MOTION: 2023-58 MOTION TO ADJOURN
Meeting Date: December 12, 2023
MOTION: 2023-57 EXECUTIVE DIRECTOR COST OF LIVING INCREASE
Meeting Date: December 12, 2023
RESOLVED: That the State Employees’ Retirement Board accepts the recommendation of the Board Governance and Personnel Committee to grant the Executive Director, SERS, a 2024 cost-of-living increase of the same percentage and with the same effective date as the annual cost-of-living adjustment approved by the Governor pursuant to the Act of October 19, 1995, P.L. 324, No. 51.
MOTION: 2023-56 ANNUAL AGGREGATE PAY INCREASE BUDGET FOR 2024 FOR INVESTMENT PROFESSIONALS
Meeting Date: December 12, 2023
RESOLVED: That the State Employees’ Retirement Board accepts the recommendation of the Board Governance and Personnel Committee to approve the annual aggregate pay increase budget for 2024 to be set at 5% of the aggregate salary of all staff compensated on the investment professional pay schedule for positions below that of the Chief Financial Officer and the Chief Investment Officer, with the actual pay increases for all staff compensated on the investment professional pay schedule including the Chief Financial Officer and the Chief Investment Officer to be determined in accordance with the Compensation Policy for Investment Professional Staff – State Employees’ Retirement System.
MOTION: 2023-55 SALARY ADJUSTMENT FOR INVESTMENT PROFESSIONALS
Meeting Date: December 12, 2023
RESOLVED: That the State Employees’ Retirement Board accepts the recommendation of the Board Governance and Personnel Committee to:
(i) approve a 3.6% 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, 2024; and
(ii) that the values in the Compensation Policy for Investment Professional Staff – State Employees’ Retirement System be updated accordingly.
MOTION: 2023-54 SERS THIRD AMENDED AND RESTATED RIGHT-TO-KNOW-LAW POLICY
Meeting Date: December 12, 2023
RESOLVED: That the State Employees’ Retirement Board accepts the recommendation of the Board Governance and Personnel Committee to adopt the SERS Third Amended and Restated Right-To-Know Law Policy.
It was further moved that the Board Governance and Personnel Committee recommend that the State Employees’ Retirement Board deem that document to be a SERS Policy, rather than a Board Governance Policy, and delegate the duty for maintaining and complying with the policy to SERS Staff, as set forth in BoardDocs at Agenda Item 8.c
(ATTACHMENT B).
The Board Governance and Personnel Committee recommends that staff present any future amendments to the Right-to-Know Policy to the Committee for review and recommendation to the board for adoption of recommended changes and implement accordingly, as set forth in BoardDocs at Agenda Item 8.c.
MOTION: 2023-53 SERS SECURITIES LITIGATION POLICY
Meeting Date: December 12, 2023
RESOLVED: That the State Employees’ Retirement Board accepts the recommendation of the Board Governance and Personnel Committee to adopt revisions to the SERS Securities Litigation Policy as set forth in BoardDocs at Agenda Item 8.b (ATTACHMENT A).
MOTION: 2023-52 REAL ESTATE – ARES PA OPPORTUNITIES FUND, L.P. AND ARES US REAL ESTATE OPPORTUNITY FUND IV, L.P.
Meeting Date: December 12, 2023
RESOLVED: That the State Employees’ Retirement Board accepts the recommendation of the Investment Committee to commit up to $100 million to Ares PA Opportunities Fund, L.P., to be invested in Ares US Real Estate Opportunity Fund IV, L.P., and related co-investments, plus investment expenses and pro rata share of partnership operating expenses, consistent with executed partnership documents, as investments within the Real Estate 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: 2023-51 PRIVATE EQUITY – CLEARLAKE CAPITAL PARTNERS VIII, L.P
Meeting Date: December 12, 2023
RESOLVED: That the State Employees’ Retirement Board accepts the recommendation of the Investment Committee to commit (i) up to $100 million to Clearlake Capital Partners VIII, L.P., and (ii) up to $20 million to a sidecar vehicle that will co-invest alongside Clearlake Capital Partners VIII, plus investment expenses and pro rata share of partnership operating expenses, consistent with executed partnership documents, as follow on investments 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: 2023-50 APPROVAL OF CONSENT CALENDAR
Meeting Date: December 12, 2023
RESOLVED: That the board approves the Consent Calendar items, as listed, for the December 12, 2023, board meeting.
