2013-01 - Request for Proposals for Financial Audit Services Effective
2013-02 - Private Markets and Real Estate In-House Co-Investment and Secondary Program
2013-03 - Ellis Lake Domestic Fund, LP
2013-04 - Paramount Group Real Estate Fund VII, L.P.
2013-05 - Blackstone Real Estate Debt Strategies II, L.P.
2013-06 - HgCapital 7, L.P.
2013-07 - Triton IV, L.P.
2013-08 - Morgan Stanley Private Equity Asia IV, L.P.
2013-09 - CIO Replacement
2013-10-  U.S. and Non-U.S. Proxy Voting Policies
2013-11 - Investment Objectives and Guidelines
2013-12 - GoldPoint Partners Co-Investment V, L.P.
2013-13 - Bain Capital Fund XI, L.P.
2013-14 - New Mountain Partners IV, L.P.
2013-15 - Cabot Industrial Value Fund IV, L.P.
2013-16 - AREA Value Enhancement Fund VIII, L.P.
2013-17 - Catterton Growth Partners II, L.P.
2013-18 - Interim Chief Investment Officer Salary
2013-19 - Sankaty Middle Market Opportunities Fund II, L.P.
2013-20 - Crestview Partners III, L.P.
2013-21 - DCPF VI Oil and Gas Co-Investment Fund, L.P.
2013-22 - Incline Equity Partners III, L.P.
2013-23 - HOP Medical Plan Benefits and Rates
2013-24 - HOP Pre-65 Medical Plan Benefits and Rates
2013-25 - Basic Medicare Rx Option Benefits and Rates
2013-26 - Enhanced Medicare Rx Option Benefits and Rates
2013-27 - Signing of Contracts, Instruments, and Other Documents
2013-28 - Basic Medicare Rx Option Benefits and Rates Effective January 1, 2014
2013-29 - Enhanced Medicare Rx Option Benefits and Rates Effective January 1, 2014
2013-30 - Medicare Advantage and Pre-65 Managed Care Plans - Premium Rates and Benefits Effective January 1, 2014
2013-31 - Health Options Program - Eligibility Requirements
2013-32 - Galton Onshore Mortgage Recovery Fund III, L.P.
2013-33 - AllianceBernstein Factor Risk Premia Fund, L.P.
2013-34 - Private Markets and Real Estate In-House Co-Investment and Secondary Program  
2013-35 - Apollo Investment Fund VIII, L.P.  
2013-36 - Investment Objectives and Guidelines    
2013-37 - Investment Objectives and Guidelines, Addendum I-2      
2013-38 - SEI Investment Management Corporation        
2013-39 - D.E. Shaw Orienteer Fund, LLC        
2013-40 - Perry Partners, LP      
2013-41 - International Infrastructure Finance Company Fund, L.P.      
2013-42 - Summit Partners Credit Fund II, L.P.        
2013-43 - Ft. Lauderdale Galleria Mall    
2013-44 - Investment Consulting Services        
2013-45 - Financial Statements and Independent Auditor's Report        
2013-46 - 2014-15 Administrative Budget and Directed Commissions Recapture Program Budget
2013-47 - Odyssey Investment Partners Fund V, L.P.
2013-48 - CVC Capital Partners Asia Pacific Fund IV, L.P.   
2013-49 - DRA Growth & Income Fund VIII, L.L.C.
2013-50 - Exeter Industrial Value Fund III, L.P.
2013-51 - Blackstone Real Estate Partners Europe IV, LP
2013-52 - TPG Opportunities Partners III (A), L.P.
2013-53 - Health Options Program Budget Effective January 1, 2014
2013-54 - PSERS Health Options Program Eligibility and Enrollment Policy
2013-55 - Actuarial Valuation

PSERB Resolution 2013-01
Re: Request for Proposals for Financial Audit Services Effective April 1, 2013
January 25, 2013

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby accepts the results of the Commonwealth Request for Proposals for the Financial Audit Services and enter into a contract with SB & Company, LLC with an initial term of two (2) years beginning April 1, 2013 with options to renew the contract, upon mutual consent of the parties, annually for three additional years.                        

The final terms and conditions of the contract must be satisfactory to the Internal Auditor, 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 2013-02
Re:  Private Markets and Real Estate In-House Co-Investment and Secondary Program
January 25, 2013

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby invests an additional amount not to exceed $100 million, in the 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 24, 2013.

