PSERB Resolution 2007- 34
Re:  Chesterbrook Corporate Center 
May 4, 2007

  RESOLVED, that the Public School Employees Retirement Board approves the proposed marketing for sale the Chesterbrook Corporate Center, Wayne, Pennsylvania, in accordance with the recommendation of Charles J.  Spiller, Director of Private Markets and Real Estate.   The final terms and conditions of the sale must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.

 RESOLVED, that the Public School Employees Retirement Board (the Board) hereby accepts the recommendation of Gerald Gornish, dated May 16, 2007, regarding the composition of the class and the settlement entered into by the Non-U.S. Investors in the above matter; and the Board hereby delegates to the Executive Director and the Chief Counsel the authority to implement the recommendation.   Said delegation shall include the authority to authorize or execute any and all documents necessary to implement the recommendation, provided that the final terms thereof shall be satisfactory to the Executive Director and the Office of Chief Counsel.  

Re:   Investment Manager Hirings
June 22, 2007

RESOLVED, that the Public School Employees Retirement Board hereby hires the following commodity managers, pursuant to the recommendation of Alan H. Van Noord, Chief Investment Officer, and the recommendation of Wilshire Associates Incorporated in its presentation material dated June 21, 2007, as follows:

• Lehman Brothers Asset Management, Inc.

• Schroder Investment Management North America

The final terms and conditions of the sale must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.

Re:   Investment Policy Statement, Objectives, and Guidelines
June 22, 2007

RESOLVED, that the Public School Employees Retirement Board hereby adopts the proposed revisions to the Investment Policy Statement, Objectives, and Guidelines and addenda thereto for the Public School Employees Retirement System as listed below pursuant to the recommendation of James H. Grossman, Jr., Director of External Public Markets, Risk & Compliance, dated June 21, 2007.

• Exhibits B and C of the Investment Policy Statement, Objectives, and Guidelines

• Addendum R Pennsylvania Mortgage Program Investment Policy Statement, Objectives and Guidelines

• Addendum S Open-End Real Estate Investments

• Addendum U Closed-End Opportunistic and Value-Added Real Estate Investments

• Addendum V Direct Real Estate Program

• Addendum W Farmland Investment Program

• Addendum X Private Investment and Venture Capital Policy

• Addendum X1 Private Debt Policy

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  PSERB Resolution 2007- 38
  

  Re:   Brigade Leveraged Capital Structures Offshore Ltd.
  June 22, 2007 

  RESOLVED, that the Public School Employees Retirement Board hereby invests up to $500 million in the Brigade Leveraged Capital Structures Offshore Ltd. pursuant to the recommendation of Alan H. Van Noord, Chief Investment Officer, and the recommendation of Wilshire Associates Incorporated in its presentation material dated June 21, 2007.The final terms and conditions must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.  

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  PSERB Resolution 2007- 39
  
  Re:   Carlyle Europe Real Estate Partners III, L.P. 
  June 22, 2007

  RESOLVED, that the Public School Employees Retirement Board hereby invests an amount equal to 25 percent of the committed capital, but not to exceed 200 million plus reasonable normal investment expenses, in Carlyle Europe Real Estate Partners III, L.P., in accordance with the recommendation of Charles J. Spiller, Director of Private Markets and Real Estate, dated June 21, 2007.   The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.

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  PSERB Resolution 2007- 40
  
  Re:   Centerline High Yield CMBS Fund III, L.L.C. 
  June 22, 2007

  RESOLVED, that the Public School Employees Retirement Board hereby invests an amount equal to 25 percent of the committed capital, but not to exceed $200 million plus reasonable normal investment expenses, in Centerline High Yield CMBS Fund III, L.L.C., in accordance with the recommendation of Charles J. Spiller, Director of Private Markets and Real Estate, dated June 21, 2007.   The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.

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  PSERB Resolution 2007- 41
  
  Re:   DLJ Real Estate Capital Partners IV, L.P.
  June 22, 2007

  RESOLVED, that the Public School Employees Retirement Board hereby invests an amount equal to 25 percent of the committed capital, but not to exceed $250 million plus reasonable normal investment expenses, in DLJ Real Estate Capital Partners IV, L.P., in accordance with the recommendation of Charles J. Spiller, Director of Private Markets and Real Estate, dated June 21, 2007.   The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.

