​PSERB Resolution 2020-02
Re:  U.S. and Non-U.S. Proxy Voting Policies
March 6, 2020

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 14, 2020.

PSERB Resolution 2020-03
Re:  Investment Governing Policies
March 6, 2020

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 February 28, 2020.

​PSERB Resolution 2020-04
Re:  Hg Genesis 9 A L.P.
March 6, 2020

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 Hg Genesis 9 A 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 February 11, 2020 and Hamilton Lane, dated January 6, 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 2020-05
Re:  Hg Saturn 2 A L.P.
March 6, 2020

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 Hg Saturn 2 A 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 February 11, 2020 and Hamilton Lane, dated January 6, 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 2020-06
Re:  New Mountain Partners VI, L.P.
March 6, 2020

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby invests an amount not to exceed $175 million plus reasonable normal investment expenses, in New Mountain Partners VI, L.P. (and/or related investment vehicles), in accordance with the recommendation of Darren C. Foreman, Director, and Luke M. Jacobs, Manager, dated February 11, 2020 and Hamilton Lane, dated January 29, 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 2020-07
Re:  Investment Governing Policies
March 6, 2020

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby confirms that the Investment Policy Statement and Stand-alone Investment Policies, adopted on March 6, 2020, are not static documents. These documents are intended to be updated and reviewed at least annually to reflect changing market conditions, changes in investing strategy or as otherwise necessary as determined by the Board.

Without limitation of the foregoing, the Board members will provide specific suggestions on the IPS and Stand-alone policies to the Investment Office by May 1, 2020, with the goal of considering a continuous review schedule and initial schedule of topics at the June 2020 Board meeting.

PSERB Resolution 2020-08
Re:  Audit & Compliance Monitoring Plan for FY 20/21
June 12, 2020

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby adopt the Audit & Compliance Monitoring Plan for FY 20/21 pursuant to the recommendation of Stephanie L. Lanius, Acting Internal Auditor, dated May 26, 2020.   

PSERB Resolution 2020 - 09
Re: HOP Medical Plan Benefit Changes and Rates
Effective January 1, 2021
June 12, 2020

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby approves the following benefit change and monthly premium rates of the HOP Medical Plan effective January 1, 2021 for calendar year 2021:

Benefit Changes

Add the following exclusion to Items Not Covered Under Major Medical Benefits, to exclude Gene Therapies that are not covered by Medicare:

Gene Therapy - any charges for gene therapy, which typically involves replacing a gene that causes a medical problem with one that does not, adding genes to help the body fight or treat disease, or inactivating genes that cause medical problems. 

Monthly Premium Rates

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)

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

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 2020 - 10
Re: Pre-65 Medical Plan Premium Rates
Effective January 1, 2021
June 12, 2020

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby approves the following monthly premium rates of the Pre-65 Medical Plan effective January 1, 2021 for calendar year 2021:

Monthly Premium Rates

PSERB Resolution 2020 - 11
Re: Value Medical Plan Premium Rates
Effective January 1, 2021
June 12, 2020

RESOLVED, that the Health Care Committee of the Public School Employees' Retirement Board (the "Board") hereby approves the following monthly premium rates of the Value Medical Plan effective January 1, 2021 for calendar year 2021:

Monthly Premium Rates

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 2020 - 12
Re: Basic Medicare Rx Option Plan Benefit Changes and Rates
Effective January 1, 2021
June 12, 2020

RESOLVED, that the Health Care Committee of the Public School Employees' Retirement Board (the "Board") hereby approves the following benefit changes and monthly premium rates of the Basic Medicare Rx Option effective January 1, 2021 for calendar year 2021:

Changes Mandated By CMS

Monthly Premium Rates

PSERB Resolution 2020 - 13
Re: Value Medicare Rx Option Plan Benefit Changes and Rates
Effective January 1, 2021
June 12, 2020

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby approves the following benefit changes and monthly premium rates of the Value Medicare Rx Option effective January 1, 2021 for calendar year 2021:

Changes Mandated By CMS

 Monthly Premium Rates

PSERB Resolution 2020 - 14
Re: Enhanced Medicare Rx Option Plan Benefit Changes and Rates
Effective January 1, 2021
June 12, 2020

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby approves the following benefit changes and monthly premium rates of the Enhanced Medicare Rx Option effective January 1, 2021 for calendar year 2021:

Changes Mandated By CMS

Monthly Premium Rates

PSERB Resolution 2020 -15
Re: Retiree Dental Benefits
June 12, 2020

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby in accordance with the recommendation of the Retiree Dental Benefits - Request For Proposal Evaluation Committee, hereby selects MetLife as the benefit provider for the Voluntary Dental Plan for the Health Options Program for the period commencing January 1, 2021, through December 31, 2022, renewable for up to three one-year periods upon mutual written consent of the parties, subject to negotiations of terms and conditions satisfactory to the Director, Health Insurance Office, the Office of Chief Counsel and the Executive Director.