PSERB Resolution 2013-03
Re:  Ellis Lake Domestic Fund, LP
January 25, 2013

RESOLVED, that pursuant to the recommendations of Robert E. Little, Portfolio Manager, dated January 10, 2013, and Aksia, LLC, dated January 4, 2013, the Public School Employees' Retirement Board (the "Board") hereby (i) invests an initial amount of $100 million in the Ellis Lake Domestic Fund, LP, 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 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 the implementing investment contract or by a memo to that effect appended to the implementing investment contract.

PSERB Resolution 2013-04
Re:  Paramount Group Real Estate Fund VII, L.P.
January 25, 2013    

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 Paramount Group Real Estate Fund VII, L.P., in accordance with the recommendation of Laurann H. Stepp, Portfolio Manager, Real Estate, and Courtland Partners, Ltd., dated January 24, 2013.  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 2013-05
Re:  Blackstone Real Estate Debt Strategies II, LP
January 25, 2013                

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby invests an amount not to exceed $100 million in Blackstone Real Estate Debt Strategies II, LP, in accordance with the recommendation of William P. Stalter, Portfolio Manager, Real Estate, and Courtland Partners Ltd., dated January 24, 2013.  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 2013-06
Re:  HgCapital 7, L.P.
January 25, 2013    

 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 HgCapital 7, L.P., in accordance with the r ecommendation of Darren C. Foreman, Portfolio Manager, Private Markets, and Portfolio Advisors LLC, dated January 24, 2013.  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 2013-07
Re:  Triton IV, L.P.
January 25, 2013

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby invests 100 million plus reasonable normal investment expenses, in Triton IV, L.P., in accordance with the recommendation of Luke M. Jacobs, Senior Investment Analyst, Private Markets, and Portfolio Advisors LLC, dated January 24, 2013.  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 2013-08
Re:  Morgan Stanley Private Equity Asia IV, L.P.
January 25, 2013

 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 Morgan Stanley Private Equity Asia IV, L.P., in accordance with the recommendation of Michael Tyler, Senior Investment Analyst, Private Markets, and Portfolio Advisors LLC, dated January 24, 2013.  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 2013-09
Re:  CIO Replacement
February 12, 2013                            

RESOLVED, in light of the pending retirement of Alan Van Noord, PSERS Chief Investment Officer, (CIO), on June 30, 2013, the Public School Employees' Retirement Board (the "Board") hereby directs that the Executive Director commence the process to conduct a national search for a new CIO.             

FURTHER RESOLVED, that pending the successful completion of the CIO search, James H. Grossman is appointed the Acting CIO effective July 1, 2013.

PSERB Resolution 2013-10
Re:  U.S. and Non-U.S. Proxy Voting Policies
March 15, 2013  

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 28, 2013.

PSERB Resolution 2013-11
Re:  Investment Objectives and Guidelines
March 15, 2013  

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby adopts the proposed changes to Exhibit Band C of the Investment Policy Statement, Objectives, and Guidelines, as amended, listed below for the Public School Employees' Retirement System pursuant to the respective recommendations of James H. Grossman, Jr., Deputy Chief Investment Officer, dated February 28, 2013, and Wilshire Associates, dated March 14, 2013; and Exhibit F of the Investment Policy Statement, Objectives, and Guidelines, as amended, listed below for the Public School Employees' Retirement System pursuant to the recommendation  of Lenann T. Engler, Senior Investment Analyst, dated February 28, 2013.

PSERB Resolution 2013-12
Re:  GoldPoint Partners Co-Investment V, L.P.
March 15, 2013  

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby invests an amount not to exceed $50 million plus reasonable normal investment expenses, in GoldPoint Partners Co-Investment V, L.P., in accordance with the recommendations of Charles J. Spiller, Managing Director, Private Markets and Real Estate, dated March 14, 2013 and Portfolio Advisors LLC, dated February 21, 2013.  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 2013-13
Re:  Bain Capital Fund XI, L.P.
March 15, 2013  

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 Bain Capital Fund XI, L.P., in accordance with the recommendations of Charles J. Spiller, Managing Director, Private Markets and Real Estate, dated March 14, 2013 and Portfolio Advisors LLC, dated February 21, 2013.  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 2013-14
Re:  New Mountain Partners IV, L.P.
March 15, 2013  

