A NEWSLETTER FOR RETIRED MEMBERS OF THE NYS TEACHERS' RETIREMENT SYSTEM
Resource Januar y 2018 NYSTRS.org
Plan Returns 12.5% and Remains Among Best Funded The New York State Teachers’ Retirement System (NYSTRS) posted a total fund return, net of fees, of 12.5% for the fiscal year ended June 30, 2017, easily outpacing the System’s 7.5% assumed rate of return. It was the third time in five years that NYSTRS posted double digit returns. The System’s 30-year and 25-year rates of return were 8.8% and 8.7%, respectively. As a long-term investor with liabilities generally not accrued for two or three decades, long-term returns are one of the best indicators of pension plan health. Another indicator of plan health is its funded ratio. NYSTRS’ funded ratio is 97.9% using an actuarial valuation of assets and 98.4% using a market valuation of assets, making the plan among the best-funded in the nation. These figures are among the many found in NYSTRS’ recently issued Comprehensive Annual Financial Report (CAFR) for the Fiscal Years Ended June 30, 2017 and 2016. The report is available in the Library at NYSTRS.org (Library > Publications > Annual Reports). See Plan Returns 12.5%, page 2
Three Teachers Elected to NYSTRS Board Three teachers were elected to the NYSTRS Board at the Annual Meeting of NYSTRS Delegates in Saratoga Springs Nov. 5 and 6, 2017. As per statute, the 10-member Board includes three active teachers and one retired teacher. Paul J. Farfaglia of the Jordan-Elbridge School District was unanimously re-elected to his position on the Board, and Sheila Sullivan Buck of Rush-Henrietta Central Schools and Ron Gross Paul J. Farfaglia Sheila Sullivan Buck Ron Gross of William Floyd Union Free Schools were elected to their first terms as trustees. Farfaglia will be serving his fourth consecutive term. Buck replaces Jolene T. DiBrango, who resigned from the Board to focus on her new position as executive vice president of NYSUT, the bargaining unit for New York teachers. Gross replaces Timothy Southerton, who retired from teaching in June 2017. David P. Keefe of Hempstead is the retired teacher representative on the Board. He was elected Board President by the other nine trustees in July 2016. See NYSTRS Board, page 4
Board Approves Lowering Return Assumption
Resource NYS Teachers’ Retirement System 10 Corporate Woods Drive Albany, NY 12211-2395
NYSTRS.org Office Hours Monday - Friday: 8:30 a.m. - 4:15 p.m. Summer Hours: Monday - Thursday: 8 a.m. - 4:15 p.m. Friday: 8 a.m. - 12:30 p.m.
Telephone (800) 348-7298 Albany-Area Calls: (518) 447-2900 Direct Deposit Information Disability Earnings After Retirement General Retiree Information Legislation Lost Checks MyNYSTRS Tax & Withholding Information Report a Death: Of a Retiree Of a Retiree's Beneficiary
Ext. 6230 Ext. 6010 Ext. 6150 Ext. 6150 Ext. 6200 Ext. 6160 Ext. 6085 Ext. 6120 Ext. 6140 Ext. 6150
At its October 2017 Board meeting, NYSTRS trustees approved a recommendation by the System Actuary to lower NYSTRS’ rate of return assumption from 7.50% to 7.25% effective July 1, 2018. The assumption was revised in order to better align it with experience and future expectations. Lowering the assumed rate of return implies a decrease in expected future investment returns and therefore an increase in the required employer contribution. Based on preliminary results from the June 30, 2017 actuarial valuation, the employer contribution rate (ECR) applicable to 2018-19 school year salaries is projected to be between 10.50% and 11.00% of member payroll. Contributions associated with this ECR will not be collected until fall 2019. The ECR is the percentage of member payroll employers contribute to NYSTRS. This rate is determined annually through a valuation of NYSTRS' assets and liabilities. Employer contributions have been collected without fail throughout the System's history, keeping NYSTRS among the best-funded and most secure plans in the country. Employer contributions are one of three sources of income for NYSTRS. The others are member contributions and investment returns. For the 20-year period ended June 30, 2017, employer and employee contributions provided 17% of System income. A striking 83% of income over that period came from investment returns. The ECR applicable to 2017-18 school year salaries is 9.80%. Contributions based on this rate will be collected in fall 2018. It is the first time in six years the rate has been in single digits, a reflection of a strong five-year rate of return on investments (10.20%).
AUTOMATED HOTLINE
Scam Alert!
(800) 782-0289 Form and Publication Requests Latest News 24/7 Note to Members: We are legally obligated to ensure members and beneficiaries are informed about their NYSTRS benefits. Resource is used for this purpose. Therefore, we are unable to honor requests to be removed from our distribution list. You may subscribe to receive Resource electronically through MyNYSTRS.