PSERB Resolution 2020 – 16
Re: Health Options Program Third Party Administration Services
June 12, 2020

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby in accordance with the recommendation of the Third Party Administration Services Request For Proposal Evaluation Committee, hereby selects Trustmark Health Benefits, Inc., as the Third Party Administrator for the Health Options Program and Premium Assistance Program for the period commencing January 1, 2021, through December 31, 2023, renewable for up to two one-year periods upon mutual written consent of the parties, subject to negotiations of terms and conditions satisfactory to the Director, Health Insurance Office, the Office of Chief Counsel and the Executive Director. 

PSERB Resolution 2020 - 17
Re: Retiree Vision Benefits
June 12, 2020

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby in accordance with the recommendation of the Retiree Vision Benefits - Request For Proposal Evaluation Committee, hereby selects ­­­­EyeMed as the insurance carrier for the Voluntary Vision Plan for the Health Options Program. The contract will have an initial period commencing January 1, 2021, through December 31, 2022, renewable for up to three one-year periods upon mutual written consent of the parties, subject to negotiations of terms and conditions satisfactory to the Director, Health Insurance Office, the Office of Chief Counsel and the Executive Director.

​PSERB Resolution 2020-18
Re:  Internally Managed Premium Assistance Portfolio
June 12, 2020

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby adopts the proposed Investment Policy Statement, Objectives and Guidelines for the Internally Managed Premium Assistance Program Portfolio for the Public School Employees' Retirement System pursuant to the recommendation of Joseph W. Sheva, Senior Risk Manager, dated May 28, 2020.

​PSERB Resolution 2020-19
Re:  Placement Agent Policy
June 12, 2020

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby adopts the proposed Placement Agent Policy for the Public School Employees' Retirement System pursuant to the recommendation of Joseph W. Sheva, Senior Risk Manager, dated May 28, 2020.

PSERB Resolution 2020-20
Re:  Bridgepoint Development Capital IV, L.P.
June 12, 2020

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 Bridgepoint Development Capital IV, L.P. (and/or related investment vehicles), in accordance with the recommendation of Darren C. Foreman, Director, and Luke M. Jacobs, Manager, dated May 5, 2020 and Hamilton Lane, dated February 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 2020-21
Re:  Whitehorse Liquidity Partners IV LP
June 12, 2020

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 Whitehorse Liquidity Partners IV LP (and/or related investment vehicles), in accordance with the recommendation of James F. Del Gaudio, Senior Portfolio Manager, dated May 12, 2020 and Aksia, LLC dated May 5, 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 2020-22
Re:  PSERS RFP 2020-1 Hedge Fund and Private Credit Investment Consulting Services
June 11, 2020

RESOLVED, that the Public School Employees' Retirement Board (the "Board"), in accordance with the recommendation of the Hedge Fund and Private Credit Investment Consulting Services Request for Proposals Evaluation Committee, hereby approves the Board retain Aksia LLC as the Hedge Fund and Private Credit Investment 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, or by a memo to that effect appended to, the implementing investment contract.

​PSERB Resolution 2020-23
RE: Templeton Global Bond R6
June 12, 2020

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby approve the removal of Templeton Global Bond R6 ("Templeton") from the Tier 2 Investment Options in the PSERS' School Employees' Defined Contribution Plan ("DC Plan") without a replacement fund and to notify the participants with a balance in Templeton to move such balances to an alternative option offered by the DC Plan; provided that if such participants fail to act in response to the written notice, the monies shall be transferred on behalf of the participants to the appropriate default investment alternative, which is the age appropriate target date fund in the T. Rowe Price Retirement Blend Trust series, pursuant to the recommendation of Jennifer A. Mills, Deputy Executive Director and Director of Defined Contribution Investments and Cammack Retirement Group, dated May 26, 2020.

​PSERB Resolution 2020-24
Commonwealth of Pennsylvania
Public School Employees' Retirement System Board of Trustees
A Resolution Honoring Charles K. Serine, Esq.

