Motion 2019-91 Adjournment
Meeting Date: December 4, 2019
RESOLVED: By motion of Chair Fillman, the board unanimously agreed to adjourn the meeting at 2:00 p.m.
Motion 2019-90 Private Equity – Insight Partners XI, L.P.
Meeting Date: December 4, 2019
RESOLVED: That the board accepts the recommendation of the Investment Committee to commit up to $75 million to Insight Partners XI, L.P. plus investment expenses and pro rata share of partnership operating expenses, consistent with executed partnership documents, as an investment within the Private Equity asset class, subject to successful completion of contract negotiations and execution and delivery of closing documents by all parties, including required Commonwealth legal approvals, within 12 months.
Motion 2019-89 Private Equity – Clearlake Capital Partners VI, L.P.
Meeting Date: December 4, 2019
RESOLVED: That the board accepts the recommendation of the Investment Committee to commit up to $75 million to Clearlake Capital Partners VI, L.P., plus investment expenses and pro rata share of partnership operating expenses, consistent with executed partnership documents, as a follow-on investment within the Private equity asset class, subject to successful completion of contract negotiations and execution and delivery of closing documents by all parties, including required Commonwealth legal approvals, within 12 months.
Motion 2019-88 Investment Policy Statement
Meeting Date: December 4, 2019
RESOLVED: That the board accepts the recommendation of the Investment Committee to adopt SERS’ Policy Target Asset Allocations set forth in the SERS’ Defined Benefit Plan’s Investment Policy statement section 21 and section 23.
Motion 2019-87 Investment Policy Statement
Meeting Date: December 4, 2019
RESOLVED: That the board accepts the recommendation of the Investment Committee to adopt SERS’ Defined Benefit Plan’s Investment Policy Statement sections 1 through 20, section 21 except for the Policy Target Asset Allocation %, and sections 22, 24 and 25 (ATTACHMENT E).
Motion 2019-86 Specialty Consultants’ Performance Reports-PPMAIRC Recommendation #24
Meeting Date: December 4, 2019
RESOLVED: That the board accepts the recommendation of the Investment Committee to approve the sample private market specialty consultants’ semi-annual performance reports for public dissemination, as set forth in the attachments (ATTACHMENTS C AND D).
Motion 2019-85 Stress Testing and Risk Assessment Report
Meeting Date: December 4, 2019
RESOLVED: That the board accepts the recommendation of the Finance and Member Services Committee to approve the Stress Testing and Risk Assessment Report, which was prepared in accordance with and for the purpose of achieving the broad overall objectives outlined in the Public Pension Management and Asset Investment Review Commission (PPMAIRC) recommendations (ATTACHMENT B).
Motion 2019-84 CIO Search Firm RFP
Meeting Date: December 4, 2019
RESOLVED: That the board accepts the recommendation of the Board Governance and Personnel Committee to : (i) accept the determination of the SERS Contracting Officer that the proposal submitted by CBIZ Benefits & Insurance Services, DBA EFL Associates, for Chief Investment Officer recruitment services, in response to SERS RFP 19-038, is most advantageous to the Commonwealth: and (ii) authorize staff to proceed with contract negotiations with CBIZ Benefits & Insurance Services, DBA EFL Associates.
Motion 2019-83 Compensation Policy for Investment Professional Staff
Meeting Date: December 4, 2019
RESOLVED: That the board accepts the recommendation of the Board Governance and Personnel Committee to approve amendments to the promotion/reclassification section of the Compensation Policy for Investment Professional Staff – State Employees’ Retirement System, as set forth in the attachment, to be effective December 7, 2019 (ATTACHMENT A).
Motion 2019-82 Annual Pay Increase Budget
Meeting Date: December 4, 2019
RESOLVED: That the board accepts the recommendation of the Board Governance and Personnel Committee to approve the annual aggregate pay increase budget for 2020 to be set at 6% of salary for investment professional staff for positions below that of the Chief Financial Officer and the Chief Investment Officer, whose pay increases will be determined in accordance with the Compensation Policy for Investment Professional Staff – State Employees’ Retirement System.
Motion 2019-81 Compensation Policy for Investment Professional Staff
Meeting Date: December 4, 2019
RESOLVED : That the board accepts the recommendation of the Board Governance and Personnel Committee to: (i) approve a 2% upward adjustment, actual values may vary slightly in accordance with standard calculations for commonwealth pay, to the salary bands for investment professionals, to be effective January 1, 2020; and (ii) that the values in the Compensation Policy for Investment Professional Staff – State Employees’ Retirement System be updated accordingly.
Motion 2019-80 Cost of Living
Meeting Date: December 4, 2019
RESOLVED : That the board grants the Executive Director a cost of living increase of 1.9%, as approved by the Governor pursuant to Act of October 19, 1995, P.L.324, No. 51, effective January 2020.
Motion 2019-79 Approval Consent Calendar
Meeting Date: December 4, 2019
RESOLVED : That the board approves the Consent Calendar items, as listed, for the December 4, 2019, board meeting.
Motion 2019-78 Adoption of the Agenda
Meeting Date: December 4, 2019
RESOLVED : That the board (i) amends the board meeting agenda to include as an item under New Business the following: 5B. Cost of Living Increase for the Executive Director, and (ii) adopts the agenda for the December 4, 2019, board meeting, as amended.
MOTION: 2019-77 MOTION TO ADJOURN
Meeting date: October 16, 2019
By motion of Chair Fillman, the board unanimously agreed to adjourn the meeting at 4:40 p.m.
MOTION: 2019-76 ADOPTION OF THE AGENDA
Meeting date: October 16, 2019
By motion that was moved, seconded, and approved by board members, it was
RESOLVED: That the board adopts the agenda for the October 16, 2019, board meeting.
Motion 2019-75 Motion to Adjourn
Meeting Date: September 25, 2019