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PSERB Resolution 2024-01
Re: Renewal of the Administrative Services Agreement (“ASA”) with Voya Institutional Plan Services, LLC
February 1, 2024
RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby accepts the recommendation of the Defined Contribution Committee of the Board and renews the Administrative Services Agreement (“ASA”) with Voya Institutional Plan Services, LLC for the First Renewal Period of an additional twelve months beginning July 1, 2024 through June 30, 2025 pursuant to Section 5.1 of the ASA.
PSERB Resolution 2024-02Re: 2024 CyberSecurity Insurance Policy
February 1, 2024
RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby approves the 2024 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 2024-03
Re: Audit, Compliance, and Risk Committee 2024 Work Plan
March 22, 2024
RESOLVED, that the Public School Employees' Retirement Board accepts the recommendation of the Audit, Compliance, and Risk Committee to approve the
Audit, Compliance, and Risk Committee Work Plan for 2024, as set forth in the attachment, to be used as a guide in the development of agendas.
PSERB Resolution 2024-04
Re: Audit, Compliance, and Risk Committee Charter
March 22, 2024
PSERB Resolution 2024-05
Re: Enterprise Risk Management Program Charter
March 22, 2024
2024-06 PSERB Resolution
Re: Compliance Program Charter
March 22, 2024
RESOLVED, that the Public School Employees' Retirement Board accepts the recommendation of the Audit, Compliance, and Risk Committee to adopt the Compliance Program Charter.
PSERB Resolution 2024-07
Re: Internal Audit Office Charter
March 22, 2024
RESOLVED, that the Public School Employees' Retirement Board accepts the recommendation of the Audit, Compliance, and Risk Committee to adopt the changes to the Internal Audit Office Charter.
2024-08 PSERB Resolution
Re: 2024 Board Education Plan
March 22, 2024
RESOLVED, that the Public School Employees' Retirement Board ("the Board) accepts the recommendation of the Governance and Administration Committee and adopts the 2024 Board Education Plan and authorizes the Executive Director, in consultation with the Board Chairperson, to alter the schedule or topic or provide for additional presentations as a result of changing priorities.
2024-09 PSERB Resolution
Re: Governance and Administration Committee 2024 Work Plan
March 22, 2024
RESOLVED, that the Public School Employees' Retirement Board accepts the recommendation of the Governance and Administration Committee to approve the
Governance and Administration Committee Work Plan for 2024, as set forth in the attachment, to be used as a guide in the development of agendas.
PSERB Resolution 2024-09
Re: Governance and Administration Committee 2024 Work Plan
March 22, 2024
RESOLVED, that the Public School Employees' Retirement Board accepts the recommendation of the Governance and Administration Committee to approve the
Governance and Administration Committee Work Plan for 2024, as set forth in the attachment, to be used as a guide in the development of agendas.
PSERB Resolution 2024-10
Re: Defined Contribution Committee 2024 Work Plan
March 22, 2024
RESOLVED, that the Public School Employees' Retirement Board accepts the recommendation of the Defined Contribution Committee to approve the
Defined Contribution Committee Work Plan for 2024, as set forth in the attachment, to be used as a guide in the development of agendas.
2024-12 PSERB Resolution
Re: Health Care Committee 2024 Work Plan
March 22, 2024
RESOLVED, that the Public School Employees' Retirement Board accepts the recommendation of the Health Care Committee to approve the
Health Care Committee Work Plan for 2024, as set forth in the attachment, to be used as a guide in the development of agendas.
2024-13 PSERB Resolution
Re: Finance and Actuarial Committee 2024 Work Plan
March 22, 2024
RESOLVED, that the Public School Employees' Retirement Board accepts the recommendation of the Finance and Actuarial Committee to approve the
Finance and Actuarial Committee Work Plan for 2024, as set forth in the attachment, to be used as a guide in the development of agendas.
PSERB Resolution 2024-14
Re: Benefits and Appeals Committee 2024 Work Plan
March 22, 2024
RESOLVED, that the Public School Employees' Retirement Board accepts the recommendation of the Benefits and Appeals Committee to approve the
Benefits and Appeals Committee Work Plan for 2024, as set forth in the attachment, to be used as a guide in the development of agendas.
PSERB Resolution 2024-15
Re: Pension Administration Benchmarking Subscription Services—CEM Benchmarking Inc.
March 22, 2024
RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) accepts the recommendation of the Benefits and Appeals Committee of the Board and moves to recommend that the Board engages CEM Benchmarking Inc. for Pension Administration Benchmarking Subscription Services at a base cost of $177,000 for a three-year term.
The final terms and conditions of the contract are subject to legal due diligence and must be satisfactory to the Deputy Executive Director and Director of Defined Contribution Investments, the Office of Chief Counsel, and the Office of Executive Director, as evidenced either by the appropriate signatures on, or by a memo to that effect appended to, the implementing contract.
