PSERS 2012 Board Meeting Resolutions
2012-01 - Private Markets and Real Estate In-House Co-Investment and Secondary Program
2012-02 - Denham Commodity Partners Fund VI, L.P.
2012-03 - Platinum Equity Capital Partners III, L.P.
2012-04 - Investment Objectives and Guidelines
2012-05 - Signing of Contracts, Instruments, and Other Documents
2012-06 - U.S. and Non-U.S. Proxy Voting Policies
2012-07 - Harvest Fund Advisors, LLC
2012-08 - Investment Objectives and Guidelines
2012-09 - Apollo European Principal Finance Fund II, L.P.
2012-10 - Carlyle Energy Mezzanine Opportunities Fund, L.P.
2012-11 - Cerberus Institutional Partners V, L.P.
2012-12 - Partners Group Secondary 2011, L.P.
2012-13 - Tenaya Capital VI, L.P.
2012-14 - AG Core Plus Realty Fund III, L.P.
2012-15 - Exeter Industrial Value Fund II, L.P.
2012-16 - Bell Institutional Fund IV, LLC
2012-17 - Black River Inflation Opportunity Fund of One
2012-18 - Brevan Howard CMBS Fund Limited
2012-19 - Aeolus Property Catastrophe Fund I, LP
2012-20 - BlueTrend Fund Limited
2012-21 - Sankaty Credit Opportunities V-D, L.P.
2012-22 - Trilantic Capital Partners V (North America), L.P.
2012-23 - KBL Partnership, L.P.
2012-24 - AQR GRP EL 20 Offshore Fund LTD.
2012-25 - Radcliffe Capital Management, L.P.
2012-26 - Atlantic Trust Private Wealth Management
2012-27 - Salient Capital Advisors, LLC
2012-28 - Investment Objectives and Guidelines
2012-29 - Blue Point Capital Partners III (B), L.P.
2012-30 - Catterton Partners VII, L.P.
2012-31 - LLR Equity Partners IV, L.P.
2012-32 - Brookfield Strategic Real Estate Partners, L.P.
2012-33 - Request for Proposals for Medicare Prescription Drug Program Support Services and Pharmacy Benefit Management Services HOP Basic and Enhanced Medicare Rx Options and Pre-65 Medical Plan Prescription Drug Benefits
2012-34 - HOP Medical Plan Benefits and Rates
2012-35 - HOP Pre-65 Medical Plan Benefits and Rates Effective January 1, 2013
2012-36 - Basic Medicare Rx Option Benefits and Rates
2012-37 - Enhanced Medicare Rx Option Benefits and Rates
2012-38 - Segal Claims Audit
2012-39 - Amendments to U.S. and Non-U.S. Proxy Voting Policies
2012-40 - Investment Objectives and Guidelines
2012-41 - Bridgewater All Weather@15%, Ltd. Fund
2012-42 - PIMCO Multi-Asset Volatility Offshore Fund Ltd.
2012-43 - Versa Capital Fund III, L.P.
2012-44 - Medicare Advantage andPre-65 Managed Care Plans – Premium Rates and Benefits
2012-45 - Basic and Enhanced Medicare Options – Benefits
2012-46 - Candeub Case
2012-47 - ICG Europe Fund V
2012-48 - HayFin Special Opportunities Credit Fund LP
2012-49 - LBC Credit Partners III, L.P.
2012-50 - Cerberus Levered Loan Opportunities Fund II, L.P.
2012-51 - RCG Longview Debt Fund V, L.P.
2012-52 - Request for Proposals for Health Care Consulting and Project Management Services
2012-53 - Pharmacy Benefit Consulting and Medicare Part D Compliance Services
2012-54 - Financial Statements and Independent Auditor’s Report
2012-55 - 2013-14 Administrative Budget and Directed Commissions Recapture Program Budget
2012-56 - Health Options Program Budget
2012-57 - Investment Objectives and Guidelines
2012-58 - Sciens Aviation Special Opportunities Investment Fund II, LP
2012-59 - Global Agriculture Absolute Return Fund Ltd.
2012-60 - PAI Europe VI, L.P.
2012-61 - LEM Real Estate High-Yield Debt and Preferred Equity Fund III, LP
2012-62 - Latitude Management Real Estate Capital III, Inc.