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  PSERB Resolution 2007- 42
  
  Re:   Stockbridge Real Estate Fund III, L P
  June 22, 2007

  RESOLVED, that the Public School Employees Retirement Board hereby invests an amount equal to 25 percent of the committed capital, but not to exceed $200 million plus reasonable normal investment expenses, plus $200 million for potential co-investment opportunities presented by the GP to its LPs in Stockbridge Real Estate Fund III, LP, in accordance with the recommendation of Charles J. Spiller, Director of Private Markets and Real Estate, dated June 21, 2007.   The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.

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  PSERB Resolution 2007- 43
  
  Re:   KRG Capital Fund IV, L.P.
  June 22, 2007

  RESOLVED, that the Public School Employees Retirement Board hereby invests an amount equal to 97 percent of the committed capital, but not to exceed $300 million plus reasonable normal investment expenses, in a side fund in KRG Capital Fund IV, L.P., in accordance with the recommendation of Charles J. Spiller, Director of Private Markets and Real Estate, dated June 21, 2007.   The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.

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  PSERB Resolution 2007- 44
  
  Re:   The Baring Asia Private Equity Fund IV , L.P.
  June 22, 2007

  RESOLVED, that the Public School Employees Retirement Board hereby invests an amount equal to 25 percent of the committed capital, but not to exceed $300 million plus reasonable normal investment expenses, in The Baring Asia Private Equity Fund IV, L.P., in accordance with the recommendation of Charles J. Spiller, Director of Private Markets and Real Estate, dated June 21, 2007.   The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.

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  PSERB Resolution 2007- 45
  
  Re:  3355 W. Alabama
  June 22, 2007

    RESOLVED, that the Public School Employees Retirement Board   hereby approves the proposed sale of PSERS investment in the Houston office building known as 3355 W. Alabama, in accordance with the recommendation of Charles J. Spiller, Director of Private Markets and Real Estate.   The final terms and conditions of the sale must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.

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  PSERB Resolution 2007- 46
  

  Investment Professional Classification Structure
  June 23, 2007

  Resolved, that the Public School Employees Retirement Board hereby adopts, effective July 1, 2007, the new classification structure for its Investment Professionals, as follows:

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  PSERB Resolution 2007- 47
  

  Investment Professional Base Compensation Salary Structure
  June 22, 2007

  Resolved, that the Public School Employees Retirement Board hereby adopts, effective July 1, 2007, the new base compensation salary structure for its Investment Professionals as follows:

