Board Meeting: December 19
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, 2014.
- 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, 2014.
- Authorized a change in the form of the Socially Responsive Equity Fund (Variable E Annuity Program) to a separate account format and the retention of Neuberger Berman as an investment manager for the fund.
- Authorized starting initial phase of the Modernization project which includes a detailed gap analysis and entering into contract negotiations with Sagitec Company to provide for modernized services and technology.
- Adopted certain revisions to the Investment Policy Statement for the variable-return Passport Funds, including a provision to prohibit investments in companies that receive more than 20% of their total revenues from the manufacture of civilian firearms or ammunition and to divest from all such investments within the funds.
Investment Meeting: December 5