RETIREMENT BOARD David P. Keefe, President Michael J. Masse, Vice President Sheila Sullivan Buck Paul J. Farfaglia Stephen P. Feehan Ron Gross Dr. Phyllis S. Harrington Daniel J. Hogarty Jr. Dr. L. Oliver Robinson Nicholas Smirensky Thomas K. Lee, Executive Director & Chief Investment Officer
2
Beware of callers identifying themselves as NYSTRS representatives and asking you to provide bank account or other personal information, such as date of birth, Social Security number or NYSTRS EmplID. Keep your data private.
Plan Returns 12.5% continued from page 1 Other items of note include: ● ● ● ● ● ●
System investments appreciated $10.7 billion in 2017 (pg. 25). NYSTRS paid out $6.9 billion in benefits in 2017 (pg. 25). The System’s net position at June 30, 2017 was $115.5 billion (pg. 26). 80% of benefits are paid to residents of New York state (pg. 127). 56% of those receiving a NYSTRS benefit worked 30 years or more to earn it (pg. 129). Over the past 20 years, investment returns have accounted for 83% of NYSTRS’ income (pg. 133).
Current and previous CAFRs are found on the Annual Reports page of our website.
Know Your Limits When Working in Retirement If you’re a retired member under the age of 65 and return to work in New York state public employment, you can earn up to $30,000 per calendar year without it jeopardizing your NYSTRS pension. But what happens if those earnings exceed $30,000?
'Tis the Season to Report Earnings
Upon exceeding the $30,000 limitation in a given calendar year, NYSTRS will suspend your pension benefit for the remainder of the calendar year if you continue in public employment.
If you work in New York State public employment while collecting a NYSTRS retirement benefit, you may need to report your non-pension calendar year 2017 earnings to us.
It is important to note that the $30,000 earnings limit applies even if the public employer contracts with a private, third-party entity to hire you.
You need to report earnings if the following applies:
Avoiding Benefit Suspension If you wish to exceed the public employment earnings limit and don’t want to suspend your pension benefit, your employer must obtain a waiver on your behalf from the state entity with jurisdiction over your employment in retirement. Neither NYSTRS nor any other state public retirement system has the authority to grant waivers. These waivers are commonly referred to as Section 211 waivers, a reference to the section of Retirement and Social Security Law that establishes this provision. Waivers cannot be granted for a period exceeding two years and most are limited to one year. Before considering a Section 211 waiver, know that certain restrictions exist, including: ● ●
You must wait one year from your date of retirement before working in the same or similar position from which you retired. If you work for a former employer in retirement, your earnings in a calendar year are generally limited to the difference between your final average salary (or, if greater, your final salary) and your Maximum retirement benefit.
See Working in Retirement, page 5
1.
You earned more than $30,000 post-retirement in 2017; AND,
2.
You were 64* or younger as of Dec. 31, 2017; AND,
3.
You worked for a NYS public employer or for a business providing services to a NYS public employer.
If all of the above apply, use the form Reporting Your New York Public Employment Earnings (RMS-64.1) available at NYSTRS.org. From the Forms dropdown menu found on any page of our website select Retiree Forms. If you’d like the form mailed to you, call our automated Hotline at (800) 782-0289. If you fi ll out the form online, be sure to save it by choosing “File” then “Save As” and give it a name. Select “Save” to keep the data you entered. Be sure to print the form, sign it and mail it to NYSTRS, 10 Corporate Woods Dr., Albany, NY 12211-2395. NOTE: If you requested and received a waiver allowing you to exceed the $30,000 earnings limit AND you have exceeded the waiver limit, you must also complete the form Reporting Your New York Public Employment Earnings (RMS-64.1) available at NYSTRS.org. *You may have unlimited earnings beginning in the calendar year you turn 65.
Tax Statements Will be Available Soon Your 1099-R tax statement for calendar year 2017 earnings will be mailed to you in late January and available online earlier in the month if you have a MyNYSTRS account. The 1099-R shows your gross benefit amount, the taxable amount and any federal tax withheld. Tax statements from previous years are also available through MyNYSTRS. If necessary, you can change your tax withholding online through MyNYSTRS. Go to My Tools, select W-4P Withholding Election and follow the instructions. (This page also shows your current withholding.) Alternatively, you can change your withholding by submitting a completed W-4P Withholding Election and Certificate (FIN-149) form found on the Retiree Forms page at NYSTRS.org. You can also request this form by calling our automated Hotline at (800) 782-0289 and leaving a message. Those with questions about their 1099s or those who do not receive their form by Jan. 30, 2018 should contact NYSTRS at (800) 348-7298, Ext. 6120. Please Note: Questions about individual tax liabilities should be directed to a certified tax professional or the IRS.
3
Analysis Confirms Reliability of Public Pension Plans Despite volatility in the financial markets over the last quarter century, state and local pension plans met their benefit payment obligations and — with few exceptions — earned more each year than they paid out.
National Conference on Public Employee Retirement Systems
The findings are contained in a new study by the National Conference on Public Employee Retirement Systems (NCPERS), which analyzed data from 6,000 public pension plans. The report, titled Don’t Dismantle Public Pensions Because They Aren’t 100 Percent Funded, was released in November 2017. “Our analysis demonstrates that pension plans can tolerate ups and downs in the markets and still meet their current obligations,” said Hank H. Kim, NCPERS’ executive director and counsel. “While funding ratios are an important actuarial tool, they are not a proxy for a plan’s ability to pay benefits here and now.”