    Investment Pay Schedule (IP) July 2007

  Job Title   (Pay Group)	General Definition of Work	Minimum Experience and Training Requirements
  Junior Investment   Professional (PG 1)	This is entry level professional investment work. An incumbent in this position will generally be new to the organization, require a significant amount of supervision, have minimal investment experience, and have job duties that are generally task oriented.	Bachelors Degree
  Intermediate Investment Professional (PG 2)	This is professional investment work.   An incumbent in this position will have some investment experience and a full understanding of their role within the PSERS organization.   An incumbent for this position will perform more complex tasks and analysis and will require less direction in completing their assigned responsibilities.	Bachelors degree; and          Two years or more of relevant work experience in the investment industry; or          Masters degree in Business Administration or Investment-related field; or          Two years or more as a Junior Investment Professional with PSERS.
  Senior Investment Professional (PG 3)	This is journey level professional investment work.   An incumbent in this position will have extensive investment experience and fully understand PSERS organization.   An incumbent in this position will be accountable for one or more specific functions within PSERS Investment Office.   Incumbents are expected to generate ideas, perform complex tasks and analysis, and work independently.	Bachelors degree; and          Five years or more of relevant work experience in the investment industry; or          Three years or more of relevant work experience in the investment industry and successful completion of the Chartered Financial Analyst Certification program; or          Three years or more of relevant work experience in the investment industry and successful completion of an advanced certification/education program specified in the individual position description; or          Two years or more as an Intermediate Investment Professional with PSERS
  Portfolio Manager (PG 4)	This is journey level professional investment work involving direct responsibility for one or more passive or active public market equity or fixed income investment portfolios or direct responsibility over a group of external investment managers (i.e. portfolio manager of managers).   An incumbent in this position will be expected to make portfolio management decisions.   In the case of the passive or active public market equity or fixed income portfolio manager, the incumbent will make buy and sell decisions based on the investment objectives and guidelines of portfolio(s) assigned to them.   In the case of Portfolio Manager of managers, decisions will center around building a portfolio of managers to meet the investment objectives of PSERS.   In both cases, incumbents in these positions will be accountable for generating returns within the prescribed guidelines.	Bachelors degree; and          Six years or more of relevant work experience in the investment industry; or          Four years or more of relevant work experience in the investment industry and successful completion of the Chartered Financial Analyst Certification program; or          Four years or more of relevant work experience in the investment industry and successful completion of an advanced certification/education program specified in the individual position description; or          Two years or more as a Senior Investment Professional with PSERS.
  Managing Director (PG 5)	This is a senior management position within PSERS Investment Office.   An incumbent in this position has responsibility for one or more asset classes or functions, and is a part of PSERS management team with direct oversight over the Systems investment functions along with the Chief Investment Officer.   The positions   report directly to the Chief Investment Officer and are required to make presentations to the Finance Committee of PSERS as needed.   Managing Directors, along with the CIO, are expected to work as a team in meeting the goals and objectives established by the Board.   Managing Directors will be evaluated not only on their individual performance but also on the relative investment performance of the Fund.   All candidates for an investment director position must be ratified by the Board.	Bachelors degree; and          Seven years or more of relevant work experience in the investment industry; or          Five years or more of relevant work experience in the investment industry and successful completion of the Chartered Financial Analyst Certification program; or          Five years or more of relevant work experience in the investment industry and successful completion of an advanced certification/education program specified in the individual position description; or          Four years or more as a Portfolio Manager with PSERS.
  Chief Investment Officer (CIO) (PG 6)	This is a senior management position with oversight responsibility over the entire Investment Office.   The CIO reports to the Finance Committee for all investment related matters and to the Executive Director for all administrative matters.   The CIO is responsible and accountable for the results of the Systems assets.   The CIO is responsible for policy development, consultation, and coordination of investments for PSERS.   The Board must ratify all candidates for the CIO position.	Masters degree (or Bachelors degree and CFA certification) and seven years of experience in the field of investments, five of which must have been in a senior management or consultative position managing diverse asset classes of a billion dollars or more; or          Four years or more as a Managing Director at PSERS; or Any equivalent combination of experience and training.

  		Pay Group
  Pay Level		1	2	3	4	5	6
  1	Hourly	20.45	32.72	44.99	57.26	71.58	102.25
  	Biweekly	1,533.75	2,454.00	3,374.25	4,294.50	5,368.50	7,668.75
  	Annually	40,000	64,000	88,000	112,001	140,010	200,001
  20	Hourly	36.81	49.08	67.49	85.89	107.37	153.38
  	Biweekly	2,760.75	3,681.00	5,061.75	6,441.75	8,052.75	11,503.50
  	Annually	72,000	96,000	132,010	168,001	210,016	300,011

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  PSERB Resolution 2007- 48
  

  Investment Professional Base Salary Increases
  June 22, 2007

  Resolved, that the Public School Employees Board hereby implements the base salary increases for its Investment Professionals, effective July 1, 2007, with the understanding that they will be paid retroactive to that date once the new salary schedule is filed with the Office of Administration, as follows:

   

  Employee Name	Current Salary	July 1, 2007	July 1, 2008
  Chief Investment Officer
  Van Noord, Alan	$189,184.00	$218,994.00	$233,996.00
  Investment Directors
  Grossman, James	$148,206.00	$154,993.00	$169,996.00
  ark	0	$154,993.00	$169,996.00
  Peters, Gerald	$148,206.00	$154,993.00	$169,996.00
  Smith, Gerard	$148,206.00	$154,993.00	$169,996.00
  Spiller, Charles	$148,206.00	$154,993.00	$169,996.00
  Portfolio Managers
  Arrowsmith, Lawrence (retiring 6/07)	$114,622.00	N/A	N/A
  Derr, Steven	$102,436.00	$112,001.00	$127,003.00
  Devine, Robert	$79,257.00	$112,001.00	$127,003.00
  Oh, Susan	$96,392.00	$112,001.00	$127,003.00
  Williams, David	$118,514.00	$121174.00	$127,003.00
  Senior Investment Professionals
  Baker, Christopher	$102,045.00	$104,333.00	$107,463.00
  Foreman, Darren	$88,920.00	$96,001.00	$105,996.00
  Grubic, Michael	0	$96,001.00	$105,996.00
  Jacobs, Luke	$75,815.00	$96,001.00	$105,996.00
  Little, Robert	$76,323.00	$96,001.00	$105,996.00
  Plotts, Maryann	$87,101.	00	$96,001.00	$105,996.00
  Stalter, William	$75,834	.00	$96,001.00	$105,996.00
  Intermediate Investment Professional
  Brickman, Marc	$73,956.00	$74,993.00	$80,000.00
  Junior Investment Professionals
  Sellers, Margaret	$59,991.00	$61,008.00	$63,179.00
  Sheva, Joseph	$66.563.00	0	$70,103.00
  Tyler, Michael	$59,991.00	$61,008.00	$63,179.00
  TOTALS	$2,298,811.00	$2,396,553.00	$2,611,888.00