WHEREAS, today the Board recognizes Charles K. Serine, Esq. for his outstanding contribution to the Office of Chief Counsel of the Public School Employees' Retirement System (PSERS) from 1995 to 2020, and 

WHEREAS, Mr. Serine set a high standard as legal counsel for the past 25 years, providing exemplary service and advice as Deputy Chief Counsel and then Chief Counsel to the Board and PSERS, and

WHEREAS, Mr. Serine was instrumental in the writing of the policies, rules, procedures, and regulations that PSERS' staff use every day for the administration of member benefits, including but not limited to, the large compilation of PSERS Business Rules, and

WHEREAS, Mr. Serine will be remembered for providing counsel that is uniform and fair and for championing the interpretation of the code most favorable to our members, and

WHEREAS, Mr. Serine is recognized for drafting significant, retirement code legislation when called upon, and

WHEREAS, Mr. Serine has demonstrated his loyalty and dedication to the Board, PSERS, its members, and Pennsylvania's public school employers throughout his years of service with his open door policy and willingness to listen and provide guidance to all who enter or call, and

THEREFORE, BE IT RESOLVED, that Board hereby extends congratulations and thanks to Mr. Serine on his outstanding and dedicated service to PSERS' Office of Chief Counsel, and will remain ever grateful for his commitment to the Board, PSERS, and its members, and wishes his continued success in his future endeavors.

PSERB Resolution 2020-25(Notational Ballot)
Re:  Sixth Street Fundamental Strategies Partners (A), L.P.
April 30, 2020

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 Sixth Street Fundamental Strategies Partners (A), L.P. (and/or related investment vehicles), in accordance with the recommendation of James F. Del Gaudio, Senior Portfolio Manager, dated April 23, 2020 and Aksia, LLC dated April 21, 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 2020-26
Re: Travel Policy
August 7, 2020

Resolved that the Public School Employees' Retirement Board (PSERB) hereby adopts the accompanying Travel Policy.

Public School Employees' Retirement Board

Travel Policy

WHEREAS, the Board of Trustees of the Pennsylvania Public School Employees' Retirement System (System), each, individually in their capacity as a fiduciary, owe a duty of loyalty to the beneficiaries of the Public School Employees' Retirement Fund (Fund) and therefore are obligated to render decisions that are informed, without bias and in the sole interest of the Fund's beneficiaries.

WHEREAS, the Board of Trustees, the Executive Director, the Chief Investment Officer and investment staff of the Fund may occasionally be required to travel on behalf of the System to attend meetings, educational seminars, due diligence reviews and satisfy such other fiduciary oversight and public outreach responsibilities.

WHEREAS, the Board of Trustees hereby desires to ensure all investment advice and recommendations rendered to and resulting from decisions of the Board of Trustees are free from undue influence, bias or conflict, whether actual or perceived, that may result from persons or entities with a direct or indirect financial interest in Fund investments paying for System travel expenses.

WHEREAS, the Board of Trustees hereby desires to formally adopt a policy providing for the formal review, written approval and disclosure of all System related travel and travel expenses as being prudent, necessary, and in the interest of Fund beneficiaries.

RESOLVED, all intrastate travel by Trustees, the Executive Director, the Chief Investment Officer and investment staff of the Fund related to the management and fiduciary oversight of the Fund shall be submitted to, reviewed, and approved by the Executive Director.

RESOLVED, all travel by Trustees, the Executive Director, the Chief Investment Officer and designated investment staff of the Fund within the continental United States related to the management and fiduciary oversight of the Fund, having an estimated cost of $2,000 or more, shall be submitted to, reviewed, and approved by the Chair of the Board of Trustees, or in the absence of the Chair, the Vice Chair of the Board.

RESOLVED, all travel by Trustees, the Executive Director, the Chief Investment Officer and designated investment staff of the Fund outside the continental United States related to the management and fiduciary oversight of the Fund shall be submitted to, reviewed, and approved by the Chair of the Board of Trustees, or in the absence of the Chair, the Vice Chair of the Board.

RESOLVED, all Trustees, Officers, and employees who are responsible for or contribute to the decision to hire, retain, or terminate any investment fund, manager, management company, partnership, consultant or other third-party who does, seeks or may seek to do business with the system shall be prohibited from accepting gifts, entertainment, or travel funding from such third parties. In fulfilling obligations pertaining to business of the System, all travel-related expenses, including transportation, lodging and subsistence, among others, incurred by Trustees, Officers, and employees, shall be paid by the System. Where appropriate, the System shall seek to minimize any costs from potential "double-billing" for travel and shall report to the Board within ninety (90) days on mechanisms for doing so.