A. Approving Board Meeting Minutes – September 26, 2023
B. Approving Defined Benefit Plan Statement of Changes in Fiduciary Net Position for the Periods
Ending – July 31, August 31, and September 30, 2023
C. Approving Deferred Compensation Plan (DCP) Statement of Changes in Net Position Available for Benefits for the Periods Ending – July 31, August 31, and September 30, 2023
D. Approving Defined Contribution Plan Statement of Changes in Fiduciary Net Position for the Periods Ending – July 31, August 31, and September 30, 2023
MOTION: 2023-49 ADOPTION OF THE AGENDA
Meeting Date: December 12, 2023
RESOLVED: That the board adopts the agenda for the December 12, 2023, board meeting.
MOTION: 2023-48 MOTION TO ADJOURN
Meeting Date: September 26, 2023
MOTION: 2023-47 SALARY ADJUSTMENT FOR MANAGING DIRECTOR OF INVESTMENT OPERATIONS
Meeting Date: September 26, 2023
RESOLVED: That the State Employees’ Retirement Board accepts the recommendation of the Board Governance and Personnel Committee pursuant to the board’s authority to make exceptions to the Compensation Policy for Investment Professional Staff at any time, to approve a salary increase outside of the established review cycle to $148 an hour for Managing Director of Investment Operations Jeffrey Meyer with the increase to be effective September 26, 2023.
MOTION: 2023-46 SALARY ADJUSTMENT FOR DEPUTY CHIEF INVESTMENT OFFICER
Meeting Date: September 26, 2023
RESOLVED: That the State Employees’ Retirement Board accepts the recommendation of the Board Governance and Personnel Committee pursuant to the board’s authority to make exceptions to the Compensation Policy for Investment Professional Staff at any time, to approve a salary increase outside of the established review cycle to the new applicable pay band maximum, preliminarily calculated as $154.70 an hour, although the final value may vary slightly in accordance with standard calculations for commonwealth pay, for Deputy Chief Investment Officer William Truong with the increase to be effective September 26, 2023.
MOTION: 2023-45 SALARY ADJUSTMENT FOR INVESTMENT PROFESSIONALS
Meeting Date: September 26, 2023
RESOLVED: That the State Employees’ Retirement Board accepts the recommendation of the Board Governance and Personnel Committee to approve:
(i) a 5.3% 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 September 26, 2023; and
(ii) that the values in the Compensation Policy for Investment Professional Staff – State Employees’ Retirement System be updated accordingly.
MOTION: 2023-44 BOARD POLICY REVIEW
Meeting Date: September 26, 2023
RESOLVED: That the State Employees’ Retirement Board accepts the recommendation of the Board Governance and Personnel Committee to approve the revisions to the following Board Governance Policies and Procedures listed below, as set forth in the attachments in BoardDocs at Agenda
Item 6.b.i (1-5):
1. Standards of Conduct (ATTACHMENT A)
a. Exhibit A – Ethical Conduct Policy (ATTACHMENT B)
b. Exhibit B – Recusal Policy (ATTACHMENT C)
c. Exhibit F – Board Financial Disclosure Policy (ATTACHMENT D)
2. Insider and Personal Trading Policy (ATTACHMENT E)
3. SEC Pay to Play Compliance and Reporting Policy (ATTACHMENT F)
4. Governing Laws, Mission, and Guiding Principles (ATTACHMENT G)
5. Evaluation Process for Select Key Positions, renamed Performance Management for Select Key SERS Positions (ATTACHMENT H)
MOTION: 2023-43 FY2024-2025 BUDGET
Meeting Date: September 26, 2023
RESOLVED: That the State Employees’ Retirement Board accepts the recommendation of the Finance and Member and Participant Services Committee to approve, for Fiscal Year 2024-2025, the following proposed budgets:
(1) SERS Administrative Budget;
(2) SERS Investment Budget;
(3) State Employees’ Defined Contribution Plan Budget; and
(4) Commonwealth’s State Employees Deferred Compensation Plan Budget,
each substantially in the same form as presented in the Chief Financial Officer’s SERS FY 2024-2025 Budget Report in BoardDocs at Agenda Item 6.c., and each as amended and/or ultimately approved by the Office of the Budget.