   

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  PSERB Resolution 2007- 49
  

  Re: Education Policy
  (Formerly the Travel and Education Policy)
  June 22, 2007

  RESOLVED, that the Public School Employees Retirement Board   hereby adopts the proposed Education Policy, replacing in its entirety the former Travel and Education Policy, in accordance with the recommendation of Jeffrey B. Clay, Executive Director, dated June 6, 2007.   The effective date of the Education Policy shall be June 22, 2007. 

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  PSERB Resolution 2007- 50
  

  RE: Health Options Program
  Plan Changes Effective January 1, 2008
  June 22, 2007

  RESOLVED, that the Health Care Committee of the Public School Employees Retirement Board, in accordance with the recommendations set forth in the Report Regarding the Marketability of the Health Options Program (HOP) and Recommendations to Improve Enrollment, dated June 2007, hereby recommends that the Board approve the following changes to the HOP effective January 1, 2008:

1.      Replace the current 90 day time frame to 180 days to allow retirees to enroll in HOP when they have a Qualifying Event

2.       Begin outreach/enrollment process six (6) months prior to retirees attaining age 65 and follow-up with an initial mailing and telephone call to verify that materials were received.  

3.       Verify that retirees receiving Premium Assistance are enrolled in an Approved Plan when they become age 65.

4.       Explore conducting HOP enrollment meetings for retirees attaining age 65.

5.       Replace the HOPs Medical Plan annual Part B deductible ($131 for 2007) with a $10 per Office Visit co-pay.

6.       Add Silver Sneakers fitness program to the HOP Medical Plan on a pilot project basis with program expenses paid from plan reserves.

7.       Vary Out-of-State premiums for the HOP Medical Plan to meet market conditions.

8.       Limit the number of managed care plans offered through HOP for new participants to one plan per managed care organization.

9.      Remove Aetna from Southwest and North & Central regions of Pennsylvania and add University of Pittsburgh Medical Center Health Plan (UPMC) to the Southwest and in some North & Central counties.

10.  Prepare and distribute HOP enrollment packets to school employers not sponsoring Medicare supplement plans.   Explore conducting periodic meetings with Human Resources personnel and benefits managers of school districts.

11.  Notify school employers sponsoring Medicare supplemental plans of HOPs Qualifying Events and HOPs willingness to work with schools to transition their retirees to HOP in the event the school plan is terminated.

FURTHER RESOLVED, that the Committee tables the following recommendations and requests that staff gather additional information to be brought to the Committee at its August 3, 2007 meeting for consideration:

1.      Introduce a new High Deductible Plan to the 65-Special Program (supplement to Medicare).

2.       Replace the Traditional Program High and Standard Options with a High Deductible Plan (for individuals not eligible for Medicare).    

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PSERB Resolution 2007-51


Re:   2008 Committee and Board Meeting Dates
July 2, 2007 

RESOLVED, that the Public School Employees Retirement Board hereby approves the attached schedule for PSERS Committee and Board meeting dates for 2008.

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PSERB Resolution 2007- 52


Re:   PIMCO Conversion
August 3, 2007

RESOLVED, that the Public School Employees Retirement Board hereby liquidates the PIMCO Enhanced S&P 500 Index portfolio and invests up to $300 million in a separate account that will invest 50% in PIMCOs PARS V Offshore Fund Ltd. and 50% in PIMCOs GCOF Offshore Fund Ltd. pursuant to the recommendation of James H. Grossman, Jr., Director of External Public Markets, Risk, and Compliance, and the recommendation of Wilshire Associates Incorporated dated August 3, 2007.