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 New Mountain Partners IV, L.P. in accordance with the recommendations of Michael Tyler, Senior Investment Analyst, Private Markets, dated March 14, 2013, and Portfolio Advisors LLC, dated February 21, 2013.  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 2013-15
Re:  Cabot Industrial Value Fund IV, L.P.
March 15, 2013  

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 Cabot Industrial Value Fund IV, L.P., in accordance with the recommendations of Laurann H. Stepp, Portfolio Manager, Real Estate, dated March 14, 2013 and Courtland Partners Ltd., dated February 25, 2013.  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 2013-16
Re:  AREA Value Enhancement Fund VIII, L.P.
March 15, 2013  

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby invests an amount not to exceed $75 million in AREA Value Enhancement Fund VIII, L.P., in accordance with the recommendations of William P. Stalter, Portfolio Manager, Real Estate, dated March 14, 2013, and Courtland Partners Ltd., dated February 26, 2013.  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 2013-17
Re: Catterton Growth Partners II, L.P.
April 26, 2013  

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 Catterton Growth Partners II, L.P., in accordance with the recommendation of Darren C. Foreman, Portfolio Manager, Private Markets, dated April 26, 2013 and Portfolio Advisors LLC, dated April 4, 2013. 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 2013 - 18
Re: Interim Chief Investment Officer Salary
Effective July 1, 2013
June 12, 2013

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby approves the Interim chief Investment Officer, James Grossman, an annual compensation equal to the beginning step for Chief Investment Officer on the Investment Professional (IP) pay schedule for the period of time Mr. Grossman holds the interim position.

PSERB Resolution 2013- 19
Re:   Sankaty Middle Market Opportunities Fund II, L.P.
June 12, 2013

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby invests $200 million plus reasonable normal investment expenses, in Sankaty Middle Market Opportunities Fund II, L.P. in accordance with the recommendations of Joseph W. Sheva, Portfolio Manager, and Portfolio Advisors LLC, dated May 22, 2013.   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 2013- 20
Re:   Crestview Partners III, L.P.
June 12, 2013

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 Crestview Partners III, L.P. in accordance with the recommendations of Michael Tyler, Senior Investment Analyst, Private Markets, dated June 11, 2013, and Portfolio Advisors LLC, dated May 22, 2013.   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 2013- 21
Re:   DCPF VI Oil and Gas Co-Investment Fund, L.P.
June 12, 2013

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby invests an amount not to exceed $25 million plus reasonable normal investment expenses, in DCPF VI Oil and Gas Co-Investment Fund, L.P., in accordance with the recommendation of Charles J. Spiller, Managing Director, Private Markets and Real Estate, dated June 11, 2013.   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 2013- 22
Re:   Incline Equity Partners III, L.P.
June 12, 2013

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby invests an amount not to exceed $15 million plus reasonable normal investment expenses, in Incline Equity Partners III, L.P., in accordance with the recommendation of Charles J. Spiller, Managing Director, Private Markets and Real Estate, dated June 11, 2013.   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 2013 - 23
Re: HOP Medical Plan Benefits and Rates
Effective January 1, 2014
June 12, 2013

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby approves the monthly premium rates of the HOP Medical Plan effective January 1, 2014 for calendar year 2014:

HOP MEDICAL PLAN

PSERB Resolution 2013 - 24
Re: HOP Pre-65 Medical Plan Benefits and Rates
Effective January 1, 2014
June 12, 2013

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby approves the monthly premium rates of the HOP Pre-65 Medical Plan effective January 1, 2014 for calendar year 2014:

PSERB Resolution 2013 - 25
Re: Basic Medicare Rx Option Benefits and Rates
Effective January 1, 2014
June 12, 2013

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, 2014 for calendar year 2014:

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, 2014 for calendar year 2014:

PSERB Resolution 2013 - 26
Re: Enhanced Medicare Rx Option Benefits and Rates
Effective January 1, 2014
June 12, 2013

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, 2014:

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, 2014 for calendar year 2014:

PSERB Resolution 2013- 27
Signing of Contracts, Instruments, and Other Documents
June 12, 2013

RESOLVED, that the Public School Employees' Retirement Board authorizes any two or more of the persons occupying the following positions, namely, the Executive Director, Deputy Executive Director; Assistant Executive Director; Chief Financial Officer; Chief Investment Officer; Deputy Chief Investment Officer; Investment Operations Manager; Managing Director of Private Markets and Real Estate; Managing Director of Equities; Managing Director of Fixed Income; and Director of Investment Accounting and Budget to execute and deliver any and all contracts, instruments, or documents that require written signatures in the name of the Public School Employees' Retirement System (the "System"), and to endorse, assign, or guarantee all such contracts, instruments, or documents in the name of the System.

