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PSERB Resolution 2023-01
Re: Appointment of Chief Investment Officer
January 4, 2023
RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby appoints Benjamin L. Cotton, Ed.D., CFA, to the position of Chief Investment Officer effective January 17, 2023. Mr. Cotton will be paid a salary of $515,000 annually. To attract this highly skilled investment professional, obtained through a nationwide search, he will also receive compensation in the form of a one-time $10,000 quality assurance payment.
PSERB Resolution 2023-02
Re: In Re S. Knight, Docket No. 2020-02
January 20, 2023
RESOLVED, that, in the matter of Sybil Knight, Docket No. 2020-02, the Public School Employees' Retirement Board hereby adopts the Opinion and Recommendation of the Hearing Examiner and dismisses Claimant's appeal with prejudice.
2023-03 PSERB Resolution
Re: Clayton, Dubilier & Rice Fund XII, L.P.
January 20, 2023
RESOLVED, that the Public School Employees' Retirement Board hereby commits an amount not to exceed $100 million, plus reasonable and normal investment expenses, to Clayton, Dubilier & Rice Fund XII, L.P., and/or related investment vehicles, in accordance with the recommendation of G. Anthony Meadows, Portfolio Manager and Hamilton Lane. The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Office of Executive Director, as evidenced either by the appropriate signatures on, or by a memo to that effect appended to, the implementing investment contract.
PSERB Resolution 2023-04
Re: Sixth Street Lending Partners
January 20, 2023
RESOLVED, that the Public School Employees' Retirement Board hereby commits an amount not to exceed $250 million, plus reasonable and normal investment expenses, to Sixth Street Lending Partners and/or related investment vehicles, in accordance with the recommendation of Sean T. Sarraf, Senior Investment Professional, James F. Del Gaudio, Director and Aksia. The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Office of Executive Director, as evidenced either by the appropriate signatures on, or by a memo to that effect appended to, the implementing investment contract.
PSERB Resolution 2023-05
Re: Board Deliberation Policy
February 24, 2023
RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby adopts the Board Deliberation Policy, as proposed and recommended by the Governance and Administration Committee, and contained in Attachment A.
PSERB Resolution 2023-06
Re: Cyber Security Insurance Policy
February 24, 2023
RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby approves the cyber insurance policy through Lockton Insurance, an insurance broker, with an aggregate insurance limit and retention within ranges as outlined in the Lockton Cyber insurance proposal. The final terms and conditions of the insurance policy must be satisfactory to the Office of Chief Counsel, Chief Information Security Officer, and the Office of the Executive Director.
PSERB Resolution 2023-07
Re: Withdrawal Liability Interest Rate for Closed Schools
March 31, 2023
RESOLVED, that the Public School Employees' Retirement Board hereby accepts the recommendation by the Finance and Actuarial Committee to adopt the proposed withdrawal liability interest rate for closed schools as recommended by Buck Global LLC:
- Use the 10-Year Treasury Constant Maturity Monthly Average Rate (Rate) as of the last actuarial valuation immediately preceding the closure of the employer to calculate the withdrawal liability. If the Rate has changed by more than 100 basis points as of the closure date of the employer, then the Rate in effect as of the first of the month coincident with or just preceding to the closure date will be used to calculate the withdrawal liability.
PSERB Resolution 2023-08
Re: Finance and Actuarial Committee Work Plan
March 31, 2023
RESOLVED, that the Public School Employees' Retirement Board hereby accepts the recommendation of the Finance and Actuarial Committee to approve the Finance and Actuarial Committee Work Plan, as set forth in the attachment, to be used as a guide in the development of agendas.
PSERB Resolution 2023-09
Re: Governance and Administration Committee Work Plan
March 31, 2023
RESOLVED, that the Public School Employees' Retirement Board hereby accepts the recommendation of the Governance and Administration Committee to approve the Governance and Administration Committee Work Plan, as set forth in the attachment, to be used as a guide in the development of agendas.
PSERB Resolution 2023-10
Re: Executive Director Performance Evaluation Process
March 31, 2023
RESOLVED, that the Public School Employees' Retirement Board hereby approves the Executive Director Evaluation Process, as set forth in the attachment, to be used for the current rating period, ending June 30, 2023
PSERB Resolution 2023-11
Re: DIF Infrastructure VII, L.P.
March 31, 2023
RESOLVED, that the Public School Employees' Retirement Board hereby commits an amount not to exceed €200,000,000, plus reasonable and normal investment expenses, to DIF Infrastructure Fund VII SCSp, and/or related investment vehicles, in accordance with the
recommendation of William P. Stalter, Senior Portfolio Manager, Cody Steele, Senior Investment Professional, and
Aksia. The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Office of Executive Director, as evidenced either by the appropriate signatures on, or by a memo to that effect appended to, the implementing investment contract.
PSERB Resolution 2023-12
Re: Commonwealth Holdings, Inc
March 31, 2023
RESOLVED, that the Public School Employees' Retirement Board hereby authorizes the disposition of the assets held by Commonwealth Holdings, Inc., in accordance with the recommendation of William P. Stalter, Senior Portfolio Manager. The final terms and conditions of the disposition must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Office of Executive Director, as evidenced either by the appropriate signatures on, or by a memo to that effect appended to, the implementing investment contract.
PSERB Resolution 2023-13
Re: Health Care Committee Work Plan
March 31, 2023
PSERB Resolution 2023-14
Re: Defined Contribution Committee Work Plan
March 31, 2023
PSERB Resolution 2023-15
Re: Benefits and Appeals Committee Work Plan
March 31, 2023
PSERB Resolution 2023-18
Re: Investment Policy Statement Liquidity Policy
May 24, 2023
RESOLVED, that the Public School Employees' Retirement Board hereby adopts the changes to the Stand-alone Investment Liquidity Policy for the Public School Employees' Retirement System pursuant to the memo from Benjamin Cotton, Chief Investment Officer, dated May 18, 2023, and as amended to require twenty-four (24) hour notification to the full Board with a detailed report to the full Board within two (2) weeks.
PSERB Resolution 2023-19
Re: Investment Policy Statement Tail Risk Mitigation Strategy Policy
May 24, 2023
RESOLVED, that the Public School Employees' Retirement Board hereby adopts the temporary changes to the Stand-alone Investment Tail Risk Mitigation Strategy Policy for the Public School Employees' Retirement System pursuant to the memo from Benjamin Cotton, Chief Investment Officer, dated May 18, 2023.