2012-63 - Actuarial Valuation
PSERB Resolution 2012-01
Re: Private Markets and Real Estate In-House Co-Investment and Secondary Program
January 19, 2012
RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby invests an amount not to exceed $100 million, in Private Markets and 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 January 19, 2012.
PSERB Resolution 2012-02
Re: Denham Commodity Partners Fund VI, L.P.
January 19, 2012
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 Denham Commodity Partners Fund VI, L.P., in accordance with the recommendation of Charles J. Spiller, Managing Director, Private Markets and Real Estate, dated January 19, 2012. 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 2012-03
Re: Platinum Equity Capital Partners III, L.P.
January 19, 2012
RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby invests $200 million plus reasonable normal investment expenses, in Platinum Equity Capital Partners III, L.P., in accordance with the recommendation of Charles J. Spiller, Managing Director, Private Markets and Real Estate, dated January 19, 2012. 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 2012-04
Re: Investment Objectives and Guidelines
January 19, 2012
RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby adopts the proposed changes to the Investment Policy Statement, Objectives, and Guidelines, as amended, and the proposed Investment Objectives and Guidelines Addendum listed below for the Public School Employees’ Retirement System pursuant to the recommendation of Joseph W. Sheva, Senior Investment Professional - External Public Markets, Risk & Compliance, dated January 4, 2012.
Addendum |
Addendum Title |
X3 |
Private Markets and Real Estate In-House Co-Investment and Secondary Investment Policy |
PSERB Resolution 2012-05
Signing of Contracts, Instruments, and Other Documents
January 19, 2012
RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) authorize any two or more of the persons occupying the following positions, namely, the Executive Director, Deputy Executive Director; Assistant Executive Director; Chief Financial Officer; Chief Investment Officer; Deputy Chief Investment Officer; and Director of Investment Accounting to execute and deliver any and all contracts, instruments, or documents that require written signatures in the name of the Public School Employees' Retirement System (the “System”) or the Board, and to endorse, assign, or guarantee all such contracts, instruments, or documents in the name of the System or the Board.
RESOLVED FURTHER, that (i) in the case of investment contracts, the Chief Investment Officer, Deputy Chief Investment Officer or Director of Investment Accounting must be one of the two signatories, and the Executive Director, Deputy Executive Director, Assistant Executive Director or Chief Financial Officer must be one of the two signatories, except in exigent circumstances when the only authorized signatories who are available hold Investment Office positions; and (ii) in the case of all other contracts, the Executive Director, Deputy Executive Director, Assistant Executive Director or Chief Financial Officer must be one of the two signatories, except in exigent circumstances when none of the designated individuals is available.
PSERB Resolution 2012-06
Re: U.S. and Non-U.S. Proxy Voting Policies
March 9, 2012
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 23, 2012.
PSERB Resolution 2012-07
Re: Harvest Fund Advisors, LLC
March 9, 2012
RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby graduates Harvest Fund Advisors, LLC from the Public Market Emerging Investment Manager Program to the Main Fund.
PSERB Resolution 2012-08
Re: Investment Objectives and Guidelines
March 9, 2012
RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby adopts the proposed changes to Exhibits B, C, and D of the Investment Policy Statement, Objectives, and Guidelines, and the proposed Investment Objectives and Guidelines Addendum listed below for the Public School Employees’ Retirement System pursuant to the recommendations of James H. Grossman, Jr., Deputy Chief Investment Officer, and Wilshire Associates, in their respective presentations dated March 8, 2012, as well as the revised policy regarding Placement Agents, as approved by the Board’s Finance Committee at its March 8, 2012 meeting (attached hereto).
| Addendum |
Addendum Title |
| I-1 |
Internally Managed U.S. Long Treasuries Fixed Income Portfolio |
PSERB Resolution 2012-09
Re: Apollo European Principal Finance Fund II, L.P.
March 9, 2012
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 Apollo European Principal Finance Fund II, L.P., in accordance with the recommendations of James H. Grossman, Jr., Deputy Chief Investment Officer, dated March 8, 2012, and Portfolio Advisors, dated February 16, 2012. 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 2012-10
Re: Carlyle Energy Mezzanine Opportunities Fund, L.P.
