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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.

2014 Meeting Summaries

December 2014

Board Meeting: December 18

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

  • Authorized the Modernization Program to replace the current pension administration system to meet TRS' business requirements and entered into contract with Sagitec Solutions, LLC for the remainder of the Modernization Program. Additionally, an increase in TRS' Fiscal Year 2015 budget was approved to pay for the Modernization Program so that the total amount allocated for the Fiscal Year, including previously authorized funding, would equal $35,000,000.
  • 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, 2015.
  • 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, 2015.
Investment Meeting: December 4

November 2014

Board Meeting: November 20

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

  • Approved the appointment of Robert C. North, Jr. as the Acting Chief Actuary for the period commencing November 1, 2014 and ending December 31, 2014.
  • Authorized TRS to implement benefit recalculations to properly credit the Bridge Population for per session earnings consistent with the Weingarten and Nager litigations in accordance with the methodology recommended by the Actuary.
Investment Meeting: November 6

October 2014

Board Meeting: October 23

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

  • Adopted Qualified Pension Plan (QPP) Policies 2014-1 through 2014-12, which reflect current operations.
Investment Meeting: October 2

September 2014

Board Meeting: September 18

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, 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 December 31, 2014.
Investment Meeting: September 4

June 2014

Board Meeting: June 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 September 30, 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 September 30, 2014.
  • 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 2015.
  • Approved the recommendation to increase the Fiscal Year 2015 TRS budget in the amount of $10,009,043 to be taken from TDA and Variable Program Expense Funds and $3,925,457 to be provided by QPP funding for the Modernization project.
  • Reappointed Dr. Laura Brumberg to a three-year term on the Medical Board, which expires on July 31, 2017.
  • Announced the election of Mr. Thomas Brown to the Teachers' Retirement Board on May 18, 2014 in accordance with Section 13-507 of the Administrative Code of the City of New York.
Investment Meeting: June 5

May 2014

Board Meeting: May 15

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

  • Authorized the Actuary to utilize June 30, 2013 Pension Census Data to determine Fiscal Year 2014 Other Postemployment Benefits obligations for the City of New York.
  • Approved the recommendation of the Comptroller of the City of New York to prohibit the use of placement agents or intermediaries in the engagement of all public and private markets firms by the Teachers' Retirement System of the City of New York.
  • Approved the Actuary's recommendation for a Fiscal Year 2014 Employer Contribution to the Excess Benefit Fund in the amount of $493.
Investment Meeting: May 8

April 2014

Board Meeting: April 24

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

  • Approved the Actuary's recommendation for Fiscal Year 2014 employer contributions to the Teachers' Retirement System of the City of New York in the amount of $2,998,693,727.
  • Authorized the adoption of the proposed Agency budget in the amount of $54,618,734 for Fiscal Year 2015.
Investment Meeting: April 3

March 2014

Board Meeting: March 20

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, 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 June 30, 2014.
Investment Meeting: March 6

January 2014

Board Meeting: January 23

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

Investment Meeting: January 9