Board Meeting: September 16
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.
Investment Meeting: September 13