March 9, 2012
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 Carlyle Energy Mezzanine Opportunities Fund, L.P., in accordance with the recommendations of James H. Grossman, Jr., Deputy Chief Investment Officer, dated March 8, 2012, and Portfolio Advisors, dated February 16, 2012. 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 2012-11
Re: Cerberus Institutional Partners V, L.P.
March 9, 2012
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 Cerberus Institutional Partners V, L.P., in accordance with the recommendation of Charles J. Spiller, Managing Director, Private Markets and Real Estate, dated March 8, 2012. 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 2012-12
Re: Partners Group Secondary 2011, L.P.
March 9, 2012
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 Partners Group Secondary 2011, L.P., in accordance with the recommendation of Darren C. Foreman, Portfolio Manager, Private Markets, dated March 8, 2012. 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 2012-13
Re: Tenaya Capital VI, L.P.
March 9, 2012
RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby invests $50 million plus reasonable normal investment expenses, in Tenaya Capital VI, L.P., in accordance with the recommendation of Luke Jacobs, Senior Investment Analyst, Private Markets, dated March 8, 2012. 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 2012-14
Re: AG Core Plus Realty Fund III, L.P.
March 9, 2012
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 AG Core Plus Realty Fund III, L.P., in accordance with the recommendation of Laurann H. Stepp, Portfolio Manager, Real Estate, dated March 8, 2012. 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 2012-15
Re: Exeter Industrial Value Fund II, L.P.
March 9, 2012
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 Exeter Industrial Value Fund II, L.P., in accordance with the recommendation of Laurann H. Stepp, Portfolio Manager, Real Estate, dated March 8, 2012. 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 2012-16
Re: Bell Institutional Fund IV, LLC
March 9, 2012
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 IV, LLC, in accordance with the recommendation of Charles J. Spiller, Managing Director, Private Markets and Real Estate, dated March 8, 2012. 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 2012-17
Re: Black River Inflation Opportunity Fund of One
April 27, 2012
RESOLVED, that pursuant to the recommendations of Mark E. Heppenstall, Managing Director, Fixed Income, April 11, 2012, the Public School Employees’ Retirement Board (the “Board”) hereby (i) invests an initial amount of up to $75 million in the Black River Inflation Opportunity Fund of One, 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 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.
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 2012-18
Re: Brevan Howard CMBS Fund Limited
April 27, 2012
RESOLVED, that pursuant to the recommendations of James H. Grossman, Jr., Deputy Chief Investment Officer, dated April 11, 2012, and Aksia, LLC, dated April 11, 2012, the Public School Employees’ Retirement Board (the “Board”) hereby (i) invests an initial amount of $200 million in the Brevan Howard CMBS Fund Limited, 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 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.
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 2012-19
Re: Aeolus Property Catastrophe Fund I, LP
April 27, 2012
RESOLVED, that pursuant to the recommendations of Robert E. Little, Portfolio Manager of External Public Markets, Risk & Compliance, dated April 12, 2012, and Aksia, LLC, dated April 11, 2012, the Public School Employees’ Retirement Board (the “Board”) hereby (i) invests an initial amount of $100 million in the Aeolus Property Catastrophe Fund I, LP (the mid-year fund series), (ii) that the Board invest an initial amount of $100 million in the Aeolus Property Catastrophe Fund I, LP (the January fund series), 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.
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 2012-20
Re: BlueTrend Fund Limited
April 27, 2012
RESOLVED, that pursuant to the recommendations of Robert E. Little, Portfolio Manager of External Public Markets, Risk & Compliance, dated April 12, 2012, and Aksia, LLC, dated April 11, 2012, the Public School Employees’ Retirement Board (the “Board”) hereby (i) invests an initial amount of $250 million in the BlueTrend Fund Limited, 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 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.
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 2012-21
Re: Sankaty Credit Opportunities V-D, L.P.
April 27, 2012
RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby invests an amount not to exceed $350 million plus reasonable normal investment expenses, in Sankaty Credit Opportunities V-D, L.P., in accordance with the recommendations of James H. Grossman, Jr., Deputy Chief Investment Officer, dated April 26, 2012, and Portfolio Advisors, dated April 2012. 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 2012-22
Re: Trilantic Capital Partners V (North America), L.P.
April 27, 2012
RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby invests $100 million plus reasonable normal investment expenses, in Trilantic Capital Partners V (North America), L.P., in accordance with the recommendation of Charles J. Spiller, Managing Director, Private Markets and Real Estate, dated April 26, 2012. 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 2012-23
Re: KBL Partnership, L.P.
