Pre-65 Medical Plan effective January 1, 2015 for calendar year 2015:

All Regions	2014	2015	$ Change	% Change
Pre-65 Medical Plan	$ 717	$ 761	$ 44	6%
Pre-65 Medical Plan w/ Prescription Drugs	827	877	50	6

PSERB Resolution 2014- 27
Re: Basic Medicare Rx Option Benefits and Rates Effective January 1, 2015
June 13, 2014

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby approves the following benefit modifications to the Basic Medicare Rx Option effective January 1, 2015:

BASIC Rx OPTION		2014 Benefits	2015 Benefits
Annual Deductible		$0	$0
Initial Coverage	Generic Drugs	$7 ($21 for 90-days)	$8 ($24 for 90-days)
	Preferred Brand Drugs	30% up to $60 ($120 for 90-days) ($100 for 90-days by mail)	30% up to $100 ($250 for 90-days) ($225 for 90-days by mail)
	Non-Preferred Brand Drugs	40%	40%
	Specialty Drugs	33%	33%
Coverage Gap	Generic Drugs	72%	65%
	Brand Drugs	47.5%	45%
	Specialty Drugs Generic Drugs Brand Drugs	72% 47.5%	65% 45%
Catastrophic	Generic Drugs	Greater of $2.55 or 5% up to $100	Greater of $2.65 or 5% up to $100
Catastrophic	Brand Drugs	Greater of $6.35 or 5% up to $100	Greater of $6.60 or 5% up to $100

And Further 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, 2015 for calendar year 2015:

Basic Medicare Rx Option:	2014	2015	Increase
Single	$32	$35	9%
Two Person	64	70	9%

Seconded chart superseded by Resolution 2014-39.

PSERB Resolution 2014- 28
Re: Enhanced Medicare Rx Option Benefits and Rates Effective January 1, 2015
June 13, 2014

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby approves the following benefit modifications to the Enhanced Medicare Rx Option effective January 1, 2015:

ENHANCED Rx OPTION		2014 Benefits	2015 Benefits
Annual Deductible		$0	$0
Initial Coverage	Generic Drugs	$7 ($21 for 90-days)	$7 ($21 for 90-days)
	Preferred Brand Drugs	25% up to $50 ($100 for 90-days) ($90 for 90-days by mail)	25% up to $65 ($130 for 90-days) ($120 for 90-days by mail)
	Non-Preferred Brand Drugs	Same as Preferred Brand	35% up to $75 ($150 for 90-days) ($140 for 90-days by mail)
	Specialty Drugs	33%	33%
Coverage Gap	Generic Drugs	72%	65%
	Brand Drugs	47.5%	45%
	Specialty Drugs Generic Drugs Brand Drugs	72% 47.5%	65% 45%
Catastrophic	Generic Drugs	Greater of $2.55 or 5% up to $100	Greater of $2.65 or 5% up to $100
Catastrophic	Brand Drugs	Greater of $6.35 or 5% up to $100	Greater of $6.60 or 5% up to $100

And Further 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, 2015 for calendar year 2015:

Enhanced Medicare Rx Option: w/Benefit Changes	2014	2015	Increase
Single	$ 84	$ 89	6%
Two Person	168	178	6

Second chart superseded by Resolution 2014-40

PSERB Resolution 2014 29
Re: Education Policy
June 13, 2014

RESOLVED, that the Public School Employees Retirement Board adopts the proposed changes to Education Policy for the Public School Employees Retirement Board pursuant to the recommendation of Joseph E. Wasiak Jr., Assistant Executive Director dated May 27, 2014.

PSERB Resolution 2014 30
Re: Public Information Policy
June 13, 2014

RESOLVED, that the Public School Employees Retirement Board adopts the proposed changes to Public Information Policy for the Public School Employees Retirement Board pursuant to the recommendation of Joseph E. Wasiak Jr., Assistant Executive Director dated May 27, 2014

PSERB Resolution 2014 31
Re: Statement of Organization, Bylaws, and Other Procedures
June 13, 2014

RESOLVED, that the Public School Employees Retirement Board adopts the proposed changes to Articles I through III and V through X of the Statement of Organization, Bylaws, and Other Procedures for the Public School Employees Retirement Board pursuant to the recommendation of Joseph E. Wasiak Jr., Assistant Executive Director dated May 27, 2014.

