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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.

2015 Meeting Summaries

December 2015

Board Meeting: December 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 March 31, 2016.
  • 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, 2016.
  • Adopted the replacement tables of probabilities of post-retirement mortality as presented in a December 4, 2015 memorandum from the Actuary.
  • Authorized the renewal of the investment agency contract with Sprucegrove Investment Management Ltd for the Diversified Equity Fund and International Equity Fund for a new term, expiring on June 30, 2018.
Investment Meeting: December 3

November 2015

Board Meeting: November 19

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

  • Authorized the Bureau of Asset Management and the General Consultant to study whether divesting from TRS' publicly-traded equity and debt securities, as well as bank loans, in companies that produce, mine, and/or process thermal coal as the exclusive or predominant source of their revenue, including Alpha Natural Resources, Inc.; Arch Coal, Inc.; Cloud Peak Energy, Inc.; Consol Energy, Inc.; and Peabody Energy Corporation would have a material impact on the risk and return characteristics of the agency's portfolio.
  • Authorized a review of strategies to mitigate the risk of climate change in TRS' Qualified Pension Plan and Tax Deferred Annuity Program investment portfolios, including, in addition to thermal coal companies, possible divestiture from other types of fossil fuel companies that contribute substantially to climate change, as well as possible shareholder engagement initiatives, consistent with the Board of Trustees' fiduciary duties to TRS members and beneficiaries.
  • Approved an increase of the agency budget for Fiscal Year 2016 in the amount of $70,000 to cover contractual increases for parts of Fiscal Years 2012 to 2016.
Investment Meeting: November 5
 

October 2015

Board Meeting: October 22

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

  • Adopted an amendment to its investment policy statements to reflect its policy encouraging the submission of investments that offer favorable fees and that the Board will reject investments with above-market fees relative to similar investments, taking into consideration all factors relevant to a prudent investment analysis.
  • Resolved to join with the boards of the other New York City Retirement Systems in a Common Investment Meeting (CIM) to evaluate the use of specific fund management firms and discuss other common issues, subject to formal votes by each Board.
  • Authorized the Executive Director or her designee to negotiate, enter into and execute an agreement that will enable TRS to remain in its current location while also improving services to its members.
Investment Meeting: October 5

September 2015

Board Meeting: September 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 December 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 December 31, 2015.
  • Notified of the reappointment of Dr. Walter Pizzi to a three-year term on the Medical Board, which expires on July 31, 2018.
Investment Meeting: September 3

June 2015

Board Meeting: June 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 September 30, 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 September 30, 2015.
  • Approved an increase to the Fiscal Year 2015 TRS budget in the amount of $200,000 and the Fiscal Year 2016 budget in the amount of $117,000 to cover contractual increases for CWA Union and Teamsters Local 237.
  • Accepted the recommendation of an independent consultant retained by the Comptroller's Office and approved additional expenditures to increase the pay of most corpus-funded Investment Strategy positions within the Bureau of Asset Management to a level that is commensurate with the 2013 median pay level for public pension fund employees nationwide.
Investment Meeting: June 22

May 2015

Board Meeting: May 21

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

  • Approved the Actuary's recommendation for preliminary Fiscal Year 2016 employer contributions to the Teachers' Retirement System of the City of New York in the amount of $3,407,272,380.
Investment Meeting: May 14

April 2015

Board Meeting: April 16

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

  • Authorized the adoption of the proposed Agency budget in the amount of $56,495,737 and the Modernization Program Budget in the amount of $43,000,000 for Fiscal Year 2016.
  • Authorized the adoption of Qualified Pension Plan Policy 2015-1 pertaining to Internal Revenue Service Notice 2014-19 regarding same-sex marriage. This policy shall be read in conjunction with existing Board practices recognizing New York and Non-New York same-sex marriages and civil unions.
  • Approved the appointment of Robert C. North, Jr. as the Acting Chief Actuary for the period commencing April 1, 2015 and ending April 30, 2015
Investment Meeting: April 2

March 2015

Board Meeting: March 26

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, 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 June 30, 2015.
  • Approved the Actuary's recommendation for a final Fiscal Year 2015 employer contributions to the Teachers' Retirement System of the City of New York in the amount of $3,270,006,920.
  • Approved the appointment of Robert C. North, Jr. as the Acting Chief Actuary for the period commencing March 1, 2015 and ending March 31, 2015.
Investment Meeting: March 5

February 2015

Board Meeting: February 26

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

  • Adopted the Actuary's recommendation to update the preliminary estimate of the Fiscal Year 2015 Employer Contribution to the System from $3,133,925,933 to $3,265,748,864.
  • Approved the appointment of Robert C. North, Jr. as the Acting Chief Actuary for the period commencing February 1, 2015 and ending February 28, 2015.
  • Authorized the Actuary to utilize the June 30, 2014 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 2015.
  • Approved a modification of the Fiscal Year 2015 budget, by increasing the agency budget in the amount of $1,156,618 to provide for approved managerial pay increases, in accordance with the Mayor's Personnel Order 2015/1 and 2015/2.
Investment Meeting:February 12

January 2015

Board Meeting: January 22

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

  • Approved a modification of the Fiscal Year 2015 budget, by increasing the agency budget in the amount of $1,696,000 to accommodate new and mandated needs which were not contemplated or sufficiently defined at the time the Fiscal Year 2015 budget was approved.
  • Approved treatment of earnings from After-School Professional Development Course instruction as pensionable earnings, with implementation on a retroactive basis and for all future earnings.
  • Approved the appointment of Robert C. North, Jr. as the Acting Chief Actuary for the period commencing January 1, 2015 and ending January 31, 2015.
Investment Meeting: January 8