June 15, 2012
RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) invests up to $150,000 in KBL Partnership, L.P., in accordance with the recommendation of Charles J. Spiller, Managing Director, Private Markets and Real Estate, dated June 15, 2012. 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.
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PSERB Resolution 2012-24
Re: AQR GRP EL 20 Offshore Fund LTD.
June 22, 2012
RESOLVED, that pursuant to the recommendations of James H. Grossman, Jr., Deputy Chief Investment Officer, Joseph W. Sheva, Senior Investment Professional, and Wilshire Associates, dated June 6, 2012, the Public School Employees’ Retirement Board (the “Board”) hereby (i) invests an initial amount of $500 million in the AQR GRP EL 20 Offshore Fund LTD., of which $200 million will be funded by a reduction in AQR’s Offshore Multi-Strategy Fund, Ltd., and (ii) 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/invest/guide/index.htm), 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 2012-25
Re: Radcliffe Capital Management, L.P.
June 22, 2012
RESOLVED, pursuant to the recommendations of Mark E. Heppenstall, Managing Director, Fixed Income, Joseph W. Sheva, Senior Investment Professional, and Wilshire Associates, dated June 6, 2012, that the Public School Employees’ Retirement Board (the “Board”) hereby (i) retains Radcliffe Capital Management, L.P. to manage an initial amount of $200 million in their Ultra-Short High Yield strategy 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 at http://www.psers.state.pa.us/invest/guide/index.htm), 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.
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PSERB Resolution 2012-26
Re: Atlantic Trust Private Wealth Management
June 22, 2012
RESOLVED, pursuant to the recommendations of Joseph W. Sheva, Senior Investment Professional, and Wilshire Associates, both dated June 5, 2012, that the Public School Employees’ Retirement Board (the “Board”) hereby (i) retains Atlantic Trust Private Wealth Management to manage an initial amount of $250 million in their Master Limited Partnership strategy 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 at http://www.psers.state.pa.us/invest/guide/index.htm), 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 2012-27
Re: Salient Capital Advisors, LLC
June 22, 2012
RESOLVED, pursuant to the recommendations of Joseph W. Sheva, Senior Investment Professional, and Wilshire Associates, both dated June 5, 2012, that the Public School Employees’ Retirement Board (the “Board”) hereby (i) retains Salient Capital Advisors, LLC to manage an initial amount of $250 million in their Master Limited Partnership strategy 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 at http://www.psers.state.pa.us/invest/guide/index.htm), 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.
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PSERB Resolution 2012-28
Re: Investment Objectives and Guidelines
June 22, 2012
RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby adopts the proposed changes to the Investment Policy Statement, Objectives, and Guidelines (specifically Exhibits B, C and D) and the proposed Investment Objectives and Guidelines Addenda listed below for the Public School Employees’ Retirement System pursuant to the recommendation of Joseph W. Sheva, Senior Investment Professional, dated June 6, 2012.
Addendum Addendum Title
B U.S. Master Limited Partnership Portfolios
I U.S. Core Plus Fixed Income Portfolios
K U.S. High Yield Fixed Income Portfolios
K1 Non-Agency Residential Mortgage Backed Securities Portfolios
L Internally-Managed Treasury Inflation Protection Securities Portfolios
Q Global Core Plus Fixed Income Portfolios
Y Internally-Managed Short-Term Investment Pool
Y1 LIBOR-Plus Short-Term Investment Pools
Y2 Short Duration Non-Agency RMBS Portfolios
Y3 Ultra-Short High Yield Portfolios
Internally-Managed Premium Assistance Program Portfolio
PSERB Resolution 2012-29
Re: Blue Point Capital Partners III (B), L.P.
June 22, 2012
RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby invests $50 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 June 21, 2012. 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 2012-30
Re: Catterton Partners VII, L.P.
June 22, 2012
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 Catterton Partners VII, L.P., in accordance with the recommendation of Charles J. Spiller, Managing Director, Private Markets and Real Estate, dated June 21, 2012. 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 2012-31
Re: LLR Equity Partners IV, L.P.
June 22, 2012
RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby invests $200 million plus reasonable normal investment expenses, in LLR Equity Partners IV, L.P., in accordance with the recommendation of Charles J. Spiller, Managing Director, Private Markets and Real Estate, dated June 21, 2012. 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.