PSERB Resolution 2014- 32
Re: Investment Objectives and Guidelines
August 7, 2014

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby adopts the proposed changes to Exhibit E (Public Market Investment Manager Target Ranges) of the Investment Policy Statement, Objectives, and Guidelines, as amended, for the Public School Employees' Retirement System pursuant to the recommendations of James H. Grossman, Jr., Chief Investment Officer, dated July 28, 2014.

PSERB Resolution 2014- 33
Re: Oceanwood Opportunities Fund
August 7, 2014

RESOLVED, that pursuant to the recommendations of Robert E. Little, Portfolio Manager, and Aksia, LLC, dated July 22, 2014, the Public School Employees' Retirement Board (the "Board") hereby (i) invests an initial amount of $200 million in the Oceanwood Opportunities Fund, and (ii) that the Investment Office shall have the discretion to invest additional sums within the target ranges approved by the Board in Exhibit D of the Investment Policy Statement, Objectives and Guidelines, as amended from time to time (the current version of which can be found here), provided that any investment of an additional sum by the Investment Office shall be reported to the Board in a timely manner. The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Office of Executive Director, as evidenced either by the appropriate signatures on, or by a memo to that effect appended to, the implementing investment contract.

PSERB Resolution 2014- 34
Re: Brigade Structured Credit Offshore Fund Ltd.
August 7, 2014

RESOLVED, that pursuant to the recommendations of Robert E. Little, Portfolio Manager, and Aksia, LLC, dated July 22, 2014, the Public School Employees' Retirement Board (the "Board") hereby (i) invests an initial amount of $200 million in the Brigade Structured Credit Offshore Fund Ltd., and (ii) that the Investment Office shall have the discretion to invest additional sums within the target ranges approved by the Board in Exhibit D of the Investment Policy Statement, Objectives and Guidelines, as amended from time to time (the current version of which can be found here), provided that any investment of an additional sum by the Investment Office shall be reported to the Board in a timely manner. The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Office of Executive Director, as evidenced either by the appropriate signatures on, or by a memo to that effect appended to, the implementing investment contract.

PSERB Resolution 2014- 35
Re: Park Square-PSERS Credit Opportunities, L.P.
August 7, 2014

RESOLVED, that pursuant to the recommendations of Laurann H. Stepp, Portfolio Manager dated August 5, 2014, and Portfolio Advisors, LLC, dated July 16, 2014, the Public School Employees' Retirement Board (the "Board") hereby (i) invests an initial amount of $200 million in Park Square-PSERS Credit Opportunities, L.P., and (ii) that the Investment Office shall have the discretion to invest additional sums within the target ranges approved by the Board in Exhibit D of the Investment Policy Statement, Objectives and Guidelines, as amended from time to time (the current version of which can be found here), provided that any investment of an additional sum by the Investment Office shall be reported to the Board in a timely manner. The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Office of Executive Director, as evidenced either by the appropriate signatures on, or by a memo to that effect appended to, the implementing investment contract.

PSERB Resolution 2014- 36
Re: Tenaya Capital VII, LP
August 7, 2014

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 Tenaya Capital VII, L.P., in accordance with the recommendation of Luke M. Jacobs, Senior Investment Analyst, Private Markets, dated August 5, 2014 and Portfolio Advisors, LLC., dated July 16, 2014. 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 2014- 37
Re: Centerbridge Capital Partners III, LP
August 7, 2014