RESOLVED FURTHER, that (i) in the case of investment contracts, the Chief Investment Officer, Deputy Chief Investment Officer, Investment Operations Manager, Managing  Director of Private Markets and Real Estate,  Managing Director of Equities, or Managing Director of Fixed Income must be one of the two signatories, and the Executive Director, Deputy Executive Director, Assistant Executive Director, Chief Financial Officer, or Director of Investment Accounting and Budget must be one of the two signatories, except in exigent circumstances when the only authorized signatories who are available hold Investment Office positions; and (ii) in the case of all other contracts, the Executive Director, Deputy Executive Director, Assistant Executive Director, Chief Financial Officer, or Director of Investment Accounting must be one of the two signatories, except in exigent circumstances when none of the designated individuals is available.

PSERB Resolution 2013 - 28
Re: Basic Medicare Rx Option Benefits and Rates Effective January 1, 2014
August 7, 2013

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, 2014 for calendar year 2014:

PSERB Resolution 2013 - 29
Re: Enhanced Medicare Rx Option Benefits and Rates Effective January 1, 2014
August 7, 2013                        

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, 2014 for calendar year 2014:

PSERB Resolution 2013 - 30
Re: Medicare Advantage and Pre-65 Managed Care Plans Premium Rates and Benefits Effective January 1, 2014 
August 7, 2013

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 for the calendar year beginning January 1, 2014 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, 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 2013 - 31
Re: Health Options Program Eligibility Requirements
August 7, 2013

RESOLVED, that the Public School Employees' Retirement Board (the "Board"), pursuant to the recommendations set forth in the Eligibility Review dated May 20, 2013 by the Segal Company, approves the following:

PSERS should develop and maintain a policy detailing eligibility rules and regulations of the Health Options Program.  Within this Policy;

• PSERS should specify that in regard to Eligible Persons:

• The foundation for enrollment in HOP should be the ongoing financial relationship between PSERS and the individual enrolled in HOP
  A Survivor Annuitant should be subject to the same requirements as a spouse and dependents while the Annuitant is in pay status.

•  Survivor Annuitant should be required to select the same coverage as family members and premiums must be deducted from the Annuitant s monthly benefit.

• At the Annuitant s death, the Survivor Annuitant may enroll in HOP if premiums are deducted from their monthly PSERS annuity payment

• PSERS rules should specifically state that a spouse or dependents already participating in HOP may continue HOP coverage upon the death of an Annuitant.

• A surviving spouse not participating in HOP at the time of the Annuitant s death should be allowed to enroll in HOP only if he or she becomes a beneficiary receiving a monthly annuity from PSERS. There must be an annuity to trigger eligibility.

PSERS should specify that in regard to Qualifying Events

• PSERS should allow continuity of coverage for spouses, Survivor Annuitants and dependents enrolled in HOP upon the death of the Annuitant (member).

• PSERS should modify the application of Qualifying Events to specify when they apply to the Annuitant, Survivor Annuitant, spouse and dependents of Annuitants or Survivor Annuitants

PSERS should specify that in regard to Comparable "Mirror" Coverage

• The current "mirror coverage"policy be modified to allow a retiree, spouse or dependent who can prove prescription drug coverage in an approved union plan resulting from employment at a participating school district, or in a recognized federal plan such as the VA, or in a military program such as Tri-Care for Life, where the coverage cannot be extended to a spouse, to have different prescription drug coverage under the HOP. Retirees, spouses and dependents in this situation must continue to have the same medical plan election. Only the person(s) with the proven outside prescription drug coverage may be opted out of prescription drug coverage through HOP.

PSERS should specify that in regard to Policies, business rules and regulations

• Eligibility appeals for HOP should be reviewed by the Health Care Committee of the board, rather than by the Appeals Committee.