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PSERB Resolution 2012-32
Re: Brookfield Strategic Real Estate Partners, L.P.
June 22, 2012
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 Brookfield Strategic Real Estate Partners, L.P., in accordance with the recommendation of William P. Stalter, Portfolio Manager, Real Estate, dated June 21, 2012. 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 2012-33
Re: Request for Proposals for
Medicare Prescription Drug Program Support Services
and Pharmacy Benefit Management Services
HOP Basic and Enhanced Medicare Rx Options and
Pre-65 Medical Plan Prescription Drug Benefits
Effective January 1, 2013
June 22, 2012
RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby accepts the results of the Commonwealth Request for Proposals for the Medicare Prescription Drug Program Support Services and Pharmacy Benefit Management Services and enters into a contract with Optum Rx with an initial term of three (3) years beginning January 1, 2013 with options to renew the contract, upon mutual consent of the parties, annually for two additional years.
The final terms and conditions of the contract must be satisfactory to the Health Care Office, the Office of Chief Counsel, and the Office of Executive Director, as evidenced either by the appropriate signatures on the implementing contract or by a memo to that effect appended to the implementing contract.
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PSERB Resolution 2012-34
Re: HOP Medical Plan Benefits and Rates
Effective January 1, 2013
June 22, 2012
RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby approves the premium rates of the HOP Medical Plan effective January 1, 2013:
HOP MEDICAL PLAN
North and Central Region |
2013 |
Standard Rate |
$164 |
Old Age 65 Rate |
164 |
Age 65 Rate |
140 |
Age 65 Rates (2ndYear) |
145 |
Southwest Region |
2013 |
Standard Rate |
$195 |
Old Age 65 Rate |
195 |
Age 65 Rate |
166 |
Age 65 Rate (2ndYear) |
172 |
Southeast Region |
2013 |
Standard Rate |
$199 |
Old Age 65 Rate |
199 |
Age 65 Rate |
170 |
Age 65 Rate (2ndYear) |
176 |
PSERB Resolution 2012-35
Re: HOP Pre-65 Medical Plan Benefits and Rates
Effective January 1, 2013
June 22, 2012
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, 2013:
HOP Pre-65 Medical Plan: w/ Benefit Changes |
2013 |
Pre-65 Medical Plan |
$ 676 |
Pre-65 Medical Plan w/ Prescription Drugs |
780 |
PSERB Resolution 2012-36
Re: Basic Medicare Rx Option Benefits and Rates
Effective January 1, 2013
June 22, 2012
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, 2013:
The Member Pays in the Coverage Gap: |
2012 Basic
Medicare Rx Option |
Proposed Basic
Medicare Rx Option for 2013 |
Generic Rx |
86% |
79% |
And Further RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby approves the following premium rates of the Basic Medicare Rx Option effective
January 1, 2013:
Basic Medicare Rx Option: w/Benefit Changes |
2013 |
Single |
$28 |
Two Person |
56 |
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PSERB Resolution 2012-37
Re: Enhanced Medicare Rx Option Benefits and Rates
Effective January 1, 2013
June 22, 2012
RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby approves the following premium rates of the Enhanced Medicare Rx Option effective
January 1, 2013:
Enhanced Medicare Rx Option: |
2013 |
Single |
$ 82 |
Two Person |
164 |
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PSERB Resolution 2012-38
Re: Segal Claims Audit
August 9, 2012
RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby accepts the May 15, 2012 Analysis and Evaluation of Claims Processing and Payment procedures for the Public School Employees’ Retirement System Health Options Program prepared by The Segal Company, for the year ended December 31, 2011.
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PSERB Resolution 2012-39
Re: Amendments to U.S. and Non-U.S. Proxy Voting Policies
August 9, 2012
RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby adopts the proposed amendments to PSERS’ U.S. and Non-U.S. Proxy Voting Policies pertaining to corporate board diversity, pursuant to the recommendation of Jeffrey B. Clay dated July 20, 2012.
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PSERB Resolution 2012-40
Re: Investment Objectives and Guidelines
August 9, 2012
RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby adopts the proposed changes to the Addendum listed below for the Public School Employees’ Retirement System pursuant to the recommendation of Joseph W. Sheva, Portfolio Manager, dated July 20, 2012.