MOTION: 2023-42 AUTHORIZED SECURITIES SIGNATORIES
Meeting Date: September 26, 2023
RESOLVED: That the State Employees’ Retirement Board accepts the recommendation of the Finance and Member and Participant Services Committee to authorize any two or more of the following representatives of the board, from at least two of the following offices within the State Employees’ Retirement System (SERS):
· Executive Office
Executive Director
Director of Governance & Strategic Initiatives
· Office of Administration
Deputy Executive Director for Administration
· Office of Member and Participant Services
Deputy Executive Director for Member and Participant Services
· Investment Office
Chief Investment Officer
Deputy Chief Investment Officer
Investment Portfolio Managers
· Office of Financial Management
Chief Financial Officer
Assistant Chief Financial Officer
Investment Accountants
and such other titles as may be adopted from time to time, acting together with two representatives designated by the Pennsylvania Department of Treasury, to serve as signatories for the following purposes:
(1) to sell, transfer or request payment of any obligation of the United States of America or of any other security registered in the name of or held by the board in any capacity, including the SERS, the State Employees’ Defined Contribution Plan, the Benefits Completion Plan, or the Deferred Compensation Plan; and
(2) to appoint one or more attorneys-in-fact to effect any such sale, transfer, or request for payment.
Furthermore, each such board representative hereby is authorized:
(1) to make certifications in relation to any such sale, transfer, or request for payment to warrant propriety of same; and
(2) to agree, in any case where the Uniform Fiduciaries Act may not afford full protection for any such disposition, to reimburse the issuer of such obligation or security and its transfer agent the reasonable costs, including counsel fees, which either may bear in connection with such disposition of any obligation or security held in the name of SERS & CO. or any other name.
Further, that all prior authorized securities signature lists established by the board will no longer be effective, including, but not limited to, those established by Resolution Number 2012-03.
MOTION: 2023-41 2023 STRESS TESTING AND RISK ASSESSMENT REPORT
Meeting Date: September 26, 2023
RESOLVED: That the State Employees’ Retirement Board accepts the recommendation of the Finance and Member and Participant Services Committee to approve the 2023 Stress Testing and Risk Assessment Report prepared by SERS’ actuary, Korn Ferry.
MOTION: 2023-40 PARTICIPATION IN THE NATIONAL CONFERENCE ON PUBLIC EMPLOYEE RETIREMENT SYSTEMS’ SECURITY FRAUD RECOVERY SERVICES PILOT PROJECT
Meeting Date: September 26, 2023
RESOLVED: That the State Employees’ Retirement Board accepts the recommendation of the Securities Litigation Committee to approve SERS’ participation in the National Conference on Public Employee Retirement Systems’ securities fraud recovery services pilot project, and the engagement of DIVIDEX Management, LLC for securities fraud recovery services via the pilot project, subject to successful completion of contract negotiations and execution and delivery of contracting documents by all parties, including required Commonwealth legal approvals, within 12 months.
MOTION: 2023-39 APPROVAL OF CONSENT CALENDAR
Meeting Date: September 26, 2023
RESOLVED: That the board approves the Consent Calendar item, as listed, for the September 26, 2023, board meeting.
A. Approving Board Meeting Minutes – July 25, 2023
B. Approving Defined Benefit Plan Statement of Changes in Fiduciary Net Position for the Periods
Ending – May 31 and June 30, 2023
C. Approving Deferred Compensation Plan (DCP) Statement of Changes in Net Position Available for Benefits for the Periods Ending – May 31 and June 30, 2023
D. Approving Defined Contribution Plan Statement of Changes in Fiduciary Net Position for the Periods Ending – May 31 and June 30, 2023
MOTION: 2023-38 ADOPTION OF THE AGENDA
Meeting Date: September 26, 2023
RESOLVED: That the board adopts the agenda for the September 26, 2023, board meeting.
