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PSERB Resolution 2021-01
Re: Oak HC/FT Partners IV, L.P.
January 14, 2021
RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby commits an amount of up to a combined $100 million plus reasonable normal investment expenses, in Oak HC/FT Partners IV, L.P., and/or related investment vehicles, in accordance with the recommendation of G. Anthony Meadows, Senior Investment Professional, and Darren C. Foreman, Director, dated December 18, 2020 and Hamilton Lane, dated December 14, 2020. 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 2021-02
Re: Investment Objectives and Guidelines
January 14, 2021
RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby adopt the proposed reallocation of the Tail Risk Mitigation Budget for external mandates for the Public School Employees' Retirement System for the remainder of fiscal year 2021 pursuant to the recommendation of Thomas A. Bauer, Deputy Chief Investment Officer – Traditional Investments, dated December 18, 2020.
PSERB Resolution 2021- 03
Re: Five-Year Actuarial Experience Review – Demographic Assumptions
March 5, 2021
RESOLVED, that Public School Employees' Retirement Board (the "Board") hereby accept the June 30, 2020 Five-Year Actuarial Experience Review Demographic Assumptions presentation prepared by Buck, and further recommends to adopt:
- The demographic assumptions as more specifically set forth in the attached exhibits
The adopted assumptions will be implemented in the June 30, 2021 actuarial valuation.
PSERB Resolution 2021-04
Re: Investment Governing Policies
March 5, 2021
RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby adopts the proposed Investment Policy Statement and Stand-alone Investment Policies for the Public School Employees' Retirement System pursuant to the recommendation of Joseph W. Sheva, Senior Risk Manager, dated March 1, 2021.
PSERB Resolution 2021-05
Re: Carlyle Realty Partners IX, L.P.
March 5, 2021
RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby commits an amount up to $200 million, plus reasonable and normal investment expenses, to Carlyle Realty Partners IX, L.P., and/or related investment vehicles, in accordance with the recommendation of William P. Stalter, Senior Portfolio Manager, and Jarrett B. Richards, Intermediate Investment Professional, dated February 16, 2021 and Hamilton Lane, dated January 19, 2021. 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 2021-06
Re: Apax Digital II L.P.
March 5, 2021
RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby commits an amount of up to a combined $175 million plus reasonable normal investment expenses, in Apax Digital II L.P., and/or related investment vehicles, in accordance with the recommendation of Darren C. Foreman, Director, and Luke M. Jacobs, Portfolio Manager, dated February 2, 2021 and Hamilton Lane, dated January 19, 2021. 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 2021-07
Re: U.S. and Non-U.S. Proxy Voting Policies
March 5, 2021
RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby adopt the proposed U.S. and Non-U.S. Proxy Voting Policies pursuant to the recommendation of Lenann T. Engler, Manager of Investment Processes, dated February 4, 2021.
PSERB Resolution 2021-08
Re: Withdrawal Liability
March 5, 2021
RESOLVED that the Public School Employees' Retirement Board ("PSERS Board") directs the Public School Employees Retirement System ("PSERS") staff to perform an outreach to relevant organizations to elicit input and feedback and to research and prepare a report for the Board assessing the applicability of Section 8327.1 of the Public School Employees' Retirement Code to outsourcing scenarios prior to applying the provision of Section 8327.1 to such scenarios.
In the interim, no action will be taken by PSERS regarding withdrawal liability as it pertains to outsourcing until further policy is approved by the PSERS Board and by legislation.
PSERB Resolution 2021-09
Re: Delegation of Internal Investigation to Audit Committee
March 12, 2021
Pursuant to Section 4.3 of the PSERB By-laws the Board delegates to the Audit Committee the authority to oversee an investigation of the circumstances surrounding a possible error in the reporting of investment performance results used by the Board in its December 3, 2020 certification of contribution rates.
This delegation includes the authority to select and engage independent outside counsel to oversee a special investigation of the circumstances of the error and the response when the error was first identified, further including recommendations for improvements to prevent similar errors in the future.
Upon completion of the investigation, the report and recommendations shall be transmitted to the Board for any action.
Resolution 2021-10 (A/C)
Re: Engagement of Outside Special Counsel
03/19/2021
RESOLVED, that the Audit/Compliance Committee of the Public School Employees’ Retirement Board
(the “Board”) hereby authorizes engagement of Morgan Lewis as special counsel to assist the Board
through an additional independent opinion letter relative to federal tax qualification issues involved
with the shared risk calculation, and to provide guidance on the advisability and process to recertify the
member shared risk contribution rate, due to the complexity and significance of the matter
Resolution 2021-11 (A/C)
Re: Engagement of Outside Counsel
03/19/2021
RESOLVED, that the Audit/Compliance Committee of the Public School Employees’ Retirement Board
(the “Board”) hereby authorizes engagement of Womble Bond Dickinson to conduct a special
investigation surrounding the circumstances of the misstatement of the 9-year investment performance
used for the shared risk calculation in December 2020. The engagement shall include recommendations
to avoid similar circumstances in the future and any corrective action necessary. The scope of the work
will be completed in concert with the firm selected.
PSERB Resolution 2021-12
Re: Legal Services Contract, Pillsbury Winthrop Shaw Pittman LLP
04/06/2021
RESOLVED, that, the Public School Employees' Retirement Board (Board) hereby retains the law firm of Pillsbury Winthrop Shaw Pittman LLP to represent and provide guidance to the Board in matters relating to a federal investigation and any collateral issues related thereto.
PSERB Resolution 2021-13
Re: Legal Services Contract, Sidley Austin LLP
04/09/2021
RESOLVED, that, the Public School Employees' Retirement Board (the "Board") hereby retains the law firm of Sidley Austin LLP, to represent and advise the Board t/b/a Commonwealth of Pennsylvania, Public School Employees' Retirement System in matters involving the System and its employees related to a Federal Investigation and collateral issues related thereto as may be directed by the Board.
PSERB Resolution 2021-14
Re: Engagement of Investment Oversight Consulting Firm
04/19/2021
Resolved, that the Public School Employees' Retirement Board (the "Board"), having determined that circumstances exist to warrant an emergency procurement of an investment consulting firm to provide monitoring and oversight of investment activities to the Board during the pendency of internal and external investigations, hereby delegates the screening, review of proposals and selection of such firm to the Audit/Compliance Committee. Upon selection and engagement, the contracted firm shall report directly to the full Board on all matters within the scope of work.
PSERB Resolution 2021-15
Re: Legal Services Contract
04/19/2021
RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby directs the Office of Chief Counsel to negotiate the retention of the law firm of Morgan, Lewis & Bockius LLP, to replace the law firm of Sidley Austin LLP, to represent and advise the Board t/b/a Commonwealth of Pennsylvania, Public School Employees' Retirement System in matters involving the System and its employees related to a Federal investigation and collateral issues related thereto as may be directed by the Board.
PSERB Resolution 2021-16
Re: Recertification of Member Contribution Rates, effective July 1, 2021.
04/19/2021
RESOLVED, that the Public School Employees' Retirement Board (the "Board") amends PSERB Resolution 2020-52 by replacing the second paragraph of said Resolution in its entirety with the following.