Addendum Addendum Title
E Internally Managed Indexed Equity Portfolios
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PSERB Resolution 2012-41
Re: Bridgewater All Weather@15%, Ltd. Fund
August 9, 2012
RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby transitions its investment All Weather@12%, Ltd. to All Weather@15%, Ltd. pursuant to the recommendation of James H. Grossman, Jr., Deputy Chief Investment Officer, dated July 25, 2012.
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.
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PSERB Resolution 2012-42
Re: PIMCO Multi-Asset Volatility Offshore Fund Ltd.
August 9, 2012
RESOLVED, that pursuant to the recommendations of Robert E. Little, Portfolio Manager, dated July 26, 2012, and Aksia, LLC, dated July 24, 2012, the Public School Employees’ Retirement Board (the “Board”) hereby (i) invests an initial amount of $220 million in the PIMCO Multi-Asset Volatility 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 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.
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.
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PSERB Resolution 2012-43
Re: Versa Capital Fund III, L.P.
August 9, 2012
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 Versa Capital Fund III, L.P., in accordance with the recommendation of Darren C. Foreman, Portfolio Manager, Private Markets, dated August 8, 2012. 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.
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PSERB Resolution 2012 - 44
Re: Medicare Advantage andPre-65 Managed Care Plans – Premium Rates and Benefits
Effective January 1, 2013
August 9, 2012
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.
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PSERB Resolution 2012 - 45
Re: Basic and Enhanced Medicare Options – Benefits
Effective January 1, 2013
August 9, 2012
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, 2013:
The Member Pays in the Coverage Gap: |
2012 Basic
Medicare Rx Option |
Proposed Basic
Medicare Rx Option for 2013 |
Brand |
100%
(50% Manufacturers Discount) |
97.5%
(50% Manufacturers Discount) |
Further 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, 2013:
The Member Pays in the Coverage Gap: |
2012 Enhanced
Medicare Rx Option |
Proposed Enhanced
Medicare Rx Option for 2013 |
Brand |
100%
(50% Manufacturers Discount) |
97.5%
(50% Manufacturers Discount) |
PSERB Resolution 2012-46
Re: Candeub Case
August 9, 2012
RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby remands the matter of Helene Candeub to the Hearing Officer and requests the Hearing Officer issue subpoenas upon Independence Blue Cross and/or the Philadelphia School District to obtain all information relating to the account of Helene Candeub for the purpose of establishing her status in the Independence Blue Cross group plans during all enrollment years.
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PSERB Resolution 2012-47
Re: ICG Europe Fund V
September 28, 2012
RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby invests €200 million plus reasonable normal investment expenses, in ICG Europe Fund V in accordance with the recommendations of Joseph W. Sheva, Portfolio Manager, and Portfolio Advisors, dated September 7, 2012. 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 2012-48
Re: HayFin Special Opportunities Credit Fund LP
September 28, 2012
RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby invests €200 million plus reasonable normal investment expenses, in HayFin Special Opportunities Credit Fund LP in accordance with the recommendations of Joseph W. Sheva, Portfolio Manager, and Portfolio Advisors, dated September 7, 2012. 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 2012-49
Re: LBC Credit Partners III, L.P.
September 28, 2012
RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby invests $200 million plus reasonable normal investment expenses, in LBC Credit Partners III, L.P. in accordance with the recommendations of Joseph W. Sheva, Portfolio Manager, and Portfolio Advisors, dated September 7, 2012. 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 2012-50
Re: Cerberus Levered Loan Opportunities Fund II, L.P.
September 28, 2012
RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby invests $225 million plus reasonable normal investment expenses, in Cerberus Levered Loan Opportunities Fund II, L.P. in accordance with the recommendations of Joseph W. Sheva, Portfolio Manager, and Portfolio Advisors, dated September 7, 2012. 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 2012-51
Re: RCG Longview Debt Fund V, L.P.
September 28, 2012
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 RCG Longview Debt Fund V, L.P., in accordance with the recommendation of Laurann H. Stepp, Portfolio Manager, Real Estate, and Courtland Partners, dated September 27, 2012. 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 2012-52
Re: Request for Proposals for Health Care Consulting
and Project Management Services
Effective February 1, 2013
September 28, 2012
RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby accepts the results of the Commonwealth Request for Proposals for the Health Care Consulting and Project Management Services and enters into a contract with the Segal Company with an initial term of three (3) years beginning February 1, 2013 with options to renew the contract, upon mutual consent of the parties, annually for two additional years.