MOTION: 2023-37 ADJOURNMENT
Meeting Date: July 25, 2023
MOTION: 2023-36 BOARD GOVERNANCE POLICY REVISIONS
Meeting Date: July 25, 2023
RESOLVED: That the State Employees’ Retirement Board accept the recommendation of the Board Governance and Personnel Committee and approve the revisions to the following Board Governance Policies and Procedures listed below, as set forth in the attachments:
1. Standards of Conduct
a. Exhibit C – Ethics Act
b. Exhibit D1 – Governor’s Code of Conduct
c. Executive Order 2023-04 (Gift Ban) replacing EO 2015-01
d. Exhibit E – Legislative Code of Ethics
2. Board Consultant Evaluation Procedures
3. Actuarial Services Policy
4. Policy Referrals, Related Communications, Undue Influence
5. Policy on Placement Agent Disclosures
MOTION: 2023-35 FY 2023-FY 2027 SERS STRATEGIC PLAN
Meeting Date: July 25, 2023
RESOLVED: That the State Employees’ Retirement Board accept the recommendation of the Board Governance and Personnel Committee to approve the FY 2023-FY 2027 (July 1, 2023 – June 30, 2027) SERS Strategic Plan, as set forth in the attachment (ATTACHMENT B).
MOTION: 2023-34 FY 2021-FY 2023 SERS STRATEGIC PLAN FINAL REPORT
Meeting Date: July 25, 2023
RESOLVED: That the State Employees’ Retirement Board accept the recommendation of the Board Governance and Personnel Committee to approve the FY 2021-FY 2023 SERS Strategic Plan Amendments and Final Report, as set forth in the attachment (ATTACHMENT A).
MOTION: 2023-33 REAL ESTATE CONSULTANT SEARCH
Meeting Date: July 25, 2023
RESOLVED: That the State Employees’ Retirement Board accept the recommendation of the Investment Committee to hire NEPC, LLC to act as its non-discretionary real estate investment consultant in connection with the SERS Defined Benefit Plan’s investment portfolio for a five-year term commencing at the conclusion of the current contract for real estate investment consulting services (currently scheduled to expire as of December 1, 2023), 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: 2023-32 PRIVATE EQUITY – KPS SPECIAL SITUATIONS FUND VI, LP and KPS SPECIAL SITUATIONS MID-CAP FUND II, LP
Meeting Date: July 25, 2023
RESOLVED: That the State Employees’ Retirement Board accept the recommendation of the Investment Committee to commit (i) up to $75 million to KPS Special Situations Fund VI, LP, and (ii) up to $25 million to KPS Special Situations Mid-Cap Fund II, LP, plus investment expenses and pro rata share of partnership operating expenses, consistent with executed partnership documents, as follow-on investments 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: 2023-31 APPROVAL OF CONSENT CALENDAR
Meeting Date: July 25, 2023
A. Approving Board Meeting Minutes – June 13, 2023
B. Approving Defined Benefit Plan Statement of Changes in Fiduciary Net Position for the Periods
Ending – March 31 and April 30, 2023
C. Approving Deferred Compensation Plan (DCP) Statement of Changes in Net Position Available for Benefits for the Periods Ending – March 31 and April 30, 2023
D. Approving Defined Contribution Plan Statement of Changes in Fiduciary Net Position for the Periods Ending – March 31 and April 30, 2023
RESOLVED: That the board approves the Consent Calendar item, as listed, for the July 25, 2023, board meeting.
MOTION: 2023-30 ADOPTION OF THE AGENDA
Meeting Date: July 25, 2023
RESOLVED: That the board adopts the agenda for the July 25, 2023, board meeting.
MOTION: 2023-29 MOTION TO ADJOURN
Meeting Date: June 13, 2023
MOTION: 2023-28 2022 FINANCIAL STATEMENTS
Meeting Date: June 13, 2023
RESOLVED: That the State Employees’ Retirement Board accepts the recommendation of the Audit, Risk and Compliance Committee to accept the audited 2022 Financial Statements with Required Supplementary Information With Independent Auditors’ Report for Fiscal Years Ended December 31, 2022, and December 31, 2021 of the Commonwealth of Pennsylvania State Employees’ Retirement System and State Employees’ Defined Contribution Plan, and the audited 2022 Financial Statements with Required Supplementary Information With Independent Auditors’ Report for Fiscal Years Ended December 31, 2022, and December 31, 2021 of the Commonwealth of Pennsylvania Deferred Compensation Plan, as presented by our independent auditors, KPMG, LLP.