The final terms and conditions must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director. 

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PSERB Resolution 2007- 53

Re:  CVC Capital Partners Asia Pacific III, L.P.
August 3, 2007 

RESOLVED, that the Public School Employees Retirement Board hereby invests an amount equal to 25 percent of the committed capital, but not to exceed $300 million plus reasonable normal investment expenses, in CVC Capital Partners Asia Pacific III, L.P., in accordance with the recommendation of Charles J. Spiller, Director of Private Markets and Real Estate, dated August 3, 2007.   The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.

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PSERB Resolution 2007- 54

Re:   PAI Europe V , L.P.
August 3, 2007

RESOLVED, that the Public School Employees Retirement Board hereby invests an amount equal to 25 percent of the committed capital, but not to exceed 200 million plus reasonable normal investment expenses, in PAI Europe V, L.P., in accordance with the recommendation of Charles J. Spiller, Director of Private Markets and Real Estate, dated August 3, 2007.   The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.

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PSERB Resolution 2007- 55


Re:  Chesterbrook Office Building
August 3

, 2007 

RESOLVED, that the Public School Employees Retirement Board hereby approves the proposed sale of PSERS investment in the suburban Philadelphia office building known as the Chesterbrook Office Building (a/k/a 1200 Morris Drive), in accordance with the recommendation of Charles J. Spiller, Director of Private Markets and Real Estate.   The final terms and conditions of the sale must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.

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PSERB Resolution 2007- 56


Revised Investment Office Managing Directors Salary Adjustments 
August 3, 2007

Resolved, that the Public School Employees Retirement Board hereby adopts, effective July 1, 2007, the revised Investment Office Managing Directors salary adjustments, as follows:

      2007 Base Salary             $169,996            

      2008 Base Salary             $186,994

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PSERB Resolution 2007- 57


Investment Office Incentive Compensation Plan 
August 3, 2007

Resolved, that the Public School Employees Retirement Board hereby adopts changes to the Investment Office Incentive Compensation Plan in accordance with the recommendation of Jeffrey B. Clay, Executive Director, dated August 3, 2007.

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PSERB Resolution 2007- 58


Policy Manual for Investment Office Professional Staff
August 3, 2007

Resolved, that the Public School Employees Retirement Board hereby adopts the Policy Manual for Investment Office Professional Staff in accordance with the recommendation of Jeffrey B. Clay, Executive Director, dated August 3, 2007.

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PSERB Resolution 2007- 59

Re:   Health Options Program 2008 Plan Design Changes for the Traditional Program (for individuals not eligible for Medicare)
August 3, 2007

RESOLVED, that the Public School Employees Retirement Board hereby approves the plan to assist the Traditional Program participants over age 65 in their efforts to enroll in Medicare Parts A & B effective January 1, 2008, or as soon thereafter as possible. For those that enroll in Medicare, they will be covered under the HOP Medical Plan at no cost, with the premium for the HOP Medical Plan to be paid from HOP reserves until these participants no longer pay Medicare Part A premiums (7 years). In the case where enrollment in Medicare is delayed, over age 65 participants will be charged $1,149 per month for the current High Option and $680 per month for the current Standard Option for the 2008 plan year. After 2008, the premium would be the full amount needed to support the benefits offered. 

FURTHER RESOLVED that, effective January 1, 2008, for participants under age 65, the benefits provided by the High and Standard Options and the monthly premium rates for single coverage will be as follows:


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FURTHER RESOLVED, that in addition to these monthly premium rates, the premiums for HOP participants eligible for Medicare will be increased by approximately $1.00 ($.96 to $1.16 based on regional rates).  