• The ESRC should report its decisions on eligibility to the Health Care Committee and justify any determinations that extend eligibility to more groups than described in the eligibility policy

PSERB Resolution 2013- 32
Re:  Galton Onshore Mortgage Recovery Fund III, L.P.
August 7, 2013

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 Galton Onshore Mortgage Recovery Fund III, L.P. in accordance with the recommendations of Mark Heppenstall, Managing Director of Fixed Income, Joseph W. Sheva, Portfolio Manager, and Aksia, LLC, dated July 18, 2013.  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 2013- 33
Re:  AllianceBernstein Factor Risk Premia Fund, L.P.
August 7, 2013  

RESOLVED, pursuant to the recommendations of Gerard Smith, Managing Director, Equities, Jane Jeong, Portfolio Manager, and Aksia, dated July 23, 2013, that the Public School Employees' Retirement Board (the "Board") hereby (i) retains AllianceBernstein L.P. to manage an initial amount of $200 million in the AllianceBernstein Factor Risk Premia Fund, L.P. and (ii) that the Investment Office shall have the discretion to invest additional sums within the limits established in Addendum E1 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 the implementing investment contract or by a memo to that effect appended to the implementing investment contract.  

PSERB Resolution 2013- 34
Re:  Private Markets and Real Estate In-House Co-Investment and Secondary Program
October 4, 2013  

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby invests an additional amount not to exceed $100 million, in the 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 October 3, 2013.

PSERB Resolution 2013- 35
Re:  Apollo Investment Fund VIII, L.P.
October 4, 2013  

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 Investment Fund VIII, L.P., in accordance with the recommendation of Charles J. Spiller, Managing Director, Private Markets and Real Estate, dated October 3, 2013 and Portfolio Advisors LLC, dated September 16, 2013.  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 2013- 36
Re:  Investment Objectives and Guidelines
October 4, 2013  

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby adopts the proposed changes to Exhibits C and D of the Investment Policy Statement, Objectives, and Guidelines for the Public School Employees' Retirement System pursuant to the recommendation of James H. Grossman, Jr., Acting Chief Investment Officer, dated September 18, 2013.  

PSERB Resolution 2013- 37
Re:  Investment Objectives and Guidelines, Addendum I-2
October 3, 2013    

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby adopts the proposed Investment Objectives and Guidelines for Collateralized Loan Obligation Fixed Income Portfolios (Addendum I-2) for the Public School Employees' Retirement System pursuant to the recommendation of Mark Heppenstall, Managing Director of Fixed Income, dated September 18, 2013.

PSERB Resolution 2013- 38
Re:  SEI Investment Management Corporation
October 4, 2013  

RESOLVED, that pursuant to the recommendation of Mark Heppenstall, Managing Director of Fixed Income, dated September 18, 2013, that the Public School Employees' Retirement Board (the "Board") hereby (i) retains SEI Investment Management Corporation to manage an initial amount of $100 million in a separately managed account focused on collateralized loan obligations and (ii) that the Investment Office shall have the discretion to invest additional sums within the limits established 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 the implementing investment contract or by a memo to that effect appended to the implementing investment contract.

PSERB Resolution 2013- 39
Re:  D.E. Shaw Orienteer Fund, LLC
October 4, 2013  

RESOLVED, that pursuant to the recommendations of Joseph W. Sheva, Portfolio Manager, and Aksia LLC, dated September 19, 2013, that the Public School Employees' Retirement Board (the "Board") hereby (i) invests an initial amount of $200 million in the D.E. Shaw Orienteer Fund, LLC , 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 the implementing investment contract or by a memo to that effect appended to the implementing investment contract.   

PSERB Resolution 2013- 40
Re:  Perry Partners, LP
October 4, 2013  

RESOLVED, that pursuant to the recommendations of Robert E. Little, Portfolio Manager, and Aksia, LLC, dated September 19, 2013, the Public School Employees' Retirement Board (the "Board") hereby (i) invests an initial amount of $200 million in Perry Partners, LP, 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 the implementing investment contract or by a memo to that effect appended to the implementing investment contract. 

PSERB Resolution 2013- 41
Re:  International Infrastructure Finance Company Fund, L.P.
October 4, 2013  

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 International Infrastructure Finance Company Fund, L.P. in accordance with the recommendations of Joseph W. Sheva, Portfolio Manager, and Portfolio Advisors LLC, dated September 16, 2013.  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 2013- 42
Re:  Summit Partners Credit Fund II, L.P.
October 4, 2013  

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 Summit Partners Credit Fund II, L.P. in accordance with the recommendations of Joseph W. Sheva, Portfolio Manager, and Portfolio Advisors LLC, dated September 16, 2013.  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 2013- 43
Re:  Ft. Lauderdale Galleria Mall
October 4, 2013  

RESOLVED, that the Public School Employees' Retirement Board (the "Board"), in its capacity as the sole shareholder of the Keystone-Florida Property Holding Corp., approves the sale of Parcel A of the Ft. Lauderdale Galleria Mall in accordance with the recommendations of Laurann H. Stepp, Portfolio Manager, Real Estate, dated October 3, 2013.  The final terms and conditions of the sale must be satisfactory to the directors of the Keystone-Florida Property Holding Corp.