The final terms and conditions of the contract 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 the implementing contract or by a memo to that effect appended to the implementing contract.
PSERB Resolution 2012-53
Re: Pharmacy Benefit Consulting and
Medicare Part D Compliance Services
Effective February 1, 2013
September 28, 2012
RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby accepts the results of the Commonwealth Request for Proposals for the Pharmacy Benefit Consulting and Medicare Part D Compliance Services and enters into a contract with IPC/EvergreenRx with an initial term of three (3) years beginning February 1, 2013 with options to renew the contract, upon mutual consent of the parties, annually for two additional years.
The final terms and conditions of the contract 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 the implementing contract or by a memo to that effect appended to the implementing contract.
PSERB Resolution 2012-54
Re: Financial Statements and Independent Auditor’s Report
September 28, 2012
RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) accepts the June 30, 2012 Financial Statements and approve the accompanying Independent Auditor Report prepared for the Public School Employees’ Retirement System by CliftonLarsonAllen LLP, for the year ended June 30, 2012.
RESOLVED FURTHER that the Board ratifies all payments that are reflected in the June 30, 2012 Financial Statements.
PSERB Resolution 2012-55
RE: 2013-14 Administrative Budget and Directed Commissions Recapture Program Budget
September 28, 2012
RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby approves the 2013-14 Administrative Budget, not to exceed $41,179,000 and the 2013-14 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 2012-56
Re: Health Options Program Budget
December 6, 2012
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 2013 in the aggregate amount of $261,995,000 as presented by Mark F. Schafer at the December 5, 2012 Health Care Committee meeting.
PSERB Resolution 2012-57
Re: Investment Objectives and Guidelines
December 6, 2012
RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby adopts the proposed changes to the Investment Policy Statement, Objectives, and Guidelines (specifically Exhibit C) and the proposed Investment Objectives and Guidelines Addenda listed below for the Public School Employees’ Retirement System pursuant to the recommendation of Joseph W. Sheva, Portfolio Manager, dated November 19, 2012.
Addendum Addendum Title
G Internally Managed Optimal Beta Portfolio
PSERB Resolution 2012-58
Re: Sciens Aviation Special Opportunities Investment Fund II, LP
December 6, 2012
RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby invests $150 million plus reasonable normal investment expenses in the Sciens Aviation Special Opportunities Investment Fund II, LP in accordance with the recommendations of Robert E. Little, Portfolio Manager, and Aksia, LLC, dated November 15, 2012.
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 2012-59
Re: Global Agriculture Absolute Return Fund Ltd.
December 6, 2012
RESOLVED, that pursuant to the recommendations of Robert E. Little, Portfolio Manager, dated November 15, 2012, and Aksia, LLC, dated November 15, 2012, the Public School Employees’ Retirement Board (the “Board”) hereby (i) invests an initial amount of $150 million in the Global Agriculture Absolute Return Fund Ltd., and (ii) declares 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.
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 2012-60
Re: PAI Europe VI, L.P.
December 6, 2012
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 PAI Europe VI, L.P., in accordance with the recommendation of Darren C. Foreman, Portfolio Manager, Private Markets, and Portfolio Advisors LLC, dated December 5, 2012.
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 2012-61
Re: LEM Real Estate High-Yield Debt and Preferred Equity Fund III, LP
December 6, 2012
RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby invests an amount not to exceed $75 million in LEM Real Estate High-Yield Debt and Preferred Equity Fund III, LP, in accordance with the recommendation of William Stalter, Portfolio Manager Real Estate, and Courtland Partners Ltd., dated December 5, 2012.
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 2012-62
Re: Latitude Management Real Estate Capital III, Inc.
December 6, 2012
RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby invests an amount not to exceed $75 million in Latitude Management Real Estate Capital III, Inc., in accordance with the recommendation of Laurann H. Stepp, Portfolio Manager Real Estate, and Courtland Partners Ltd., dated December 5, 2012.
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 2012-63
Re: Actuarial Valuation
December 6, 2012
RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby accepts the June 30, 2012 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 16.93% for Fiscal Year July 1, 2013 through June 30, 2014.