RESOLVED, that Public School Employees' Retirement Board (the "Board") hereby invests an amount not to exceed $100 million plus reasonable normal investment expenses, in Centerbridge Capital Partners III, L.P., in accordance with the recommendation of Darren Foreman, Senior Portfolio Manager, Private Markets, dated August 5, 2014 and Portfolio Advisors, LLC., dated July 16, 2014. 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 2014 38
Re: Medicare Advantage and Pre-65 Managed Care Plans Premium Rates and Benefits
Effective January 1, 2015 August 7, 2014

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby accepts the Medicare Advantage and Pre-65 Managed Care Plans Premium Rates and Benefits proposals from:

Aetna,
Capital Blue Cross/Keystone Health Plan - Central,
Geisinger Health Plan,
Highmark, Inc. / Keystone Health Plan West, Inc.,
Independence Blue Cross/Keystone Health Plan - East, and

University of Pittsburgh Medical Center (UPMC) Health Plan. Final contracts are subject to negotiations of terms and conditions satisfactory to the Director, Health Insurance Office, the Office of Chief Counsel and the Executive Director.

PSERB Resolution 2014 39
Re: Basic Medicare Rx Option Benefits and Rates Effective
January 1, 2015 August 7, 2014

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, 2015 for calendar year 2015:

This Resolution supersedes the second chart in Resolution 2014-27.

PSERB Resolution 2014 40
Re: Enhanced Medicare Rx Option Benefits and Rates Effective
January 1, 2015 August 7, 2014

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, 2015 for calendar year 2015:

This Resolution supersedes the second chart in Resolution 2014-28.

PSERB Resolution 2014- 41

Re: The Baring Asia Private Equity Fund VI, LP
August 21, 2014

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 Baring Asia Private Equity Fund VI, L.P., in accordance with the recommendation of Michael J. Tyler, Sr. Investment Analyst, Private Markets, dated August 5, 2014 and Portfolio Advisors, LLC, dated June 20, 2014. 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 2014- 42
Re: ProLogis North American Industrial Fund
August 21, 2014

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby approves a sale of PSERS position in ProLogis North American Industrial Fund, in accordance with the recommendation of Laurann H. Stepp, Senior Portfolio Manager, dated August 14, 2014. 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 2014- 43
Re: AG Core Plus Realty Fund IV, L.P.
October 7, 2014

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 Core Plus Realty Fund IV, L.P. in accordance with the recommendations of Laurann H. Stepp, Portfolio Manager, dated October 6, 2014 and Courtland Partners Ltd., dated September 11, 2014. 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 2014- 44
Re: Real Estate In-House Co-Investment and Secondary Program
October 7, 2014

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby invests an amount not to exceed $200 million, which represents an additional $100 million from what was approved in PSERB Resolution 2014-09, in the Real Estate In-House Co-Investment and Secondary Program, in accordance with the recommendation of Charles J. Spiller, Managing Director, Private Markets and Real Estate, dated October 6, 2014.

PSERB Resolution 2014- 45
Re: Market Advantage II, Ltd.
October 7, 2014

RESOLVED, that pursuant to the recommendations of Joseph W. Sheva, Portfolio Manager, and Hewitt EnnisKnupp, dated September 12, 2014, the Public School Employees' Retirement Board (the "Board") hereby (i) invests an initial amount of up to $500 million in the Market Advantage II, Ltd., and hereby agrees that (ii) the Investment Office shall have the discretion to invest additional sums within the target ranges approved by the Board in Exhibit E of the Investment Policy Statement, Objectives and Guidelines, as amended from time to time, provided that any investment of an additional sum by the Investment Office shall be reported to the Board in a timely manner.

The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Office of Executive Director, as evidenced either by the appropriate signatures on the implementing investment contract or by a memo to that effect appended to the implementing investment contract.

PSERB Resolution 2014- 46
Re: Deutsche Bank AG Securities Lending Program
October 7, 2014

RESOLVED, that pursuant to the recommendations of John B. Kemp, Managing Director, and Hewitt EnnisKnupp, dated September 12, 2014, the Public School Employees' Retirement Board (the "Board") hereby retains Deutsche Bank AG as securities lending agent subject to the Investment Policy Statement, Objectives and Guidelines, as amended from time to time.

