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Meeting Summaries

Below are summaries of the major actions taken by the Teachers' Retirement Board. A full transcript of each meeting's public session is provided in the Minutes.

2011 Meeting Summaries

December 2011

Board Meeting: December 15

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.
  • Adopted certain revisions to the Investment Policy Statement for the variable-return Passport Funds, including the change of the Stable-Value Fund to the Bond Fund.
  • Approved the clarification of policies related to the payment of interest on delayed payments and death benefits.
Investment Meeting: December 1

November 2011

Board Meeting: November 17

At this meeting, a quorum was present, and no resolutions requiring Board action were introduced.

Investment Meeting: November 3

October 2011

Board Meeting: October 20

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

  • Agreed to renew its directed brokerage agreements with Muriel Siebert & Co., BNY/Convergex, and Abel Noser Corp. for the variable-return Passport Funds for a one-year period expiring on June 30, 2012.
  • Agreed to renew its master custodial agreement with the Bank of New York Mellon for the variable-return Passport Funds for a third and final one-year period expiring on June 30, 2012.
Investment Meeting: October 6

September 2011

Board Meeting: September 15

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, 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 December 31, 2011.
Investment Meeting: September 8

July 2011

Investment Meeting: July 12

June 2011

Board Meeting: June 23

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

  • Approved the Actuary's recommendation for a preliminary Fiscal Year 2012 Employer Contribution to TRS in the amount of $2,615,888,641.
  • 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 2012.
  • 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, 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 September 30, 2011.
  • Authorized the Comptroller of the City of New York to include TRS' performance data in its "Pension NYC: Real-Time Portfolio" project and directed TRS staff to support the integration of TRS' expenditures into the "Checkbook NYC" database.
Investment Meeting: September 8

May 2011

Board Meeting: May 26

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

  • Elected Melvyn Aaronson as Chairperson of the Retirement Board for a one-year term of office.
Investment Meeting: May 12

April 2011

Board Meeting: April 28

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

  • Authorized the Actuary to utilize the June 30, 2010 New York City Retirement Systems pension census data to determine the postemployment benefit obligations for the City of New York and certain component units of the City for Fiscal Year 2011.
  • Approved the Actuary's recommendation for a final Fiscal Year 2011 Employer Contribution to TRS in the amount of $2,468,973,357.
  • Determined that meetings of the Teachers' Retirement Board shall be made available to the public via webcast.
  • Authorized the adoption of the proposed Agency budget in the amount of $54,708,158 for Fiscal Year 2012.
Investment Meeting: April 7

March 2011

Board Meeting: March 17

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 June 30, 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 June 30, 2011.
  • Agreed to change the investment strategy of the Stable-Value Fund by investing its assets in fixed-income investments and renaming it the Bond Fund. These changes will be effective January 1, 2012.
Investment Meeting: March 3

February 2011

Board Meeting: February 17

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

  • Adopted the Actuary's recommendation to update the preliminary estimate of the Fiscal Year 2011 Employer Contribution to the System from $2,470,202,375 to $2,468,973,357.
Investment Meeting: October 3

January 2011

Board Meeting: January 20

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

Investment Meeting: January 6