RESOLVED FURTHER, that the Board certifies the T-E member contribution rate of 8.0%, T-F member contribution rate of 10.8%, T-G member contribution rate of 9.0% (Defined benefit rate 6.25%; DC rate 2.75%) and T-H member contribution rate of 8.25% (Defined benefit rate 5.25%; DC rate 3.00%) for the three-year period from July 1, 2021 to June 30, 2024 in accordance with the Shared Risk provisions of PSERS' Retirement Code.
Resolution 2021-17 (Audit/Compliance Committee)
Re: Engagement of Investment Oversight Consulting Firm
04/20/2021
Resolved, pursuant to delegation of authority by the Public School Employees' Retirement Board (the "Board") and the Board having determined that circumstances exist to warrant an emergency procurement of an investment consulting firm to provide monitoring and oversight of investment activities to the Board during the pendency of internal and external investigations, the Audit/Compliance Committee, having considered multiple vendors and at least two (2) formal proposals, authorizes and directs the Office of Chief Counsel to engage Verus Investments for such purposes, subject to successful contract negotiations.
Upon selection and engagement, Verus Investments shall report directly to the full Board on all matters within the scope of work.
PSERB Resolution 2021-18
Re: Five-Year Actuarial Experience Review – July 1, 2015 to June 30, 2020 – Mortality Assumptions
June 11, 2021
RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby accepts the June 30, 2020 Five-Year Actuarial Experience Review - Mortality Assumptions presentation prepared by Buck, and further recommends to adopt the mortality assumptions as more specifically set forth in the attached exhibits.
The adopted assumptions will be implemented in the June 30, 2021 actuarial valuation.
PSERB Resolution 2021-19
Re: Pre-65 Medical Plan Premium Rates Effective January 1, 2022
June 11, 2021
RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby adopts the following monthly premium rates of the Pre-65 Medical Plan effective January 1, 2022 for calendar year 2022:
Monthly Premium Rates
| | | All Regions | | |
| Pre-65 Retiree Options | | 2021 | 2022 | % Increase |
| Pre-65 Medical Only | | | | |
| Single | | $941 | $990 | 5% |
| Two Person | | $1,882 | $1,980 | 5% |
| Pre-65 Medical with Rx | | | | |
| Single | | $1,060 | $1,115 | 5% |
| Two Person | | $2,120 | $2,230 | 5%
|
PSERB Resolution 2021-20
Re: Value Medical Plan Premium Rates Effective January 1, 2022
June 11, 2021
RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby adopts the following monthly premium rates of the Value Medical Plan effective January 1, 2022 for calendar year 2022:
Monthly Premium Rates
| Pennsylvania (Bucks, Chester, Delaware, Montgomery, and Philadelphia Counties) | | Southeast (Out of State Zone 1) | | |
| Value Medical Plan (no Rx coverage) | | 2021 | 2022 | % Increase |
| Standard Rates (only) | Single | $117 | $117 | 0% |
| | Two Person | $234 | $234 | 0% |
Pennsylvania (Allegheny, Fayette, Greene, Indiana, Washington, and Westmoreland Counties) | | Southwest (Out of State Zone 2) | | |
| Value Medical Plan (no Rx coverage) | | 2021 | 2022 | % Increase |
| Standard Rates (only) | Single | $115 | $115 | 0% |
| | Two Person | $230 | $230 | 0% |
| Pennsylvania (All Other Counties) | | North & Central | | |
| Value Medical Plan (no Rx coverage) | | 2021 | 2022 | % Increase |
| Standard Rates (only) | Single | $102 | $102 | 0% |
| | Two Person | $204 | $204 | 0% |
Zone 1: FLORIDA (Alachua, Bay, Bradford, Brevard, Broward, Calhoun, Charlotte, Citrus, Clay, Collier, Dixie, Miami-Dade, Duval, Gilchrest, Glades, Gulf, Hamilton, Hendry, Hernando, Highlands, Hillsborough, Indian River, Lafayette, Levy, Liberty, Martin, Monroe, Nassau, Okaloosa, Orange, Palm Beach, Pinellas, Putnam, St. Johns, Seminole, Sumter, Union, & Walton) NEW JERSEY (Atlantic, Bergen, Cape May, Hudson, Middlesex, Monmouth, Morris, Passaic, Somerset, Sussex, Union), NEW YORK (Kings (Brooklyn), Nassau, Orange, Putnam, Queens, Rockland, Suffolk, Sullivan, Ulster, Westchester)
Zone 2: ALABAMA, ALASKA, ARIZONA, ARKANSAS, CALIFORNIA, COLORADO, CONNECTICUT, DELAWARE, FLORIDA (Baker, Columbia, De Soto, Escambia, Flagler, Franklin, Gadsden, Hardee, Holmes, Jackson, Jefferson, Lake, Lee, Leon, Madison, Manatee, Marion, Okeechobee, Osceola, Pasco, Polk, Saint Lucie, Santa Rosa, Sarasota, Suwannee, Taylor, Volusia, Wakulla, Washington), GEORGIA, GUAM, HAWAII, IDAHO, ILLINOIS, INDIANA, IOWA, KANSAS, KENTUCKY, LOUISIANA, MAINE, MARYLAND, MASSACHUSETTS, MICHIGAN, MINNESOTA, MISSISSIPPI, MISSOURI, MONTANA, NEBRASKA, NEVADA, NEW HAMPSHIRE, NEW JERSEY (Burlington, Camden, Cumberland, Essex, Gloucester, Hunterdon, Mercer, Ocean, Salem & Warren), NEW MEXICO, NEW YORK (Albany, Allegany, Broome, Cattaraugus, Cayuga, Chautauqua, Chemung, Chenango, Clinton, Columbia, Courtland, Dutchess, Delaware, Erie, Essex, Franklin, Fulton, Genesee, Greene, Hamilton, Herkimer, Jefferson, Lewis, Livingston, Madison, Montgomery, New York, Niagara, Oneida, Onondaga, Ontario, Orleans, Oswego, Rensselaer, Richmond, Saratoga, Seneca, Schenectady, Schuyler, Schoharie, Steuben, Tioga, Tompkins, St. Lawrence, Warren, Washington, Wayne, Wyoming, Yates), NORTH CAROLINA, NORTH DAKOTA, OHIO, OKLAHOMA, OREGON, PUERTO RICO, RHODE ISLAND, SOUTH CAROLINA, SOUTH DAKOTA, TENNESSEE, TEXAS, UTAH, VERMONT, VIRGIN ISLANDS, VIRGINIA, WASHINGTON, WASHINGTON, DC, WEST VIRGINIA, WISCONSIN, WYOMING
PSERB Resolution 2021-21
Re: HOP Medical Plan Benefit Changes and Rates Effective January 1, 2022
June 11, 2021
RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby adopts the following monthly premium rates of the HOP Medical Plan effective January 1, 2022 for calendar year 2022:
Monthly Premium Rates
| | | Southeast (Out of State Zone 1) | | |
| HOP Medical Plan | | 2021 | 2022 | % Increase |
| Standard Rates | Single | $207 | $207 | 0% |
| | Two Person | $414 | $414 | 0% |
| Age 65 Rates | Single | $176 | $176 | 0% |
