At this meeting, a quorum was present, and the Board took the following actions:

• Authorized the Comptroller of the City of New York to invest certain portions of the Contingent Reserve Fund, the Pension Reserve Fund, the Annuity Savings Fund, and the Annuity Reserve Fund for a three-month period, terminating on March 31, 2011.
• Authorized the Comptroller of the City of New York to invest the net contributions derived from the Fixed portion of the Tax-Deferred Annuity Program for a three-month period terminating on March 31, 2011.

At this meeting, a quorum was present, and the Board took the following actions:

• Ratified a resolution (adopted at the 10/21/10 Board Meeting) authorizing TRS to implement the October 25, 2007 resolution for those qualified retirees whose benefits have not yet been recalculated to reflect applicable earnings for class coverage work. The resolution also authorizes TRS to fully apply the October 25, 2007 resolution for members who were active on or after March 1, 2010.
• Agreed to increase the agency budget for Fiscal Year 2011 in the amount of $1,850,000 to accelerate and expand the scope of the assessment and analysis project for improving services of the Tax-Deferred Annuity Program and the Variable Program.

At this meeting, a quorum was present, and no actions were taken.

At this meeting, a quorum was present, and the Board took the following actions:

• Authorized the Comptroller of the City of New York to invest certain portions of the Contingent Reserve Fund, the Pension Reserve Fund, the Annuity Savings Fund, and the Annuity Reserve Fund for a three-month period, terminating on December 31, 2010.
• Authorized the Comptroller of the City of New York to invest the net contributions derived from the Fixed portion of the Tax-Deferred Annuity Program for a three-month period terminating on December 31, 2010.
• Agreed to amend Appendix A of the Rules and Regulations of the Board of Education Retirement System as submitted by the Panel for the Education Policy. This amendment stipulates that the interest rate on new TDA loans, for TDA participants holding a position represented by the United Federation of Teachers, or for those who held such a position at the time they retired or discontinued service with vested status or elected TDA Deferral status, shall be 7% annually. This change was made in order to correspond to the 7% interest rate credited to the Fixed Return Fund accounts for said TRS members as per Chapter 504 of the Laws of 2009.

At this meeting, a quorum was present, and the Board took the following actions:

• Announced the re-election of Ms. Sandra March to the Teachers' Retirement Board for a three-year term of office.
• Reappointed Dr. Alan David to a three-year term on the Medical Board, which expires on July 31, 2013.
• Authorized the Comptroller of the City of New York to invest certain portions of the Contingent Reserve Fund, the Pension Reserve Fund, the Annuity Savings Fund, and the Annuity Reserve Fund for a three-month period, terminating on September 30, 2010.
• Authorized the Comptroller of the City of New York to invest the net contributions derived from the Fixed portion of the Tax-Deferred Annuity Program for a three-month period terminating on September 30, 2010.
• Agreed to renew its investment management agreement with NISA Investment Advisors LLC for the Stable Value Fund for a three-year period expiring on June 30, 2013.The Board also agreed to retain the following investment managers for the Diversified Equity Fund for a three-year period expiring on June 30, 2013:
  • Advent-Phoenix Convertible Income Strategy (Convertible Bonds)
  • Lord Abbett Convertibles (Convertible Bonds)
  • Walter Scott (Active International)
• Agreed to renew its master custodial agreement with The Bank of New York Mellon for the variable-return Passport Funds for a one-year period, expiring on June 30, 2011.
• Agreed to renew its directed brokerage agreements with Muriel Siebert & Co. and ConvergEx Execution Services for the variable-return Passport Funds for a one-year period, expiring on June 30, 2011. The Board also agreed to terminate the agreement with Rochdale Securities Corp. and to retain Abel Noser to provide commission recapture services for the variable-return Passport Funds for a one-year period, expiring on June 30, 2011.
• Authorized the following transition managers to be included in a transitions managers pool with Mellon Transition Management Services to provide rebalancing services and transition management services for the variable-return Passport Funds:
  • BNY ConvergEx
  • State Street
  • Credit Suisse
  • Russell Transition Services
  • BlackRock

Agreed to liquidate and reallocate the assets currently under management by Goldman Sachs Asset Management for the investment of assets of the Diversified Equity Fund. The target allocations and rebalancing ranges for the Diversified Equity Fund and the target allocations for each manager are as follows:

At this meeting, a quorum was present, and the Board took the following actions:

• Approved the Actuary's recommendation for a final Fiscal Year 2010 Employer Contribution to the System in the amount of $2,484,073,500.
• Adopted the Actuary's recommendation for the Tiers III/IV loan insurance premium rate to be continued at 0.20% of the outstanding loan balances for any loan originating during Fiscal Year 2011.
• Authorized the adoption of the proposed Agency budget in the amount of $53,724,813 for Fiscal Year 2011.
• Agreed to terminate its investment management agreement with AXA Rosenberg for the investment of assets of the Diversified Equity Fund and the International Equity Fund. On an interim basis, these assets will be transferred to the Mellon Russell 3000 Index Portfolio of the Diversified Equity Fund and the Mellon Transition Management Services, Inc. for the International Equity Fund.

At this meeting, a quorum was present, and the Board took the following action:

• Agreed to continue the engagement of Rocaton Investment Advisors, LLC to provide investment consulting services for a period of three years, terminating on April 30, 2013, with two optional three-year renewal terms.

At this meeting, a quorum was present, and the Board took the following action:

• Authorized the Comptroller of the City of New York to invest certain portions of the Contingent Reserve Fund, the Pension Reserve Fund, the Annuity Savings Fund, and the Annuity Reserve Fund for a three-month period, terminating on June 30, 2010.
• Authorized the Comptroller of the City of New York to invest the net contributions derived from the Fixed portion of the Tax-Deferred Annuity Program for a three-month period terminating on June 30, 2010.
• Authorized the Actuary to utilize the June 30, 2009 New York City Retirement systems pension census data to determine other postemployment benefit obligations for the City of New York and certain component units of the City for Fiscal Year 2010.
• Agreed to terminate its agreement with Lynmar Capital Group for the investment of assets within the Eclectic Composite of the Diversified Equity Fund and transfer this portfolio to Mellon Transition Management.

At this meeting, a quorum was present, and the Board took the following action:

• Agreed that, as of April 16, 2010, the TDA loan interest rate to be charged to a participant shall be equal to the interest rate in effect for that participant's TDA Fixed Return Fund at the time the loan is issued.

At this meeting, a quorum was present, and the Board took the following action:

Agreed to terminate its contract negotiations with Mondrian Investment Partners Limited for the investment of assets of the International Sector of the Diversified Equity Fund and the International Equity Fund and engage Pyramus Global Advisors to manage these funds.The International Sector target allocation and rebalancing range for the managers within the International Equity Sector is as follows: