MOTION: 2025-23 MOTION TO ADJOURN
Meeting Date: May 6, 2025
MOTION: 2025-22 Actuarial Services RFP
Meeting Date: May 6, 2025
RESOLVED: That the State Employees’ Retirement Board accept the recommendation of the Finance and Member and Participant Services Committee to authorize SERS Staff to initiate the procurement process for SERS’ Actuarial Services.
MOTION: 2025-21 Korn Ferry Contribution Rates, Actuarial Services RFP Planning Discussion
Meeting Date: May 6, 2025
RESOLVED: That the State Employees’ Retirement Board accept the recommendation of the Finance and Member and Participant Services Committee to:
(A) approve the results of the December 31, 2024, actuarial valuation; and for the Commonwealth’s fiscal year 2025-2026, certify the following contribution rates:
1. Shared-risk member contribution rate increase of 0.00% for A-3 and A-4 classes of service, and .09% for A-5 and A-6 classes of service;
2. Employer normal cost contribution rate of 7.65%;
3. Composite employer contribution rate necessary for the funding of the system of 32.34%; and 4. Employer contribution rates by group and class of service of employees as set forth in the actuarial valuation as calculated by SERS’ consulting actuary, Korn Ferry, pursuant to Section 5508 of the State Employees’ Retirement Code;
(B) authorize SERS staff and Korn Ferry to use those rates to develop all the employer rates for the period of July 1, 2025, to June 30, 2026, pursuant to Section 5902(k) of the State Employees’ Retirement Code;
(C) establish an employer contribution rate of .04% for fiscal year 2025-2026 to fund the Benefits Completion Plan established pursuant to Section 5941 of the State Employees’ Retirement Code; and
(D) authorize the Executive Director to certify such rates to all employers with employees who are active members of SERS and to the Secretary of the Budget.
MOTION:2025-20 Ad Hoc Review of Internal Audit Office Charter Updates
Meeting Date: May 6, 2025
RESOLVED: That the State Employees’ Retirement Board accept the concurrence of the Board Governance and Personnel Committee to adopt the Amended Internal Audit Office Charter recommended by the Audit, Risk and Compliance Committee, as attached and set forth in Attachment B.
MOTION: 2025-19 Internal Audit Office Charter Update
Meeting Date: May 6, 2025
RESOLVED: That the State Employees’ Retirement Board approve the recommendation by the Audit, Risk and Compliance Committee to adopt the State Employees’ Retirement System’s Internal Audit Office Charter, as set forth in Attachment B.
MOTION: 2025-18 Private Equity Opportunity: Arcline Capital Partners IV LP
Meeting Date: May 6, 2025
RESOLVED: That the State Employees’ Retirement Board accept the recommendation of the Investment Committee to commit (i) up to $130 million to Arcline Capital Partners IV LP, and (ii) up to $20 million to a sidecar vehicle that will co-invest alongside Arcline Capital Partners IV (name TBD), plus investment expenses and pro rata share of partnership operating expenses, consistent with executed partnership documents, as investments within the Private Equity asset class, subject to successful completion of contract negotiations and execution and delivery of closing documents by all parties, including required Commonwealth legal approvals, within 12 months.
MOTION: 2025-17 APPROVAL OF CONSENT CALENDAR
Meeting Date: May 6, 2025
RESOLVED: That the board approves the Consent Calendar items, as listed, for the May 6, 2025, board meeting.
A. Approving Board Meeting Minutes – March 4, 2025, Regular Meeting
B. Defined Benefit Plan Statement of Changes in Fiduciary Net Position for the Periods Ending: November 30, 2024
C. Defined Contribution Plan Statement of Changes in Fiduciary Net Position for the Periods Ending: November 30, 2024
D. Deferred Compensation Plan (DCP) Statement of Changes in Net Position Available for Benefits for the Periods Ending: November 30, 2024
MOTION: 2025-16 ADOPTION OF THE AGENDA
Meeting Date: May 6, 2025
RESOLVED: That the board adopt the agenda for the May 6, 2025, board meeting.
MOTION: 2025-15 MOTION TO ADJOURN
Meeting Date: March 4, 2025
MOTION: 2025-14 OLD BUSINESS
Meeting Date: March 4, 2025
RESOLVED: That the State Employees’ Retirement Board
1) approve the recommendation presented to the Board during its December 10, 2024, meeting by Linea Solutions to acquire a modern comprehensive pension administration system to replace SERS’ current pension administration systems known as SERIS and DAWPM;
2) authorize the current and future commitment of SERS resources, including but not limited to personnel time and talent resources and financial and monetary resources, to this multi-year project; and
3) authorize staff to procure a consultant, either through sole source procurement or other allowed method to assist staff in the:
(i) planning the process of identifying, procuring, and evaluating potential pension administration vendors and integrators;
(ii) design and drafting of the RFP; and
(iii) providing subject matter expertise during the technical and cost evaluations of the vendor proposals; using established Commonwealth and SERS’ Board procurement processes.