| | Two Person | $352 | $352 | 0% |
| Age 65 Rates (2nd Year) | Single | $183 | $183 | 0% |
| | Two Person | $366 | $366 | 0% |
| Age 65 Rates (3rd Year) | Single | $189 | $189 | 0% |
| | Two Person | $378 | $378 | 0% |
| Age 65 Rates (4th Year) | Single | $195 | $195 | 0% |
| | Two Person | $390 | $390 | 0% |
| Age 65 Rates (5th Year) | Single | $201 | $201 | 0% |
| | Two Person | $402 | $402 | 0% |
Pennsylvania (Bucks, Chester, Delaware, Montgomery, and Philadelphia Counties)
Zone 1: FLORIDA (Alachua, Bay, Bradford, Brevard, Broward, Calhoun, Charlotte, Citrus, Clay, Collier, Dixie, Miami-Dade, Duval, Gilchrest, Glades, Gulf, Hamilton, Hendry, Hernando, Highlands, Hillsborough, Indian River, Lafayette, Levy, Liberty, Martin, Monroe, Nassau, Okaloosa, Orange, Palm Beach, Pinellas, Putnam, St. Johns, Seminole, Sumter, Union, & Walton) NEW JERSEY (Atlantic, Bergen, Cape May, Hudson, Middlesex, Monmouth, Morris, Passaic, Somerset, Sussex, Union), NEW YORK (Kings (Brooklyn), Nassau, Orange, Putnam, Queens, Rockland, Suffolk, Sullivan, Ulster, Westchester)
| | Southwest (Out of State Zone 2) | | |
| HOP Medical Plan (no Rx coverage) | | 2021 | 2022 | % Increase |
| Standard Rates | Single | $198 | $198 | 0% |
| | Two Person | $396 | $396 | 0% |
| Age 65 Rates | Single | $169 | $169 | 0% |
| | Two Person | $338 | $338 | 0% |
| Age 65 Rates (2nd Year) | Single | $175 | $175 | 0% |
| | Two Person | $350 | $350 | 0% |
| Age 65 Rates (3rd Year) | Single | $181 | $181 | 0% |
| | Two Person | $362 | $362 | 0% |
| Age 65 Rates (4th Year) | Single | $187 | $187 | 0% |
| | Two Person | $374 | $374 | 0% |
| Age 65 Rates (5th Year) | Single | $193 | $193 | 0% |
| | Two Person | $386 | $386 | 0% |
Pennsylvania (Allegheny, Fayette, Greene, Indiana, Washington, and Westmoreland Counties)
Zone 2: ALABAMA, ALASKA, ARIZONA, ARKANSAS, CALIFORNIA, COLORADO, CONNECTICUT, DELAWARE, FLORIDA (Baker, Columbia, De Soto, Escambia, Flagler, Franklin, Gadsden, Hardee, Holmes, Jackson, Jefferson, Lake, Lee, Leon, Madison, Manatee, Marion, Okeechobee, Osceola, Pasco, Polk, Saint Lucie, Santa Rosa, Sarasota, Suwannee, Taylor, Volusia, Wakulla, Washington), GEORGIA, GUAM, HAWAII, IDAHO, ILLINOIS, INDIANA, IOWA, KANSAS, KENTUCKY, LOUISIANA, MAINE, MARYLAND, MASSACHUSETTS, MICHIGAN, MINNESOTA, MISSISSIPPI, MISSOURI, MONTANA, NEBRASKA, NEVADA, NEW HAMPSHIRE, NEW JERSEY (Burlington, Camden, Cumberland, Essex, Gloucester, Hunterdon, Mercer, Ocean, Salem & Warren), NEW MEXICO, NEW YORK (Albany, Allegany, Broome, Cattaraugus, Cayuga, Chautauqua, Chemung, Chenango, Clinton, Columbia, Courtland, Dutchess, Delaware, Erie, Essex, Franklin, Fulton, Genesee, Greene, Hamilton, Herkimer, Jefferson, Lewis, Livingston, Madison, Montgomery, New York, Niagara, Oneida, Onondaga, Ontario, Orleans, Oswego, Rensselaer, Richmond, Saratoga, Seneca, Schenectady, Schuyler, Schoharie, Steuben, Tioga, Tompkins, St. Lawrence, Warren, Washington, Wayne, Wyoming, Yates), NORTH CAROLINA, NORTH DAKOTA, OHIO, OKLAHOMA, OREGON, PUERTO RICO, RHODE ISLAND, SOUTH CAROLINA, SOUTH DAKOTA, TENNESSEE, TEXAS, UTAH, VERMONT, VIRGIN ISLANDS, VIRGINIA, WASHINGTON, WASHINGTON, DC, WEST VIRGINIA, WISCONSIN, WYOMING
| | | North & Central | | |
| HOP Medical Plan (no Rx coverage) | | 2021 | 2022 | % Increase |
| Standard Rates | Single | $179 | $179 | 0% |
| | Two Person | $358 | $358 | 0% |
| Age 65 Rates | Single | $153 | $153 | 0% |
| | Two Person | $306 | $306 | 0% |
| Age 65 Rates (2nd Year) | Single | $158 | $158 | 0% |
| | Two Person | $316 | $316 | 0% |
| Age 65 Rates (3rd Year) | Single | $163 | $163 | 0% |
| | Two Person | $326 | $326 | 0% |
| Age 65 Rates (4th Year) | Single | $169 | $169 | 0% |
| | Two Person | $338 | $338 | 0% |
| Age 65 Rates (5th Year) | Single | $174 | $174 | 0% |
| | Two Person | $348 | $348 | 0% |
Pennsylvania (Adams, Armstrong, Beaver, Bedford, Berks, Blair, Bradford, Butler, Cambria, Cameron, Carbon, Centre, Clarion, Clearfield, Clinton, Columbia, Crawford, Cumberland, Dauphin, Delaware, Elk, Erie, Forest, Franklin, Fulton, Huntingdon, Jefferson, Juniata, Lackawanna, Lancaster, Lawrence, Lebanon, Lehigh, Luzerne, Lycoming, McKean, Mercer, Mifflin, Monroe, Montour, Northampton, Northumberland, Perry, Pike, Potter, Schuylkill, Snyder, Somerset, Sullivan, Susquehanna, Tioga, Union, Venango, Warren, Wayne, Wyoming and York Counties)
PSERB Resolution 2021-22
Re: Value Medicare Rx Option Plan Benefit Changes and Rates Effective January 1, 2022
June 11, 2021
RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby adopts the following benefit changes and monthly premium rates of the Value Medicare Rx Option effective January 1, 2022 for calendar year 2022:
Changes Mandated By CMS
| | 2021 | 2022 |
| Initial Coverage Stage Limit | $ 4,130 | $ 4,430 |
| Out-of-Pocket Threshold for Catastrophic Coverage Stage | 6,550 | 7,050 |
| Minimum Cost sharing in Catastrophic Coverage Portion of the Benefit | | |
| Generic | $3.70 | $3.95 |
| Other | 9.20 | 9.85 |
| Maximum Member Payment in Coverage Gap: | 2021 | 2022 |
| Generic Rx | 25% | 25% |
| Brand Rx | 25% (after 70% manufacturer discount and 5% plan benefit) | 25% (after 70% manufacturer discount and 5% plan benefit) |
| Non-Preferred Brand Rx | 25% (after 70% manufacturer discount and 5% plan benefit) | 25% (after 70% manufacturer discount and 5% plan benefit) |
Monthly Premium Rates
| Value Medicare Rx Option | 2021 | 2022 | % Increase |
| Single | $23 | $22 | -4% |
| Two Person | $46 | $44 | -4%
|
PSERB Resolution 2021-23
Re: Basic Medicare Rx Option Plan Benefit Changes and Rates Effective January 1, 2022
June 11, 2021
RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby adopts the following benefit changes and monthly premium rates of the Basic Medicare Rx Option effective January 1, 2022 for calendar year 2022:
Changes Mandated By CMS
| | 2021 | 2022 |
| Initial Coverage Stage Limit | $ 4,130 | $ 4,430 |
| Out-of-Pocket Threshold for Catastrophic Coverage Stage | 6,550 | 7,050 |
| Minimum Cost sharing in Catastrophic Coverage Portion of the Benefit | | |
| Generic | $3.70 | $3.95 |
| Other | 9.20 | 9.85 |
| Maximum Member Payment in Coverage Gap: | 2021 | 2022 |
| Generic Rx | 25% | 25% |
| Brand Rx | 25% (after 70% manufacturer discount and 5% plan benefit) | 25% (after 70% manufacturer discount and 5% plan benefit) |
| Non-Preferred Brand Rx | 25% (after 70% manufacturer discount and 5% plan benefit) | 25% (after 70% manufacturer discount and 5% plan benefit) |
Monthly Premium Rates
| Basic Medicare Rx Option | 2021 | 2022 | % Increase |
| Single | $69 | $66 | -4% |
| Two Person | $138 | $132 | -4%
|
PSERB Resolution 2021-24
Re: Enhanced Medicare Rx Option Plan Benefit Changes and Rates Effective January 1, 2022
June 11, 2021
RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby adopts the following benefit changes and monthly premium rates of the Enhanced Medicare Rx Option effective January 1, 2022 for calendar year 2022:
Changes Mandated By CMS
| | 2021 | 2022 |
| Initial Coverage Stage Limit | $ 4,130 | $ 4,430 |
| Out-of-Pocket Threshold for Catastrophic Coverage Stage | 6,550 | 7,050 |
| Minimum Cost sharing in Catastrophic Coverage Portion of the Benefit | | |
| Generic | $3.70 | $3.95 |
| Other | 9.20 | 9.85 |
| Maximum Member Payment in Coverage Gap: | 2021 | 2022 |
| Generic Rx | 25% | 25% |
| Brand Rx | 25% (after 70% manufacturer discount and 5% plan benefit) | 25% (after 70% manufacturer discount and 5% plan benefit) |
| Non-Preferred Brand Rx | 25% (after 70% manufacturer discount and 5% plan benefit) | 25% (after 70% manufacturer discount and 5% plan benefit) |
Monthly Premium Rates
| Enhanced Medicare Rx Option | 2021 | 2022 | % Increase |
| Single | $128 | $122 | -5% |
| Two Person | $256 | $244 | -5%
|
PSERB Resolution 2021-25
Re: Audit Plan for FY 21/22
June 10, 2021
RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby adopts the Audit Plan for FY 21/22 pursuant to the recommendation of Mei Gentry, Chief Auditor Officer, dated May 28,2021.
PSERB Resolution 2021-26
Re: Act 2020-128 Internal Control Assessment
June 10, 2021
RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby appoints an ad hoc sub-committee of the Audit/Compliance Committee to develop a plan for committee members to ensure compliance with mandatory internal control audit of the system in accordance to Act 128 of 2020.
PSERB Resolution 2021-27 (A/C)
Re: Engagement of Outside Counsel
June 10, 2021
RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby expands the scope of the special investigation to be conducted by Womble Bond Dickinson, previously authorized by Resolution 2021-11 (A/C), to include facts and circumstances surrounding the purchase and valuation of the following properties in Harrisburg, PA by PSERS: 1) former Harrisburg, Patriot News facilities on Market, Ninth and Tenth Streets; 2) former Department of General Services Building on Market Street; 3) three additional Tenth Street Parcels; 4) 1000 Market Street; and 5) the use in 2019 of $5 Million for these purchases.
PSERB Resolution 2021-28
Re: Investment Compliance Review Report for the period January 1, 2021 to April 16, 2021
June 11, 2021
RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby accepts the Investment Compliance Review Report for the period January 1, 2021 to April 16, 2021 dated May 20, 2021, As Amended on June 10, 2021 pursuant to the recommendation of Alicia E. James, Investment Compliance Manager.
PSERB Resolution 2021-29
Re: Capstone Commonwealth Fund L.P.
June 10, 2021
RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby invests (1) in the first year $80 million in the Capstone Commonwealth Fund L.P. and/or related investment vehicles (together, “the Fund”), which amount is known as the Established Program Size (“EPS”) and which itself is the sum of the Annual Premium Budget (“APB” and is equal to ½ the EPS) which is equal to $40 million and a remaining portion for excess collateral purposes (also equal to ½ the EPS) which is equal to $40 million, plus reasonable normal investment expenses; and (2) at the start of each subsequent year an amount necessary to ensure that the APB and the excess collateral in the Fund at the start of that year each equal no more than ½ of the Budget (as defined in the Tail Risk Mitigation Strategy Policy), plus reasonable normal investment expenses in accordance with the
recommendation of Carl Lantz, Senior Portfolio Manager, dated May 26, 2021, and Aksia, LLC, dated May 17, 2021. 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 2021-30
Re: Investment Governing Policy
June 11, 2021
RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby adopts the proposed Qualified Independent Representative (QIR) Policy for the Public School Employees’ Retirement System pursuant to the recommendation of Joseph W. Sheva, Senior Investment Risk and Compliance Manager, dated June 3, 2021.
PSERB Resolution 2021-31
Re: Board and Staff Travel Policy
July 13, 2021
PSERB 2021-32
Re: Five-Year Actuarial Experience Review – July 1, 2015 to June 30, 2020 - Administrative Option Factors
August 06, 2021
RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby accepts the Update of Administrative Option Factors presentation prepared by Buck and further adopts the Administrative Option Factors as more specifically set forth in the presentation.
The adopted Administrative Option Factors are to be effective July 1, 2022 and first reflected in the June 30, 2021 actuarial valuation.
PSERB 2021-33
Re: Five-Year Actuarial Experience Review – July 1, 2015 to June 30, 2020 – Economic Assumptions
August 06, 2021
RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby accepts the June 30, 2020 Five-Year Economic Experience Review presentation prepared by Buck Global LLC and adopts an inflation assumption of 2.5%, an investment rate of return assumption of 7.0%, a salary increase assumption of 4.50% and payroll growth assumption of 3.25% to be implemented in the June 30, 2021 actuarial valuation.
PSERB 2021-34
Re: Act 128 of 2020 SOC1 Type2 Study and Notice of Forthcoming Procurement
August 06, 2021
RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby approves the SOC1 Type 2 Audit Study and direct staff to immediately issue the Notice of Forthcoming Procurement for the SOC1 Type 2 Audit as directed by Act 128 of 2020.
PSERB 2021-35
Re: Internal Control Assessment and Monitoring Plan
August 06, 2021
RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby accepts the results of the Internal Control Assessment for the fiscal year ending June 30, 2021 and the Monitoring Plan for the period July 1, 2021 through June 30, 2022 for the Public School Employees' Retirement System pursuant to the recommendation of Stephanie L. Lanius, Assistant Audit Executive for Pensions and Financial Reporting, dated July 21, 2021.
PSERB 2021-36
Re: Compliance Review Report for the External Manager Selection and Due Diligence dated July 12, 2021
August 06, 2021
RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby accepts the Compliance Review Report for the External Manager Selection & Due Diligence dated July 12, 2021 pursuant to the recommendation of Alicia E. James, Investment Compliance Manager.
PSERB 2021-37
Re: Amendments to Policy Manual for Investment Professional Staff
August 06, 2021
• Section 2.1 – Job Classifications and Appendix 3 are amended to add the following Audit Classifications pertaining to investment-related positions:
o Chief Audit Officer/Pay Scale Level 04
o Assistant Audit Executive Investment/Pay Scale level 03
o Investment Audit Specialist/Pay Scale level 02
o Investment Junior Audit Specialist/Pay Scale Level 01
•Section 1.4 – Annual Salary Adjustments and Computations is amended to add the following:
Notwithstanding any other provisions of this policy, the annual salary adjustments for Audit Staff positions under this policy will be determined by the Executive Director, in consultation with the Chair of the Board and the Chair of the Audit/Compliance Committee. Such annual adjustments shall not be based upon the Fund Performance as set forth at Table 1.2.
Further RESOLVED, that the Personnel Committee, in accordance with Section 5.5 of the Policy manual, shall undertake the five-year review of the Policy Manual, including the engagement of a consultant to conduct an updated classification and compensation study to be used in connection with the five-year study.
PSERB 2021-38
Re: Signing of Contracts, Instruments, and Other Documents
August 06, 2021
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 and Director of Defined Contribution Investments; Deputy Executive Director of Administration; Chief Financial Officer; Chief Investment Officer; Deputy Chief Investment Officer, Traditional Investments; Deputy Chief Investment Officer, Non-Traditional Investments; Managing Director, Investment Operations/Risk; Managing Director, Fixed Income; Director, Investment Operations; 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") or the School Employees' Defined Contribution Plan (the "Plan"), as applicable, and to endorse, assign, or guarantee all such contracts, instruments, or documents in the name of the System or the Plan, as applicable.
RESOLVED FURTHER, that (i) in the case of investment contracts, the Chief Investment Officer; Deputy Chief Investment Officer, Traditional Investments; Deputy Chief Investment Officer, Non-Traditional Investments; Managing Director, Investment Operations/Risk; Director, Investment Operations; or Managing Director, Fixed Income must be one of the two signatories, and the Executive Director; Deputy Executive Director, Director of Defined Contribution Investments; Deputy Executive Director of Administration; 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, Director of Defined Contribution Investments; Deputy Executive Director of Administration; Chief Financial Officer; or Director of Investment Accounting and Budget must be one of the two signatories, except in exigent circumstances when none of the designated individuals is available.
RESOLVED FURTHER, that the members of System staff shall be authorized to execute and deliver forms and other non-contractual documents relating to either investment or benefit matters in the course of their assigned ministerial duties (e.g., tax forms, confirmations of the System's and/or Plan's tax exempt status, verifications of account information, workers' compensation and unemployment compensation forms, and other documents that do not require the exercise of discretion or judgment on the part of the staff member who executes the document).
PSERB 2021-39
Re: Insight Partners Fund XII, L.P.
August 11, 2021
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 Insight Partners Fund XII, L.P., (and/or related investment vehicles), in accordance with the recommendation of G. Anthony Meadows, Senior Investment Professional, and Patrick G. Knapp, Portfolio Manager, dated May 18, 2021 and Hamilton Lane, dated April 16, 2021. 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 2021-40
Re: Summit Partners Growth Equity Fund XI-A, L.P.
August 11, 2021
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 Summit Partners Growth Equity Fund XI-A, L.P., (and/or related investment vehicles), in accordance with the recommendation of Darren C. Foreman, Director, and Philip VanGraafeiland, Intermediate Investment Professional, dated July 12, 2021 and Hamilton Lane, dated June 21, 2021. 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 2021-41
Re: Fiduciary Counsel Contract
August 18, 2021
RESOLVED, that pursuant to paragraph 9 of the Contract for Legal Services ("Contract") dated March 7, 2019, between Cohen Milstein Sellers & Toll, PLLC and the Public School Employees' Retirement Board (the "Board"), the Board hereby authorizes a modification to Paragraph 3 of the Contract that would increase the compensation amount for services rendered from $400,000.00 to $700,000.00. Fiduciary counsel is directed to notify the Board when the $700,000.00 cap is approaching its limit.
PSERB 2021-42
Re: Engagement of Experts
August 30, 2021
RESOLVED, that the Audit/Compliance Committee of the Public School Employees' Retirement Board (the "Board") hereby authorizes Womble Bond Dickinson, consistent with the provisions of Paragraph 7 of its Contract with the Board, to engage experts in various fields related to the subject matter of its Contract, to assist Womble Bond Dickinson in the performance of its services. The hourly rates, fees, or other compensation to be paid to such experts shall be in accordance with the Contract and shall not exceed $75,000 without prior approval from the Chair and Vice Chair of the Audit Committee.
PSERB Resolution 2021-43
Re: Incline Elevate Fund II, L.P.
October 08, 2021
RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby invests an amount not to exceed $100 million, plus reasonable normal investment expenses, to Incline Elevate Fund II, L.P., and/or related investment vehicles, in accordance with the recommendation of Darren C. Foreman, Director, and Luke M. Jacobs, Portfolio Manager, dated September 13, 2021 and Hamilton Lane, dated August 16, 2021. 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 2021-44
Re: Fiscal Year 2022-23 Budget Requests
October 08, 2021
RESOLVED, that the Public School Employees' Retirement Board (the ''Board'') hereby approves:
1. The 2022-23 Administrative Budget, not to exceed $54,467,000, subject to adjustments by the Governor's Budget Office or the General Assembly
2. The 2022-23 Defined Contribution Budget, not to exceed $949,000, subject to adjustments by the Governor's Budget Office or the General Assembly
3. The 2022-23 Health Insurance Account Premium Assistance Administrative Budget, not to exceed $1,415,000
4. The 2022-23 Health Options Program Administrative Budget, not to exceed $1,452,000 and;
5. The 2022-23 Directed Commissions Recapture Program Budget, not to exceed $2,000,000, subject to adjustments by the Governor's Budget Office or the General Assembly, for the Public School Employees' Retirement System.
PSERB Resolution 2021-45
Re: 2022-23 Investment Related Expenses Budget
October 08, 2021
RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby approves the 2022-23 Investment Related Expenses Budget, not to exceed $36,219,000.
PSERB Resolution 2021-46
Re: June 30, 2021 and 2020 Financial Statements and Ratification of Payments
October 08, 2021
RESOLVED, that the Public School Employees' Retirement Board (the ''Board'') hereby approves the June 30, 2021 and 2020 Financial Statements prepared by the Public School Employees' Retirement System Office of Financial Management and ratifies all payments that are reflected in the June 30, 2021 and 2020 Financial Statements.
PSERB Resolution 2021-47
Re: Independent Auditors' Report
October 08, 2021
RESOLVED, that the Public School Employees' Retirement Board (the ''Board'') hereby approves the accompanying Independent Auditors' Report prepared for the Public School Employees' Retirement System by CliftonLarsonAllen, LLP, for the fiscal year ended June 30, 2021.
PSERB Resolution 2021-48
Re: Investment Compliance Review Report
October 08, 2021
RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby accepts the Investment Compliance Review Report, Dated September 16, 2021 pursuant to the recommendation of Alicia E. James, Investment Compliance Manager.
PSERB Resolution 2021-49
Re: Settlement of Agreement for Legal Services Provided by Cohen Milstein
October 27, 2021
RESOLVED,
that, notwithstanding the terms of the contract with Cohen Milstein Sellers
& Toll (“Cohen”) dated March 7, 2019, the Public School Employees’
Retirement Board (the “Board”) authorizes staff of the Public School Employees’
Retirement System (“PSERS”) to enter into a Settlement Agreement with Cohen to
pay invoices received for additional legal services provided by Cohen and
accepted by the Board beginning in or around March 2021 through September 2021
with respect to all matters related to the investigation by the United States
Attorneys’ Office for the Eastern District of Pennsylvania, Grand Jury No.
2021-00163 and all matters related to the litigation before Commonwealth Court
captioned The Honorable Katie J. Muth v.
Public School Employees’ Retirement Board, Christopher Santamaria, in his
Official Capacity as Chairman, Glen R. Grell in his Official Capacity as
Executive Director, and the Public School Employees’ Retirement System (Docket
No. 182 MD 2021) in an amount not to exceed $300,000 subject to the overall
compensation limit of the Contract. The final terms and conditions of the
settlement agreement must be satisfactory to the Office of Chief Counsel and
the Executive Office as evidenced by their respective signatures on the
contract amendments.
PSERB Resolution 2021-50
Re: Amendment No. 1 to the Contract for Legal Services with Pillsbury Winthrop Shaw Pittman, LLP and Settlement Agreement
October 27, 2021
RESOLVED,
that the Public School Employees’ Retirement Board (the “Board”) hereby directs
staff of the Public School Employees' Retirement System (“PSERS”) to enter into
a contract amendment to the Contract for Legal Services dated June 21, 2021
(“Contract”) with Pillsbury Winthrop Shaw Pittman, LLP (“Pillsbury”),
(“Amendment No. 1”) to:
1.grant Pillsbury access to PSERS’ Relativity workspace on the Relativity electronic discovery platform provided and maintained by Womble Bond Dickinson LLP;
2. add billing rate information for an additional individual identified by Pillsbury to provide services under the Contract as set forth in following proposed Appendix B to the Contract;
| PROFESSIONAL LEVEL | STANDARD HOURLY RATE | PSERS' HOURLY RATE |
| William M. Sullivan, Jr. | $1,430 | $925 |
| Thomas Hill | $1,230 | $800 |
| Patrick Hovakimian | $1,000 | $650 |
| Katherine Danial | $820 | $533 |
| David Grossman | $780 | $494 |
| David Oliwenstein | $990 | $643.50
|
3. represent the Board in all matters
related to the investigation by the United States Securities and Exchange
Commission, In the Matter of Pennsylvania
Public School Employees’ Retirement System (B-03483).
Further
RESOLVED, that, notwithstanding the terms of the
Contract prior to the effective date of Amendment No. 1, the Board authorizes
PSERS staff to enter into a Settlement Agreement with Pillsbury to pay invoices
received for legal services authorized by Amendment No. 1 but rendered prior to
the effective date of Amendment No. 1 in an amount not to exceed $150,000.
The
final terms and conditions of Amendment No. 1 and the Settlement Agreement must
be satisfactory to the Office of Chief Counsel and the Executive Office as
evidenced by their respective signatures on the contract amendments.
PSERB Resolution 2021-51
Re: Settlement Agreement for Legal Services with Pillsbury Winthrop Shaw Pittman, LLP
October 27, 2021
RESOLVED,
that, notwithstanding the terms of the Contract for Legal Services dated June
21, 2021 (“Contract”) with Pillsbury Winthrop Shaw Pittman, LLP (“Pillsbury”),
the Board authorizes PSERS staff to enter into a Settlement Agreement with
Pillsbury to pay invoices received for legal services related to the litigation
before Commonwealth Court captioned The Honorable Katie J. Muth v.
Public School Employees’ Retirement Board, Christopher Santamaria, in his
Official Capacity as Chairman, Glen R. Grell in his Official Capacity as
Executive Director, and the Public School Employees’ Retirement System (Docket
No. 182 MD 2021) rendered prior to the effective date of
this resolution in a total amount of the Settlement Agreement not to exceed
$150,000. The final terms and conditions of the settlement agreement must be
satisfactory to the Office of Chief Counsel and the Executive Office as
evidenced by their respective signatures on the contract amendments.
PSERB Resolution 2021-52
Re: Amendment and Settlement Agreement to Contract for Legal Services with Womble Bond Dickinson (US) LLP
October 27, 2021
RESOLVED,
that the Public School Employees’ Retirement Board (the “Board”) hereby
ratifies Amendment No. 1 to the Contract for Legal Services between Womble Bond
Dickinson (US) LLP (“Womble”), and the Board t/b/a Commonwealth of
Pennsylvania, Public School Employees’ Retirement System (“PSERS”) dated
September 28, 2021, attached hereto, relating to Womble’s Relativity electronic
discovery platform.
Further,
RESOLVED,
that notwithstanding the terms of the Contract prior to Amendment No. 1, the
Board authorizes PSERS staff to enter into a Settlement Agreement with Womble
to pay invoices received for services authorized by Amendment No. 1 between May
3, 2021 through September 27, 2021 in an amount not to exceed $35,000. The
final terms and conditions of the settlement agreement must be satisfactory to
the Office of Chief Counsel and the Executive Office as evidenced by their
respective signatures on the contract amendments.
PSERB Resolution 2021-53
Re: Amendments and Settlement Agreement to Contract for Legal Services with Morgan, Lewis & Bockius LLP
October 27, 2021
RESOLVED,
that the Public School Employees’ Retirement Board (the “Board”) hereby
ratifies Amendment No. 1 to the Contract for Legal Services between Morgan,
Lewis & Bockius LLP (“Morgan”) and PSERS dated October 4, 2021, attached
hereto, setting forth the terms and conditions of granting access to Morgan to
PSERS’ Relativity workspace on Womble’s Relativity electronic discovery
platform, adding billing rate information for professionals providing services
under the Contract, and increasing the billing increment.
Further,
RESOLVED,
that the Board hereby directs staff of the Public School Employees' Retirement
System (“PSERS”) to enter into a second contract amendment to the Contract for
Legal Services dated June 9, 2021 (“Contract”) with Morgan, (“Amendment No. 2”)
to represent PSERS in all matters related to the investigation by the United
States Securities and Exchange Commission, In the Matter of Pennsylvania
Public School Employees’ Retirement System (B-03483).
Further,
RESOLVED,
that notwithstanding the terms of the Contract prior to the effective dates of
Amendment Nos. 1 and 2, the Board authorizes PSERS staff to enter into a
Settlement Agreement with Morgan to pay invoices received for additional legal
services authorized by Amendment Nos. 1 and 2 and PSERS but rendered prior to
the respective applicable effective dates of Amendment Nos. 1 and 2 in a total
amount not to exceed $700,000.
The
final terms and conditions of Amendment No. 2 and the Settlement Agreement must
be satisfactory to the Office of Chief Counsel and the Executive Office as
evidenced by their respective signatures on the contract amendments.
PSERB Resolution 2021-54
Re: Additional Service to include in Amendment No. 2 to Contract for Legal Services with Morgan, Lewis & Bockius LLP and Settlement Agreement
October 27, 2021
RESOLVED,
that the Public School Employees’ Retirement Board (the “Board”) hereby directs
staff of the Public School Employees' Retirement System (“PSERS”) to include in
Amendment No. 2 of the Contract for Legal Services dated June 9, 2021
(“Contract”) with Morgan, Lewis & Bockius LLP (“Morgan”), as authorized in
PSERB Resolution 2021-53 representation of PSERS and Glen R. Grell, PSERS
Executive Director, in all matters relating to the litigation before
Commonwealth Court captioned The Honorable Katie J. Muth v.
Public School Employees’ Retirement Board, Christopher Santamaria, in his
Official Capacity as Chairman, Glen R. Grell in his Official Capacity as
Executive Director, and the Public School Employees’ Retirement System (Docket
No. 182 MD 2021).
Further,
RESOLVED,
that, notwithstanding the terms of the Contract prior to the effective date of
Amendment No. 2, the Board authorizes PSERS staff to include in the Settlement
Agreement authorized by PSERB Resolution 2021-53 invoices received for legal
services authorized by Amendment No. 2 but rendered prior to the effective date
of Amendment No. 2 in a total amount of the Settlement Agreement not to exceed
$700,000. The final terms and conditions of the settlement agreement must be
satisfactory to the Office of Chief Counsel and the Executive Office as
evidenced by their respective signatures on the contract amendments.
PSERB Resolution 2021-55
Re: Settlement Agreement with Adviser Compliance Associates, LLC d/b/a ACA Compliance Group
October 27, 2021
RESOLVED,
that notwithstanding the terms of the Purchase Order 4300676921for professional
services dated November 4, 2020, with Adviser Compliance Associates, LLC d/b/a
ACA Compliance Group (“ACA”) (“Contract”), the Public School Employees’
Retirement Board (“Board”) authorizes staff of the Public School Employees’
Retirement System (“PSERS”) to enter into a Settlement Agreement with ACA to
pay invoices received after the term of the Contract expired on May 3, 2021 but
for services rendered prior to the expiration date relating to additional
testing services requested in an amount not to exceed $24,000.00. The final
terms and conditions of the settlement agreement must be satisfactory to the
Office of Chief Counsel and the Executive Office as evidenced by their
respective signatures on the contract amendments.
PSERB Resolution 2021-56
Re: Office of Chief Counsel
October 27, 2021
RESOLVED,
that the Public School Employees’ Retirement Board (the “Board”) recognizes
with gratitude for service of Jackie Lutz as Chief Counsel of PSERS since
December 2020 and for her 33 years of service to the Commonwealth of PA, upon
the occasion of her retirement on October 29, 2021, and offers best wishes for
her retirement.
PSERB Resolution 2021-57
Re: Office of Chief Counsel
October 27, 2021
RESOLVED,
that on the recommendation of the Executive Office the Board authorizes the
appointment of Charles Serine, Esq. to serve as Acting Chief Counsel as a
returning to service annuitant, pending posting and selection of a permanent
Chief Counsel.
PSERB Resolution 2021-58
Re: Five-Day Verification Leave
November 10, 2021
WHEREAS, by letter agreement dated October 27, 2021, between AFSCME Council 13 and the Office of Employee Relations & Workforce Support, on behalf of all executive agencies under the Governor's jurisdiction, agreed to provide certain "vaccinate or test" requirement-related benefits and rights to permanent and non-permanent represented employees with the AFSCME bargaining units ("letter agreement").
WHEREAS, said letter agreement provides, in part, "Five-Day Verification Leave" to all employees in agencies under the Governor's jurisdiction, who have already or will complete their CDC-approved COVID-19 vaccine regime by December 31, 2021, to be used by March 31, 2022. The five-day paid leave not used by March 31, 2022 will be paid out as a financial bonus to each eligible employee at their base rate of pay.
RESOLVED, that, pursuant to the Board's authority, the Board excludes, from the "Five-Day Verification Leave" as identified in the Letter Agreement, the following PSERS employees:
- Employees subject to the Policy Manual for Investment Professional Staff
- Counsel in the Office of Chief Counsel
FURTHER RESOLVED, that the Board authorizes staff to request that the Executive Board modify the "Five-Day Verification Leave" as identified in the Letter Agreement to preclude the payout of any remaining balance if the five-day paid leave is not used by March 31, 2022 for all A-3 and J-3 management employees, excluding employees subject to the Policy Manual for Investment Professional Staff and counsel in the Office of Chief Counsel.
PSERB Resolution 2021-59
Re: First Three-Month Renewal with Verus Advisory, Inc.
November 10, 2021
RESOLVED, that, pursuant to paragraph 1.2 of the contract with Verus Advisory, Inc. dated May 5, 2021 ("Contract"), the Public School Employees' Retirement Board authorizes staff of the Public School Employees' Retirement System to enter into the first optional renewal for a term of three (3) months. The terms and conditions of the first renewal shall be in accordance with the existing terms of the Contract.
PSERB Resolution 2021-60
Re: Retirement of Glen R. Grell
November 18, 2021
RESOLVED, that the Public School Employees' Retirement Board ("Board") hereby accepts the retirement of Glen R. Grell as Executive Director effective February 28, 2022 and authorizes the Chair of the Board to execute a Letter of Intent and resulting final agreement. Following submission to the Board, the final terms and conditions of the resulting final agreement must be satisfactory to Mr. Grell, the Chair of the Board, and the Office of Chief Counsel, as evidenced either by the appropriate signatures on, or by a memo to that effect appended to, the resulting final agreement.
