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SERS Board Resolutions - 2023

 

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.

 

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