RESOLVED, all travel expenses incurred by Trustees, the Executive Director, the Chief Investment Officer and designated investment staff of the Fund shall be publicly disclosed and reported to all members of the Board of Trustees quarterly. The quarterly travel disclosure report shall include, at a minimum, the full name of the person traveling, the approved purpose of the travel, the dates of travel, the locations of travel, a description of the travel, including identification of any investment or fund managers, partnership, consultants, investment properties visited or investment operations reviewed. The quarterly travel disclosure report shall also include a detailed account of all individual expenses incurred in excess of fifty dollars ($50) and the source or sources of payment or reimbursement of any such expenses, including any such payment or reimbursement by any investment fund, manager, management company, partnership, consultant or sponsoring association, trade group other profit or non-profit entity, without regard as to whether or not the incurring of the expense, or the payment or reimbursement, is made directly by or to the traveler or the System if not otherwise paid by the System without reimbursement from another source.

RESOLVED, that the System shall prepare a report to be submitted to the members of the Audit Committee of the Board providing the information specified in the paragraph above for travel expenses incurred by the Executive Director, the Chief Investor Officer, and investment staff of the System, for the period of calendar years 2017-2019, not later than the December 4, 2020 Board Meeting.

RESOLVED, that all due diligence reports provided to the Board of Trustees on any proposed investments or contracts shall include disclosure of all travel expense information as set forth above that may be related to, or paid by, the proposed investment manager, fund, partnership or vendor.

RESOLVED, this resolution shall be in addition to and supersede any inconsistent resolution, policy or portion thereof previously adopted by the System pertaining to travel expenses.

PASSED AND APPROVED by the Board of Trustees of the Pennsylvania Public School

Employees' Retirement System on this 7th day of August, 2020.

PSERB Resolution 2020-27
Re:  Internal Control Assessments and Monitoring Plan
August 7, 2020

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby accepts the results of the Internal Control Assessments for the fiscal year ending June 30, 2020 and the Monitoring Plan for the period July 1, 2020 through June 30, 2021 for the Public School Employees' Retirement System pursuant to the recommendation of Stephanie L. Lanius, Acting Internal Auditor, dated July 24, 2020.

PSERB Resolution 2020-28
Re:  Clearlake Flagship Plus Partners L.P.
August 7, 2020

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 Clearlake Flagship Plus Partners L.P. (and/or related investment vehicles), in accordance with the recommendation of James F. Del Gaudio, Senior Portfolio Manager, and Sean T. Sarraf, Investment Professional, dated July 14, 2020 and Hamilton Lane LLC, dated July 13, 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 2020-29
Re:  LLR Equity Partners VI, L.P.
August 7, 2020

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 LLR Equity Partners VI, L.P. (and/or related investment vehicles), in accordance with the recommendation of Patrick G. Knapp, Portfolio Manager, and Darren C. Foreman, Director, dated July 16, 2020 and Hamilton Lane, dated June 3, 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 2020-30
Re:  PGIM Real Estate Capital VII, SCSp
August 7, 2020

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 PGIM Real Estate Capital VII, SCSp (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 July 9, 2020 and Hamilton Lane, dated June 26, 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 2020-31
Re:  ISQ Global Infrastructure Fund III, L.P.
August 7, 2020

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby invests an amount not to exceed $400 million plus reasonable normal investment expenses, in ISQ Global Infrastructure Fund III, L.P. (and/or related investment vehicles), in accordance with the recommendation of William P. Stalter, Senior Portfolio Manager, and Jarrett B. Richards, dated June 30, 2020 and Hamilton Lane, dated June 11, 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 2020-32
Re:  New Mountain Partners VI, L.P.
August 7, 2020

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby increases its investment from $175 million plus reasonable normal investment expenses as approved by Resolution 2020-06 on March 6, 2020, to $250 million plus reasonable investment expenses in New Mountain Partners VI, L.P. (and/or related investment vehicles), in accordance with the recommendation of Darren C. Foreman, Director, and Luke M. Jacobs, Manager, and Hamilton Lane dated June 23, 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 2020-33
Re:  Investment Objectives and Guidelines
August 19, 2020

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby adopt the proposed changes to the VI. Asset Allocation and VII. Performance Objectives sections of the Investment Policy Statement for the Public School Employees' Retirement System pursuant to the recommendation of Joseph W. Sheva, Senior Risk Manager, dated August 14, 2020.