PSERB Resolution 2014- 47
Re: Radcliffe Specialty Finance Debt Strategy
October 7, 2014

RESOLVED, that pursuant to the recommendations of Robert J. Devine, Senior Portfolio Manager, Fixed Income and HEK Associates, dated September 12, 2014, the Public School Employees' Retirement Board (the "Board") hereby (i) retains Radcliffe Capital Management, L.P. to manage an initial amount of $300 million in their Specialty Finance Debt Strategy and hereby agrees that (ii) the Investment Office shall have the discretion to invest additional sums within the target ranges approved by the Board in Exhibit E of the Investment Policy Statement, Objectives and Guidelines, as amended from time to time provided that any investment of an additional sum by the Investment Office shall be reported to the Board in a timely manner.

PSERB Resolution 2014- 48
Re: Investment Objectives and Guidelines
October 7, 2014

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

Proposed changes to the Securities Lending Program Policy (pages 11-12), Exhibit D (Policy Index), and Exhibit E (Public Market Investment Manager Target Ranges), and a new Exhibit I (Securities Lending Program Policy) of the Investment Policy Statement, Objectives, and Guidelines, as amended, for the Public School Employees' Retirement System;
Proposed changes to Addendum P (Passive Currency Hedging Overlay Program); and
Elimination of Addendum Z (Securities Lending)

pursuant to the recommendation of James H. Grossman, Jr., Chief Investment Officer, dated September 17, 2014.

PSERB Resolution 2014- 49
RE: 2015-16 Administrative Budget and Directed Commissions Recapture Program Budget
October 7, 2014

RESOLVED, that the Public School Employees' Retirement Board (the "Board") approves the 2015-16 Administrative Budget, not to exceed $43,777,000 and the 2015-16 Directed Commissions Recapture Program Budget, $2,000,000, for the Public School Employees' Retirement System as more particularly set forth in the attached summaries.

PSERB Resolution 2014- 50
Re: Financial Statements and Independent Auditor s Report
October 7, 2014

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby accepts the June 30, 2014 Financial Statements and accepts the accompanying Independent Auditor Report prepared for the Public School Employees' Retirement System by SB & Company, LLC, for the year ended June 30, 2014.

RESOLVED FURTHER that the Board ratifies all payments that are reflected in the June 30, 2014 Financial Statements.

PSERB Resolution 2014- 51
Re: Blue Point Capital Partners III (B), L.P.
October 21, 2014

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby increases its investment from $50 million plus reasonable normal investment expenses as approved by Resolution 2012-29 on June 22, 2012, by up to $25 million plus reasonable normal investment expenses, to up to $75 million plus reasonable normal investment expenses, in Blue Point Capital Partners III (B), L.P., in accordance with the recommendation of Charles J. Spiller, Managing Director, Private Markets and Real Estate, dated October 9, 2014. The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director as evidenced either by the appropriate signatures on the implementing investment contract or by a memo to that effect appended to the implementing investment contract.

PSERB Resolution 2014- 52
Re: Private Markets Secondary Sale
November 17, 2014

RESOLVED, that the Public School Employees' Retirement Board (the "Board") approves that PSERS enter into definitive Purchase and Sale Agreements for the sale of PSERS interests in the private market funds that the Chief Investment Officer determines makes up the most efficient grouping of private market funds, provided that the pricing as a whole for PSERS interest in all the funds to be sold be no less than 95% of the June 30, 2014 net asset value of PSERS interest in all the funds to be sold. The final terms and conditions of the sale(s) 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 contract.

PSERB Resolution 2014- 53
Re: Public Markets In-House Co-Investment Program
December 9, 2014

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby invests an amount not to exceed $100 million, in the Public Markets In-House Co-Investment Program, in accordance with the recommendation of Robert E. Little, Portfolio Manager, dated November 20, 2014.