FOR RETIREES UNDER AGE 65	new high Option	new standard option
Benefit: Amount Member pays for:
Plan Deductible	$1,500	$1,500
Hospitalization	25%(30% out-of-network)	25%(30% out-of-network)
Medical Surgical	25%(30% out-of-network)	25%(30% out-of-network)
Preventive Annual Exam	$0	$0
Out Of Pocket Maximum	$5,000	$5,000
Maximum	$200,000 (Annually)	$200,000 (Annually)
Prescription Drugs
Deductible	$350
Coinsurance	50%
Maximum	$3,000
2008 Premium (Single Coverage)	$929	$616

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PSERB Resolution 2007- 60


Re:   Health Options Program 2008 Plan Design Changes for the 
Enhanced Medicare Rx Option
August 3, 2007

 RESOLVED, that the Public School employees Retirement Board hereby approves effective January 1, 2008, the benefits provided by the Enhanced Medicare Rx Option will be as follows:

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PSERB Resolution 2007- 61

Re:   Health Options Program 2008 Plan Year Premium Rates 
for the 65 Special Fee-For- Service Plans
(for individuals eligible for Medicare)
August 3, 2007

RESOLVED, that the Public School Employees Retirement Board hereby approves, effective January 1, 2008, the monthly premium rates for single coverage for the fee-for-service plans for individuals eligible for Medicare in Pennsylvania will be as follows:

	2008 Enhanced Option
Amount Member Pays For:	Medicare Rx Option
Annual Deductible	$0
Initial Coverage Up to $2,510 ($2,400 for 2007)
Generic drug
Brand-name drug w/ no generic equivalent	$25
Brand-name drug w/ generic equivalent	$7 plus cost difference
Specialty Drug	33%
Coverage Gap from $2,510 to $4,050 TrOOP
Generic drug
)
	Brand-name drug w/ no generic equivalent
Brand-name drug w/ generic equivalent	50% of generic cost plus cost difference
Coinsurance for Specialty Drug	Same as generic and brand
Catastrophic Coverage After $4,050 ($3,850 for 2007)
Generic & Brand-name drug w/o generic equivalent	5%
Maximum/minimum per prescription	$100/$2.25
Brand-name drug w/ generic equivalent	5%
Maximum per prescription	$100 plus cost difference
Coinsurance for Specialty Drug	5%
Maximum per prescription	$100

FURTHER RESOLVED, that in the event the Center for Medicare and Medicaid Services (CMS) changes its payments to HOP for 2008, the rates for the Enhanced and Basic Medicare Rx Options will be adjusted as appropriate.

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PSERB Resolution 2007- 62

Re:   Termination of The Boston Company / Hiring of Munder Capital Management
August 17, 2007

 RESOLVED, that the Public School Employees Retirement Board hereby terminates The Boston Company as the investment manager of their Non-US small cap equity portfolio and hire Munder Capital Management to take over the management of the same Non-US small cap equity portfolio, pursuant to the recommendation of Alan H. Van Noord, Chief Investment Officer, and the recommendation of Wilshire Associates Incorporated dated August 9, 2007.   The final terms and conditions must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.

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PSERB Resolution 2007-63

Re:   OCM Opportunities Fund VIIb, L.P.
August 17, 2007 

RESOLVED, that the Public School Employees Retirement Board hereby modifies the terms of its investment in OCM Opportunities Fund VIIb, L.P., by increasing the amount of its investment from $125 million to $225 million plus reasonable normal investment expenses, in accordance with the recommendation of Charles J. Spiller, Director of Private Markets and Real Estate, dated May 3, 2007 as amended August 17, 2007.   The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.

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PSERB Resolution 2007-64

Re:   Investment Managers
September 28, 2007

RESOLVED, that the Public School Employees Retirement Board hereby adopts the proposed change to a manager mandate, proposed manager transition, and proposed manager terminations pursuant to the recommendation of Alan H. Van Noord, Chief Investment Officer, and the presentation of recommendation of Wilshire Associates Incorporated in its presentation material dated September 27, 2007, as follows:

Investment Manager Mandate Change 

• Pareto Currency Hedge

  • Increase the notional value of the currency hedge to 40% of the non-U.S. equity exposure and decrease the hedge ratio from 100% to 75%

HOP Medical Plan	2008 RATES
Southwest PA	$168.28
North & Central PA	$149.46
Southeast PA	$180.46
Enhanced Rx Option	$77.44
Basic Rx Option	$25.00
HOP Medical w/ Enhanced Rx
Southwest PA	$245.72
North & Central PA	$ 226.90
Southeast PA	$ 257.90
HOP Medical w/ Basic Rx
Southwest PA	$ 193.28
North & Central PA	$ 174.46
Southeast PA	$ 205.46