Further, RESOLVED, that the Board hereby approves the creation of the position of Senior Advisor and the transfer of Mr. Grell to such position effective January 1, 2022.
PSERB Resolution 2021-61
Re: Retirement of James H. Grossman
November 18, 2021
RESOLVED, that the Public School Employees' Retirement Board ("Board") hereby accepts the retirement of James H. Grossman as Chief Investment Officer effective May 1, 2022 and authorizes the Chair of the Board to execute a Letter of Intent and resulting final agreement. Following submission to the Board, the final terms and conditions of the resulting final agreement must be satisfactory to Mr. Grossman, the Chair of the Board, and the Office of Chief Counsel, as evidenced either by the appropriate signatures on, or by a memo to that effect appended to, the final resulting agreement.
Further, RESOLVED, that the Board hereby approves the creation of the position of Senior Investment Advisor to the Board and the transfer of Mr. Grossman to such position effective December 9, 2021.
PSERB Resolution 2021-62
Re: Search for Executive Director and Chief Investment Officer
November 18, 2021
RESOLVED, that the Public School Employees' Retirement Board hereby authorizes the Chair of the Board to provide a proposed plan to the Board to begin a search for an Executive Director and Chief Investment Officer.
PSERB Resolution 2021-63
Re: Sixth Street Opportunities Partners V (A), L.P.
November 19, 2021
RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby commits an amount not to exceed $150 million plus reasonable normal investment expenses, in Sixth Street Opportunities Partners V (A), L.P. (and/or related investment vehicles), in accordance with the recommendations of James F. Del Gaudio, Senior Portfolio Manager dated September 20, 2021, and Aksia, dated September 16, 2021. 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 2021-64
Re: Brookfield Strategic Real Estate Partners IV, L.P.
November 19, 2021
RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby commits an amount not to exceed $300 million plus reasonable normal investment expenses, in Brookfield Strategic Real Estate Partners IV L.P., (and/or related investment vehicles) in accordance with the recommendations of Melissa A. Quackenbush, Senior Portfolio Manager, and Cody E. Steele, Intermediate Investment Professional, dated May 5, 2021 and updated as of October 11, 2021, and Hamilton Lane, dated March 8, 2021. 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 2021-65
Re: Appointment of Interim Chief Investment Officer
Deccember 09, 2021
RESOLVED, that the Public School Employees’ Retirement Board hereby appoints Robert Devine as Interim Chief Investment Officer, effective immediately, at the Chief Investment Officer Step 1 salary scale and the same benefits as the prior Chief Investment Officer.
The Interim Chief Investment Officer, who is appointed by and serves at the pleasure of the board, shall report administratively to the Executive Director or Interim Executive Director, as well as to the Board.
The Interim Chief Investment Officer shall be eligible for consideration to be the permanent Chief Investment Officer.
PSERB Resolution 2021-66
Re: Womble Bond Dickinson – Expansion of Scope and Letter of Consent
December 09, 2021
RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) expands the scope of the work to be performed by Womble Bond Dickinson, previously authorized by Resolutions 2021-11(A/C)(March 19, 2021) and 2021-27 (A/C)(June 10, 2021), to include assistance, as directed by the Board, in matters pertaining to the subpoena issued by the United States Securities and Exchange Commission In the Matter of Pennsylvania Public School Employees’ Retirement System (B-03483) (“SEC Investigation”).
FURTHER RESOLVED, that the Board hereby authorizes staff to execute a letter of consent with Womble Bond Dickinson to extend the length of the contract from December 31, 2021 to June 30, 2022.
PSERB Resolution 2021-67
Re: Board Trustee Deborah Beck
December 17, 2021
Whereas Deborah Beck has served on the Public School Employee’s Retirement System Board since first elected in 2013, as an Active Non-Certified Member of the System; and
Whereas Ms. Beck has served with distinction in many capacities, including Chair of the Appeals and Member/Employer Services Committee; and
Whereas Ms. Beck did not seek reelection to the Board in 2021, with her service on the Board ending December 31, 2021;
Now therefore RESOLVED, that the Public School Employees’ Retirement Board recognizes with gratitude for service of Deborah Beck as a Public School Employees’ Retirement System Board Trustee since 2013 and offers best wishes for her in her future endeavors.
PSERB Resolution 2021-68
Re: Investment Compliance Review Report
December 17, 2021
RESOLVED, that Public School Employees’ Retirement Board (the “Board”) hereby accepts the Investment Compliance Review Report, Dated November 22, 2021 pursuant to the recommendation of Alicia E. James, Investment Compliance Manager.
PSERB Resolution 2021-69
Re: Actuarial Valuation Results and Certification of FY 2022-23 Employer Contribution Rate
December 17, 2021
RESOLVED, that the Budget/Finance Committee of the Public School Employees’ Retirement Board (the “Board”) hereby recommends the Board to accept the June 30, 2021 actuarial valuation report prepared by Buck Global, LLC and adopts the actuarial factors, assumptions, and methodologies contained therein, which result in an employer contribution rate of 35.26% for Fiscal Year July 1, 2022 through June 30, 2023.
PSERB Resolution 2021-70
Re: Health Care Committee 2022 Proposed HOP Budget
December 17, 2021
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 2022 in the aggregate amount of $454,364,000 as recommended by Peter Camacci, Director Health Insurance Office, in the Memo dated December 1, 2021 , SUBJECT: Proposed 2022 Health Options Program Budget, and contained in Attachment A.
PSERB Resolution 2021-71
Re: Final Report and Recommendation to the Board
December 17, 2021
RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby adopts the Final Report and Recommendation to the Board.
PSERB Resolution 2021-72
Re: Investment Policy Statement
December 17, 2021
PSERB Resolution 2021-73
Re: Bain Capital Special Situations Asia II, L.P.
December 17, 2021
RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby invests an amount not to exceed $125 million, plus reasonable normal investment expenses, in Bain Capital Special Situations Asia II, L.P., (and/or related investment vehicles), in accordance with the recommendation of James F. Del Gaudio, Senior Portfolio Manager, dated September 9, 2021 and Aksia, LLC dated August 13, 2021. 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 2021-74
Re: ICG Europe Fund VIII SCSp
December 17, 2021
RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby accepts the recommendation of James F. Del Gaudio, Senior Portfolio Manager, dated April 29, 2021 and updated as of November 17, 2021, and Hamilton Lane, dated April 16, 2021, to invest an amount not to exceed €200 million plus reasonable normal investment expenses, in ICG Europe Fund VIII SCSp (and/or related investment vehicles). 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 2021-75
Re: Brookfield Global Transition Fund LP
December 17, 2021
RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby invests an amount up to $300 million, plus reasonable and normal investment expenses, to Brookfield Global Transition Fund, L.P., (and/or related investment vehicles), in accordance with the recommendation of William P. Stalter, Senior Portfolio Manager, and Cody E. Steele, Intermediate Investment Professional, dated November 2nd 2021 and Hamilton Lane, dated October 21st, 2021. 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.