PSERB Resolution 2020-34
Re:  Project Newton

September 14, 2020

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 Project Newton (and/or related investment vehicles), in accordance with the recommendation of James F. Del Gaudio, Senior Portfolio Manager, dated September 10, 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 2020-35
Re: Amendment to the Health Options Program Eligibility and Enrollment Policy
October 9, 2020

RESOLVED, that the  Public School Employees' Retirement Board (the "Board") hereby adopt the proposed changes to the Health Options Program Eligibility and Enrollment Policy of the Public School Employees Retirement Board, pursuant to the recommendation of Mr. Peter Camacci, Director, Health Insurance Office, contained in the memorandum dated September 9, 2020, SUBJECT: Health Options Program Eligibility and Enrollment Policy, and contained in Attachment A.

PSERB Resolution 2020-36
RE: 2021-22 Administrative, Investment Related Expenses, Defined Contribution, Health Insurance Account (Premium Assistance) Administrative, Health Options Program Administrative and Directed Commissions Recapture Program Budgets
October 9, 2020

RESOLVED, that the Public School Employees' Retirement Board (the ''Board'') that the Board approve:

1. The 2021-22 Administrative Budget, not to exceed $52,906,000, subject to adjustments by the Governor's Budget Office or the General Assembly
2. The 2021-22 Investment Related Expenses Budget, not to exceed $34,800,000
3. The 2021-22 Defined Contribution Budget, not to exceed $955,000, subject to adjustments by the Governor's Budget Office
4. The 2021-22 Health Insurance Account Premium Assistance Administrative Budget, not to exceed $2,004,000
5. The 2021-22 Health Options Program Administrative Budget, not to exceed $1,354,000 and;
6. The 2021-22 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 as more particularly set forth in the attached summaries.
   

PSERB Resolution 2020-37
Re:  Financial Statements and Ratification of Payments
October 9, 2020

RESOLVED, that the Public School Employees' Retirement Board (the "Board") recommends that the Board accept the June 30, 2020 and 2019 Financial Statements prepared by the Public School Employees' Retirement System's Office of Financial Management and ratifies all payments that are reflected in the June 30, 2020 and 2019 Financial Statements.

PSERB Resolution 2020-38
Re: Independent Auditors' Report
October 9, 2020

RESOLVED, that the Public School Employees' Retirement Board (the "Board") recommends that the Board approve the accompanying Independent Auditors' Report prepared for the Public School Employees' Retirement System by CliftonLarsonAllen, LLP, for the fiscal year ended June 30, 2020.

PSERB Resolution 2020-39
Re: Greenoaks Capital Opportunities Fund III LP
October 9, 2020

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 Greenoaks Capital Opportunities Fund III LP (and/or related investment vehicles), in accordance with the recommendation of Patrick G. Knapp, Portfolio Manager, and Darren C. Foreman, Director, dated September 21, 2020 and Hamilton Lane, dated June 15, 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 2020-40
Re:  Polaris Fund V, L.P.
October 9, 2020

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby invests an amount not to exceed a combined ¥10.6 billion (~$100 million) plus reasonable normal investment expenses, in Polaris Fund V, L.P., (and/or related investment vehicles), in accordance with the recommendation of Luke M. Jacobs, Portfolio Manager and G. Anthony Meadows, Senior Investment Professional, dated September 21, 2020 and Hamilton Lane, dated August 20, 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 2020-41
Re:  Insight Partners Opportunities Fund I, L.P.
October 9, 2020

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby invests an amount not to exceed $168.75 million plus reasonable normal investment expenses, in Insight Partners Opportunities Fund I, L.P., (and/or related investment vehicles), in accordance with the recommendation of Darren C. Foreman, Director, Luke M. Jacobs, Portfolio Manager, and G. Anthony Meadows, Senior Investment Professional, dated September 21, 2020 and Hamilton Lane, dated August 20, 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 2020-42 – Tabled Until Future Meeting
Re: Investment Objectives and Guidelines
October 9, 2020 

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby adopt the proposed Tail Risk Mitigation Strategy Policy and adding the Policy to the Investment Policy Statement for the Public School Employees' Retirement System pursuant to the recommendation of Joseph W. Sheva, Senior Risk Manager, dated October 2, 2020. Tabled until future meeting.