MOTION: 2023-27 LEGAL COUNSEL SERS-SPECIFIC COMPENSATION
Meeting Date: June 13, 2023
RESOLVED: That the State Employees’ Retirement Board accepts the recommendation of the Board Governance and Personnel Committee, until such time as legal counsel is covered under a SERS-specific compensation policy, to authorize salaries for legal counsel in accordance with Motions 2018-75 and 2018-99 with legal counsel salaries being consistent with the pay range values on the Attorney (AT) pay schedule or other pay provisions that may be applicable to the Office of General Counsel although SERS legal counsel positions sit on the Standard (ST) pay schedule.
MOTION: 2023-26 MANAGEMENT-CLASSIFIED AND NON-REPRESENTED POSITIONS RETAIN PAY PARITY
Meeting Date: June 13, 2023
RESOLVED: That the State Employees’ Retirement Board accepts the recommendation of the Board Governance and Personnel Committee in order to retain pay parity with other commonwealth positions, to authorize salary increases and other payments to management-classified and non-represented positions, excluding those positions in the XH pay scale group, investment professionals, and legal counsel, at the time, in the amount, and in the same manner as established by the Executive Board of the Commonwealth for the period starting July 1, 2023 and ending June 30, 2024.
MOTION: 2023-25 APPROVAL OF CONSENT CALENDAR
Meeting Date: June 13, 2023
A. Approving Board Meeting Minutes – May 2, 2023
B. Approving Defined Benefit Plan Statement of Changes in Fiduciary Net Position for the Periods
Ending – December 31, 2022, January 31, 2023, and February 28, 2023
C. Approving Deferred Compensation Plan (DCP) Statement of Changes in Net Position Available for Benefits for the Periods Ending – December 31, 2022, January 31, 2023, and February 28, 2023
D. Approving Defined Contribution Plan Statement of Changes in Fiduciary Net Position for the Periods Ending – December 31, 2022, January 31, 2023, and February 28, 2023
RESOLVED: That the board approves the Consent Calendar item, as listed, for the June 13, 2023, board meeting.
MOTION: 2023-24 ADOPTION OF THE AGENDA
Meeting Date: June 13, 2023
RESOLVED: That the board adopts the agenda for the June 13, 2023, board meeting.
MOTION: 2023-23 MOTION TO ADJOURN
Meeting Date: May 2, 2023
MOTION: 2023-22 BOARD POLICIES REVISIONS
Meeting Date: May 2, 2023
RESOLVED: That the State Employees’ Retirement Board accepts the recommendation of the Board Governance and Personnel Committee to approve the revisions to the Strategic Planning Policy, Board Education Policy; Board Communication Policy and Board Self-Assessment Policy, as set forth in the attached documents (ATTACHMENTS H, I, J and K).
MOTION: 2023-21 BOARD CHAIR AND ASSISTANT CHAIR, BOARD MEMBER, COMMITTEE CHAIR AND COMMITTEE ASSITANT CHAIR POSITIONS POLICIES
Meeting Date: May 2, 2023
RESOLVED: That the State Employees’ Retirement Board accepts the recommendation of the Board Governance and Personnel Committee to approve the revisions to the (1) Board Chair and Assistant Chair Positions; (2) Board Member Position; and (3) Committee Chair and Assistant Chair Positions, as set forth in the attached documents (ATTACHMENTS E, F and G).
MOTION: 2023-20 SERS STRATEGIC PLAN 2023-2027
Meeting Date: May 2, 2023
RESOLVED: That the State Employees’ Retirement Board accepts the recommendation of the Board Governance and Personnel Committee to approve the preliminary SERS strategic plan beginning
July 1, 2023, through June 30, 2027, and instruct staff to finalize the strategic plan for formal submission to the Board Governance and Personnel Committee and the board at the upcoming meetings on June 6, 2023, and June 13, 2023, as set forth in the attachments (ATTACHMENT D).