PSERB Resolution 2024-16
Re: Account of Hofknecht, A., Docket No. 2021-18
March 22, 2024
RESOLVED, that in the matter of Allen M. Hofknecht (Deceased) under claim of Thomas Hofknecht, Docket No. 2021-18, the Public School Employees’ Retirement Board hereby accepts the recommendation of the Benefits and Appeals Committee and adopts the proposed Opinion and Order of the Board and dismisses Claimant’s appeal with prejudice.
PSERB Resolution 2024-17
Re: Account of Capizzi, D., Docket No. 2020-07
March 22, 2024
RESOLVED, that in the matter of Deborah K. Capizzi (Deceased) under claim of Thomas Capizzi, Docket No. 2020-07, the Public School Employees’ Retirement Board hereby accepts the recommendation of the Benefits and Appeals Committee and adopts the Opinion and Recommendation of the Hearing Examiner and dismisses Claimant’s appeal with prejudice.
PSERB Resolution 2024-18
Re: Investment Committee 2024 Work Plan
March 22, 2024
RESOLVED, that the Public School Employees' Retirement Board accepts the recommendation of the Investment Committee to approve the Investment Committee Work Plan for 2024, as set forth in the attachment, to be used as a guide in the development of agendas.
PSERB Resolution 2024-19
Re: Investment Policy Statement
March 22, 2024
RESOLVED, that the Public School Employees' Retirement Board accepts the recommendation of the Investment Committee and adopts the changes to the following investment policies attached:
- Investment Policy Statement
- Consolidation of the Private Equity, Private Credit, Private Commodities,Private Infrastructure, Private Real Estate Policies into the Private MarketsAsset Class Policy.
- Consolidation of the Public Equity, Public Fixed Income, PublicCommodities, Public Real Estate, Public Infrastructure and AbsoluteReturn Policies into the Public Markets Asset Class Policy.
PSERB Resolution 2024-20
Re: Proxy Voting Policy
March 22, 2024
RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) accepts the
recommendation of the Investment Committee and authorizes the Investment Office to amend or replace the U.S. Proxy Voting Policy and the Non-U.S. Proxy Voting Policy for the Public School Employees’ Retirement System, subject to review by the Office of Chief Counsel, to reflect the adoption of the attached
Glass Lewis Corporate Governance Focused Thematic Voting Policy Guidelines with the following overrides:
REINCORPORATION PROPOSALS
PSERS will vote FOR all reincorporation proposals to reincorporate in Pennsylvania.
PSERS will vote AGAINST all reincorporation proposals to reincorporate Pennsylvania companies outside of Pennsylvania.
NORTHERN IRELAND RESOLUTIONS
PSERS will vote FOR resolutions pertaining to Northern Ireland that advocate adoption of the affirmative action measures set forth in 24 Pa. C.S. §8527(b), including adopting or reporting on MacBride Principles. The MacBride principles are a set of nine equal opportunity/affirmative action principles aimed at fighting religious discrimination in employment in Northern Ireland.
The Board further authorizes:
- full delegation of PSERS’ proxy vote implementation function to GlassLewis with continued oversight by PSERS’ staff and the Board, and
- triennial review of PSERS’ proxy voting policies to address governanceissues to protect and enhance the value of PSERS’ investments as a long-term shareholder.
PSERB Resolution 2024-21
Re: JP Morgan Asset Management
March 22, 2024
RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) accepts the recommendation of the Investment Committee and (i) commits an initial amount of $500 million plus reasonable normal investment expenses, to J.P. Morgan Asset Management and (ii), authorizes the Investment Office in its discretion to invest an additional sum up to $1 billion unless this amount exceeds the single manager limits approved by the Board as found in the Investment Policy Statement.
The final terms and conditions of the engagement are subject to legal due diligence and 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 contracts.
Staff Memo
Consultant Memo
PSERB Resolution 2024-22
Re: Garcia Hamilton & Associates, L.P.
March 22, 2024
RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) accepts the recommendation of the Investment Committee and (i) commits an initial amount $500 million plus reasonable normal investment expenses, to Garcia Hamilton & Associates, L.P. and (ii), authorizes the Investment Office in its discretion to invest an additional sum up to $1 billion unless this amount exceeds the single manager limits approved by the Board as found in the Investment Policy Statement.
The final terms and conditions of the engagement are subject to legal due diligence and 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 contracts.
PSERB Resolution 2024-23
Re: Commonwealth Holdings, Inc
March 22, 2024
RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) accepts the recommendation of the Investment Committee and authorizes the disposition or transfer of the assets held by Commonwealth Holdings, Inc.
The final terms and conditions of the disposition or transfer are subject to legal due diligence and 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 2024-24
Re: Keystone-Florida Property Holding Corp
March 22, 2024
RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) accepts the recommendation of the Investment Committee and authorizes the disposition of the assets held by Keystone-Florida Property Holding Corp.
The final terms and conditions of the disposition are subject to legal due diligence and 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.