PSERS Resolution 2013- 44
Re:  Investment Consulting Services
October 4, 2013  

RESOLVED, that the Public School Employees' Retirement Board (the "Board"), in accordance with the recommendation of the Investment Consulting Services Request for Proposal Evaluation Committee, retains Hewitt EnnisKnupp, Inc. as the Fund's Investment Services Consultant for a contract term not to exceed five-years. The final terms and conditions of the contract 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 contract or by a memo to that effect appended to the implementing contract.

PSERB Resolution 2013- 45
Re:  Financial Statements and Independent Auditor s Report
October 4, 2013  

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby accepts the June 30, 2013 Financial Statements and approves the accompanying Independent Auditor Report prepared for the Public School Employees' Retirement System by SB & Company LLC, for the year ended June 30, 2013.   RESOLVED FURTHER that, pursuant to 24 Pa. C.S. 8521(d), the Board ratifies all payments that are reflected in the June 30, 2013 Financial Statements.

PSERB Resolution 2013- 46
Re:  2014-15 Administrative Budget and Directed Commissions Recapture Program Budget
October 4, 2013  

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby recommends that the Board approve the 2014-15 Administrative Budget, not to exceed $42,523,000 and the 2014-15 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 2013- 47
Re:  Odyssey Investment Partners Fund V, L.P.
December 10, 2013              

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 Odyssey Investment Partners Fund V, L.P., in accordance with the recommendation of Darren C. Foreman, Senior Portfolio Manager, Private Markets, dated December 9, 2013 and Portfolio Advisors LLC, dated November 11, 2013.  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 2013- 48
Re:  CVC Capital Partners Asia Pacific Fund IV, L.P.
December 10, 2013

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 CVC Capital Partners Asia Pacific Fund IV, L.P., in accordance with the recommendation of Michael J. Tyler, Senior Investment Analyst, Private Markets, dated December 9, 2013 and Portfolio Advisors LLC, dated November 11, 2013.  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 2013- 49
Re:  DRA Growth & Income Fund VIII, L.L.C.
December 10, 2013                          

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 DRA Growth & Income Fund VIII, L.L.C., in accordance with the recommendation of Laurann H. Stepp, Portfolio Manager, Real Estate, dated December 9, 2013 and Courtland Partners Ltd., dated November 14, 2013.  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 2013- 50
Re:  Exeter Industrial Value Fund III, L.P.
December 10, 2013                            

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 III, L.P., in accordance with the recommendation of Laurann H. Stepp, Portfolio Manager, Real Estate, dated December 9, 2013 and Courtland Partners Ltd., dated November 18, 2013.  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 2013- 51
Re:  Blackstone Real Estate Partners Europe IV, LP
December 10, 2013                

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby invests an amount not to exceed $100 million in Blackstone Real Estate Partners Europe IV, LP, in accordance with the recommendation of William P. Stalter, Portfolio Manager, Real Estate, dated December 9, 2013 and Courtland Partners Ltd., dated November 14, 2013.  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 2013- 52
Re:  TPG Opportunities Partners III (A), L.P.
December 10, 2013                            

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 TPG Opportunities Partners III (A), L.P. in accordance with the recommendations of Joseph W. Sheva, Portfolio Manager, and Portfolio Advisors LLC, dated November 11, 2013.  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 2013- 53
Re: Health Options Program Budget Effective January 1, 2014
December 10, 2013

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 2014 in the aggregate amount of $295,365,000 as presented by Mark F. Schafer.

PSERB Resolution 2013 54
Re: PSERS Health Options Program Eligibility and Enrollment Policy
December 10, 2013

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby adopts, effective January 1, 2014, the PSERS Health Options Program Eligibility and Enrollment Policy as recommended by Mr. Mark Schafer, Director, Health Insurance Office and The Segal Company in its analysis dated May 20, 2013.

PSERB Resolution 2013- 55
Re:  Actuarial Valuation
December 10, 2013                

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby accepts the June 30, 2013 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 21.40% for Fiscal Year July 1, 2014 through June 30, 2015.