PSERB Resolution 2014- 54

Re: Investment Objectives and Guidelines
December 9, 2014

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby adopts the proposed new Addenda and updated Addenda listed below for the Public School Employees' Retirement System, pursuant to the recommendation of Joseph W. Sheva, Portfolio Manager, dated November 17, 2014.

Addendum Addendum Title

B1 Internally-managed U.S. Master Limited Partnership Index Portfolios

X4 Public Markets In-House Co-Investment Policy

K1 Residential Mortgage Backed Securities Portfolios

Y3 Ultra-Short High Yield Portfolios

PSERB Resolution 2014- 55
Re: Senior Housing Partnership Fund V, L.P.
December 9, 2014

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 Senior Housing Partnership Fund V, L.P., in accordance with the recommendation of Laurann H. Stepp, Senior Portfolio Manager, Real Estate, dated December 8, 2014 and Courtland Partners Ltd., dated November 11, 2014. The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director, as evidenced either by the appropriate signatures on, or by a memo to that effect appended to, the implementing investment contract.

PSERB Resolution 2014- 56
Re: Almanac Realty Securities VII, L.P.
December 9, 2014

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 Almanac Realty Securities VII, L.P., in accordance with the recommendation of Laurann H. Stepp, Senior Portfolio Manager, Real Estate, dated December 8, 2014 and Courtland Partners, LLC dated November 11, 2014. The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director, as evidenced either by the appropriate signatures on, or by a memo to that effect appended to, the implementing investment contract.

PSERB Resolution 2014- 57
Re: Carlyle Energy Mezzanine Opportunities Fund II, L.P.
December 9, 2014

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby invests an amount not to exceed $250 million plus reasonable normal investment expenses, in Carlyle Energy Mezzanine Opportunities Fund II, L.P. in accordance with the recommendations of Laurann H. Stepp, Senior Portfolio Manager, dated December 8, 2014 and Portfolio Advisors LLC, dated November 12, 2014. 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 2014- 58
Re: Avenue Energy Opportunities Fund, L.P.
December 9, 2014

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 Avenue Energy Opportunities Fund, L.P.in accordance with the recommendations of Laurann H. Stepp, Portfolio Manager, dated December 8, 2014 and Portfolio Advisors LLC, dated November 12, 2014. 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 2014- 59
Re: PIMCO Commodity Alpha Fund Ltd.
December 9, 2014

RESOLVED, that pursuant to the recommendations of Steven M. Derr, Senior Portfolio Manager, and Aksia, LLC, dated November 14, 2014, the Public School Employees' Retirement Board (the "Board") hereby (i) invests an initial amount of $200 million in the PIMCO Commodity Alpha Fund Ltd., and (ii) that the Investment Office shall have the discretion to invest additional sums within the target ranges approved by the Board in Exhibit D of the Investment Policy Statement, Objectives and Guidelines, as amended from time to time (the current version of which can be found here), provided that any investment of an additional sum by the Investment Office shall be reported to the Board in a timely manner. The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Office of Executive Director, as evidenced either by the appropriate signatures on, or by a memo to that effect appended to, the implementing investment contract.

PSERB Resolution 2014- 60
Re: Health Options Program Budget
December 9, 2014

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 2015 in the aggregate amount of $333,716,000.00 as presented by Mark F. Schafer at the December 8, 2014 Health Care Committee meeting.

PSERB Resolution 2014- 61
Re: Actuarial Valuation
December 9, 2014

RESOLVED, that the Public School Employees' Retirement Board (PSERB) hereby accepts the June 30, 2014 actuarial valuation report prepared by Buck Consultants, and adopts the actuarial factors, assumptions and methodologies contained therein, which result in an employer contribution rate of 25.84% for Fiscal Year July 1, 2015 through June 30, 2016.

RESOLVED FURTHER, that the PSERB certifies and retains the current T-E member contribution rate of 7.5% and T-F member contribution rate of 10.3% for the three year period from July 1, 2015 to June 30, 2018 in accordance with the shared risk provisions of Act 120 of 2010.