PSERB Resolution 2020-43
Re: PSERS RFP 2020-7 Board Governance Consulting Services
October 9, 2020

RESOLVED, that the Public School Employees' Retirement Board (the "Board"), in accordance with the recommendation of the Technical Evaluation Committee for PSERS Request for Proposals 2020-7, Board Governance Consulting Services, hereby retains Funston Advisory Services, LLC as the Board Governance Consultant.  The final terms and conditions of the contract must be satisfactory to 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 2020-44
Re: PSERS RFP 2020-5 Proxy Research and Voting Services
October 9, 2020

RESOLVED, that the Public School Employees' Retirement Board (the "Board"), in accordance with the recommendation of the Proxy Research and Voting Services Request for Proposals Evaluation Committee, hereby recommends the Board retain Glass Lewis & Co. as the Proxy Research and Voting 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, or by a memo to that effect appended to, the implementing contract.

PSERB Resolution 2020-45
Re:  Investment Objectives and Guidelines
November 12, 2020

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby adopt the proposed Tail Risk Mitigation Strategy Policy and adding the Policy to the Investment Policy Statement for the Public School Employees' Retirement System pursuant to the recommendation of Joseph W. Sheva, Senior Risk Manager, dated November 5, 2020, as Amended by Board Motion to adopt revised Tail Risk Mitigation Strategy Policy contained at Diligent Tab 6.4 (red-lined) and Tab 6.5 (clean).

PSERB Resolution 2020-46
Re:  Investment Objectives and Guidelines
November 12, 2020

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby adopt the proposed changes to sections VI. Asset Allocation and VII. Performance Objectives of the Investment Policy Statement for the Public School Employees' Retirement System pursuant to the recommendation of Joseph W. Sheva, Senior Risk Manager, dated November 5, 2020.

PSERB Resolution 2020-47
Re: Health Options Program (HOP) Budget
December 3, 2020

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 2021 in the aggregate amount of $500,558,000 as recommended by Peter Camacci, Director Health Insurance Office, in the Memo dated November 17, 2020, SUBJECT: Proposed 2021 Health Options Program Budget, and contained in Attachment A.

PSERB Resolution 2020-48
Re:  Bylaws Change
December 3, 2020

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby adopts the changes to the Statement of Organization, Bylaws, and Procedures, Section 4.2.(b) Audit/Compliance Committee, pursuant to the recommendation of Joseph E. Wasiak, Jr., Deputy Executive Director, contained in the memorandum dated November 16, 2020, SUBJECT: Bylaws Changes.

PSERB Resolution 2020-49
Re:  Investment Objectives and Guidelines
December 3, 2020

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby adopts the proposed changes to sections VI. Asset Allocation and VII. Performance Objectives of the Investment Policy Statement for the Public School Employees' Retirement System pursuant to the recommendation of Joseph W. Sheva, Senior Risk Manager, dated November 30, 2020.

PSERB Resolution 2020-50
Re:  Sixth Street Specialty Lending Europe II, L.P.
December 3, 2020

 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 Sixth Street Specialty Lending Europe II, L.P. (and/or related investment vehicles), in accordance with the recommendation of James F. Del Gaudio, Senior Portfolio Manager, dated November 16, 2020 and Aksia, LLC dated November 3, 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 2020-51
Re:  Valar Velocity Fund 2 LP
December 3, 2020

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby invests an amount not to exceed $30 million plus reasonable normal investment expenses, in Valar Velocity Fund 2 LP, (and/or related investment vehicles), in accordance with the recommendation of Patrick G. Knapp, Portfolio Manager and Luke M. Jacobs, Portfolio Manager, dated November 16, 2020 and Hamilton Lane, dated November 9, 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 2020-52
Re:  Actuarial Valuation
December 3, 2020

RESOLVED, that the Public School Employees' Retirement Board (the "Board") hereby accepts the June 30, 2020 actuarial valuation report prepared by Buck, and adopts the actuarial factors, assumptions, and methodologies contained therein, which result in an employer contribution rate of 34.94% for Fiscal Year July 1, 2021 through June 30, 2022.

RESOLVED FURTHER, that the Board certifies and retains the current T-E member contribution rate of 7.5%, T-F member contribution rate of 10.3%, TG member contribution rate of 8.25% (Defined benefit rate 5.50%; DC rate 2.75%) and TH member contribution rate of 7.5% (Defined benefit rate 4.50%; 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