MOTION: 2023-19 PROCUREMENT PROCESS FOR SERS’ THIRD-PARTY ADMINISTRATOR
Meeting Date: May 2, 2023
RESOLVED: That the State Employees’ Retirement Board accepts the recommendation of the Finance and Member & Participant Services Committee to approve initiating the procurement process for SERS’ Third-Party Administrator for SERS’ Defined Contribution and Deferred Compensation Plans as set forth in BoardDocs (ATTACHMENT C).
MOTION: 2023-18 2022 ACTUARIAL VALUATION RESULTS
Meeting Date: May 2, 2023
RESOLVED: That the State Employees’ Retirement Board accepts the recommendation of the Finance and Member & Participant Services Committee to:
(A) approve the results of the December 31, 2022, actuarial valuation; and for the Commonwealth’s fiscal year 2023-2024, certify the following contribution rates:
1. Shared-risk contribution rate of 0.0%;
2. Employer normal cost contribution rate of 8.29%;
3. Composite employer contribution rate necessary for the funding of the system of 35.27%; and
4. Employer contribution rates by group and class of service of employees as set forth in the actuarial valuation as calculated by SERS’ consulting actuary, Korn Ferry, pursuant to Section 5508 of the State Employees’ Retirement Code;
(B) authorize SERS staff and Korn Ferry to use those rates to develop all the employer rates for the period of July 1, 2023, to June 30, 2024, pursuant to Section 5902(k) of the State Employees’ Retirement Code;
(C) establish an employer contribution rate of .05% for fiscal year 2023-2024 to fund the Benefits Completion Plan established pursuant to Section 5941 of the State Employees’ Retirement Code; and
(D) authorize the Executive Director to certify such rates to all employers with employees who are active members of SERS and to the Secretary of the Budget.
MOTION: 2023-17 REAL ESTATE PORTFOLIO REVISION
Meeting Date: May 2, 2023
RESOLVED: That the State Employees’ Retirement Board accepts the recommendation of the Investment Committee to approve a temporary expanded delegation of authority to the Chief Investment Officer until December 31, 2027 (or such earlier date that the board may direct) to allow the Chief Investment Officer to partially redeem and/or reallocate (a) publicly traded real estate securities, and (b) partnership interests in core or core plus open-ended commingled vehicles, to comply with the target Real Estate allocation structure in the Investment Policy Statement approved by the board on May 5, 2022.
The board’s Real Estate Consultant and the SERS Investment Office will review the progress of the restructuring annually with the Investment Committee as part of the SERS strategic pacing plan for Real Estate. In addition to the board’s Real Estate Consultant, the Chief Investment Officer shall consult with the SERS Investment Committee Chair and Board Chair prior to executing the above expanded authority investment actions. In the event such action is taken, the board will be apprised as soon as practicable, but no later than the next regularly scheduled board meeting.
MOTION: 2023-16 SERS U.S. AND INTERNATIONAL PROXY VOTING POLICY
Meeting Date: May 2, 2023
RESOLVED: That the State Employees’ Retirement Board accepts the recommendation of the Investment Committee to adopt the proposed revisions to the SERS U.S. and International Proxy Voting Policy, as set forth in the attachment (ATTACHMENT B).
MOTION: 2023-15 SERS’ DEFINED BENEFIT PLAN INVESTMENT POLICY STATEMENT
Meeting Date: May 2, 2023
RESOLVED: That the State Employees’ Retirement Board accepts the recommendation of the Investment Committee to adopt the proposed updates to the SERS’ Defined Benefit Plan Investment Policy Statement (ATTACHMENT A).
MOTION: 2023-14 APPROVAL OF CONSENT CALENDAR
Meeting Date: May 2, 2023
A. Approving Board Meeting Minutes – February 28, 2023
RESOLVED: That the board approves the Consent Calendar item, as listed, for the May 2, 2023, board meeting.
MOTION: 2023-13 ADOPTION OF THE AGENDA
Meeting Date: May 2, 2023
RESOLVED: That the board adopts the agenda for the May 2, 2023, board meeting.
MOTION: 2023-12 MOTION TO ADJOURN
Meeting Date: February 28, 2023
MOTION: 2023-11 PRIVATE EQUITY – PSG VI L.P.