MOTION: 2025-13 2025 WORK PLAN
Meeting Date: March 4, 2025
RESOLVED: That the State Employees’ Retirement Board approve the Audit, Risk and Compliance 2025 Committee Work Plan, as set forth in Attachment I.
MOTION: 2025-12 2025 WORK PLAN
Meeting Date: March 4, 2025
RESOLVED: That the State Employees’ Retirement Board accept the recommendation of the Securities Litigation Committee to approve the Securities Litigation Committee 2025 Work Plan, as set forth in Attachment H.
MOTION: 2025-11 AUTHORIZED SECURITIES SIGNATORIES
Meeting Date: March 4, 2025
RESOLVED: That the State Employees’ Retirement Board approve the revision of the Authorized Securities Signatories, in the form and with the authority as more fully set forth in the Authorized Securities Signatories List, as appended, and further, that all prior authorized securities signature lists established by the Board will no longer be effective, including, but not limited to, those established by Resolution Numbers 2023-42 and 2012-03.
MOTION: 2025-10 2025 Committee Work Plan
Meeting Date: March 4, 2025
RESOLVED: That the State Employees’ Retirement Board approve the Finance and Member and Participant Services Committee 2025Work Plan, as set forth in Attachment G.
MOTION: 2025-09 ANNUAL SALARY ADJUSTMENT FOR SERS’ CHIEF INVESTMENT OFFICER
Meeting Date: March 4, 2025
RESOLVED: That the State Employees’ Retirement Board approve a pay increase to $208.33 an hour for James Nolan, Chief Investment Officer SERS, to be effective the first full pay period of March 2025.
MOTION: 2025-08 ANNUAL SALARY ADJUSTMENTS FOR INVESTMENT PROFESSIONALS
Meeting Date: March 4, 2025
RESOLVED: That the State Employees’ Retirement Board approve the salary adjustments set forth in Annual Salary Adjustments for Investment Professionals 2025, Excluding CIO, and authorize cash payments to those Investment Professionals in 2025 whose recommended salary adjustments have exceeded the pay bands, as set forth in Attachment F, to be effective the first full pay period of March 2025 and paid as soon as administratively feasible.
MOTION:2025-07 BOARD SELF-ASSESSMENT RFP VENDOR SELECTION
Meeting Date: March 4, 2025
RESOLVED: That the State Employees’ Retirement Board approve the selection of the Board Self-Assessment Consultant and direct the Issuing Office to award the contract and to proceed with contract negotiation with the selected vendor. The vendor will be publicly named at a later date after successful contract negotiation.
MOTION: 2025-06 INVESTMENT PROFESSIONAL PAY BANDS
Meeting Date: March 4, 2025
RESOLVED: That the State Employees’ Retirement Board accept the recommendation of the Board Governance and Personnel Committee to adopt the amended Compensation Policy for Investment Professionals dated March 1, 2025, to incorporate the use of cash payments, pursuant to established Commonwealth of Pennsylvania practices, for those Investment Professionals whose annual salary adjustments are limited by the established pay bands, as set forth in Attachment E.
MOTION: 2025-05 Board Education Plan
Meeting Date: March 4, 2025
RESOLVED: That the State Employees’ Retirement Board accept the recommendation of the Board Governance and Personnel Committee to adopt the 2025 SERS Education Plan for Board Members and Designees, as set forth in Attachment D.
MOTION:2025-04 2025 Committee Work Plan
Meeting Date: March 4, 2025
RESOLVED: That the State Employees’ Retirement Board accept the recommendation of the Board Governance and Personnel Committee to adopt the Board Governance and Personnel Committee 2025 Work Plan, as set forth in Attachment C.
MOTION: 2025-03 2025 Committee Work Plan
Meeting Date: March 4, 2025
RESOLVED: That the State Employees’ Retirement Board accept the recommendation of the Investment Committee to approve the Investment Committee 2025 Work Plan, as set forth in Attachment B.
MOTION: 2025-02 APPROVAL OF CONSENT CALENDAR
Meeting Date: March 4, 2025
RESOLVED: That the board approve the Consent Calendar items, as listed, for the March 4, 2025, board meeting.
A. Approving the Revised Board Meeting Minutes – December 10, 2024, Regular Meeting
B. Defined Benefit Plan Statement of Changes in Fiduciary Net Position for the Period Ending October 31, 2024
C. Defined Contribution Plan Statement of Changes in Fiduciary Net Position for the Period Ending October 31, 2024
D. Deferred Compensation Plan (DCP) Statement of Changes in Net Position Available for Benefits for the Period Ending October 31, 2024
MOTION: 2025-01 ADOPTION OF THE AGENDA
Meeting Date: March 4, 2025
RESOLVED: That the board adopt the agenda for the March 4, 2025, board meeting.