Meeting Date: February 28, 2023
RESOLVED: That the State Employees’ Retirement Board accepts the recommendation of the Investment Committee to commit up to $75 million to PSG 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: 2023-10 2023 INVESTMENT COMMITTEE WORK PLAN
Meeting Date: February 28, 2023
RESOLVED: That the State Employees’ Retirement Board accepts the recommendation of the Investment Committee to approve the Investment Committee Work Plan, as set forth in the attachment (ATTACHMENT F).
MOTION: 2023-09 GENERAL CONSULTING SERVICES CONTRACT EXTENSION
Meeting Date: February 28, 2023
RESOLVED: That the State Employees’ Retirement Board accepts the recommendation of the Investment Committee to authorize an extension of the Agreement between SERS and Callan LLC for general consulting services for the defined benefit, 457(b) and 401(a) plans for 12 months (until February 25, 2025) subject to successful completion of contract negotiations and execution and delivery of closing documents by all parties, including required Commonwealth legal approvals, prior to its expiration.
MOTION: 2023-08 2023 AUDIT, RISK AND COMPLIANCE COMMITTEE WORK PLAN
Meeting Date: February 28, 2023
RESOLVED: That the State Employees’ Retirement Board accepts the recommendation of the Audit, Risk and Compliance Committee to approve the 2023 Committee’s Work Plan, as set forth in the attachment (ATTACHMENT E).
MOTION: 2023-07 CIO PAY INCREASE
Meeting Date: February 28, 2023
RESOLVED: That the State Employees’ Retirement Board accepts the recommendation of the Board Governance and Personnel Committee to approve a pay increase to $187.18 an hour for James Nolan, Chief Investment Officer SERS, to be effective the first full pay period of March 2023.
MOTION: 2023-06 2023 BOARD GOVERNANCE AND PERSONNEL COMMITTEE WORK PLAN
Meeting Date: February 28, 2023
RESOLVED: That the State Employees’ Retirement Board accepts the recommendation of the Board Governance and Personnel Committee to approve the Board Governance and Personnel Work Plan for 2023, as set forth in the attachment (ATTACHMENT D).
MOTION: 2023-05 2023-2027 SERS STRATEGIC BUSINESS PLAN
Meeting Date: February 28, 2023
RESOLVED: That the State Employees’ Retirement Board review and provide the Board Governance and Personnel Committee with comments and feedback regarding the Preliminary SERS Strategic Business plan, as set forth in the attachment (ATTACHMENT C).
MOTION: 2023-04 2023 FINANCE AND MEMBER & PARTICIPANT SERVICES COMMITTEE WORK PLAN
Meeting Date: February 28, 2023
RESOLVED: That the State Employees’ Retirement Board accepts the recommendation of the Finance and Member & Participation Services Committee to approve the Finance and Member & Participant Services Committee Work Plan, as set forth in the attachment (ATTACHMENT B).
MOTION: 2023-03 2023 SECURITIES LITIGATION COMMITTEE WORK PLAN
Meeting Date: February 28, 2023
RESOLVED: That the State Employees’ Retirement Board accepts the recommendation of the Securities Litigation Committee to approve the 2023 Securities Litigation Committee Work Plan, as set forth in the attachment (ATTACHMENT A).
MOTION: 2023-02 APPROVAL OF CONSENT CALENDAR
Meeting Date: February 28, 2023
A. Approving Board Meeting Minutes – December 12, 2022
B. Approving Defined Benefit Plan Statement of Changes in Fiduciary Net Position for the Periods Ending – October 31, and November 30, 2022
C. Approving Deferred Compensation Plan (DCP) Statement of Changes in Net Position Available for Benefits for the Periods Ending – October 31, and November 30, 2022
D. Approving Defined Contribution Plan Statement of Changes in Fiduciary Net Position for the Periods Ending – October 31, and November 30, 2022
RESOLVED: That the board approves the Consent Calendar items, as listed, for the February 28, 2023, board meeting.
MOTION: 2023-01 ADOPTION OF THE AGENDA
Meeting Date: February 28, 2023
RESOLVED: That the board adopts the agenda for the February 28, 2023, board meeting.