NCPERS NCPERS
Research Series Series Research November 2017
Don’t Dismantle Public Pensions Because They Aren’t 100 Percent Funded
H
ave you ever heard that policymakers want to close participation in a pension plan to all new hires? How about cutting benefts and ave you ever heard that policymakers increasing employee contributions, or converting defned-beneftwant pensions into do-it-yourself defned-contribution to close participation in aplans? pension plan to
Contents
H
all new hires? How about cutting benefits
In the last decade or so, state and local policymakers have been doing exactly increasing employee contributions, these things. In essence, theyand have been slowly dismantling public pensions. Why? Because, they argue, pension are underfunded and cannot be sustained. into orplans converting defined-benefit pensions Tey also argue that taxpayers cannot aford public pensions. Tese are misguided do-it-yourself defi ned-contribution plans? arguments and actions. Ability to pay depends on whether an entity can meet its cash fow needs and whether the total assets of the entity – the public employer – 1 are a reasonable fraction of its total liabilities.
In the study, researchers found that a public pension plan’s funded status has little correlation to its ability to pay promised benefits. As long as annual contributions and investment income exceed benefit payments, pension funds can continue to operate in perpetuity regardless of their funded status, according to the study. NCPERS analysis revealed that between 1993 and 2016, contributions and investment earnings taken in by public pension plans exceeded benefit obligations in all but four years. During those four years — 2002, 2008, 2009, and 2012 — all plans still met their pension obligations. Critics of public pensions claim they are underfunded, citing funding ratios of less than 100% as evidence of pressing financial problems. Kim calls such claims “faulty logic,” pointing out that contributions and earnings continue to flow into plans even as benefits are paid out. “Shutting down a pension plan because it is not fully funded is like turning in the keys to your home because you can’t pay off the entire mortgage balance this month,” Kim said. “It is an incredibly short-sighted action that destabilizes workers and their communities.” NYSTRS is one of the best-funded public pension plans in the nation. As of its most-recent valuation, the System’s plan was approximately 98% funded using both actuarial and market value calculation methods. NYSTRS has made benefit payments on time and without fail throughout its nearly 100 year history.
NYSTRS Board continued from page 1 First elected in 2008, Farfaglia chairs the Board's Compensation and Disability Review committees. He also serves on the Audit, Ethics, Executive and Investment committees. Farfaglia is a graduate of LeMoyne College and SUNY Oswego. A graduate of Roberts Wesleyan College and Syracuse University, Buck has taught in the Rush-Henrietta school district for more than 20 years. She is president of the Rush-Henrietta Employees’ Association, Teachers Chapter, and held several roles in that organization since becoming a member in 2002. Buck is a current participant in the NYS AFL-CIO Cornell Union Leadership Institute and is a graduate of the NYSUT Leadership Institute. Gross has taught in the William Floyd school district for 30 years. He is president of William Floyd United Teachers and serves in various roles for several community organizations. A graduate of SUNY Cortland and SUNY Stony Brook, Gross co-hosts an annual pension and retirement workshop with former Trustee Southerton. NYSTRS Board members serve without compensation and represent various constituents, including school administrators and school boards. They are responsible as fiduciaries to protect the long-term value of the System's investment portfolio, providing benefit security for its more than 428,000 active and retired members.
4
Direct Deposit of Payments Offers Protection The destruction inflicted by hurricanes Harvey and Irma in recent months were the latest reminders that postal deliveries can be disrupted for significant lengths of time. For those who receive pension payments by U.S. mail, this can be a real hardship. In 2013, for example, when Hurricane Sandy ravaged many communities along the Atlantic Coast, the U.S. Postal Service in Albany decided to hold all mail being sent to zip codes in Sandy-affected areas. NYSTRS benefit checks were among the items held. Even when the mail was released, there was no guarantee post offices in the affected areas were able to deliver the mail in a timely fashion. If you are among those receiving NYSTRS benefit payments in the form of paper checks, we encourage you to consider switching to direct deposit. Simply complete and submit to NYSTRS a Direct Deposit Authorization Agreement (GRE-54), available on the Retiree Forms page of NYSTRS.org or by calling our automated Hotline at (800) 782-0289. Indicate the checking or savings account to which payments should be deposited and you’ll automatically receive payment on the last business day of each month. If you have an online MyNYSTRS account, you can make the switch by logging into your account, selecting the My Tools tab and clicking on Direct Deposit Authorization Agreement from the dropdown menu. The advantages of direct deposit include: ●
No fear of a paper check being stolen from your mailbox and being altered or counterfeited.
●
Funds are available immediately at the time of deposit.
●
No more waiting for the mail and no need to take a trip to your bank.
See the 2018 calendar found on page 7 in this newsletter for upcoming benefit payment dates. The calendar is also found under Related Items on the Retirees page of our website.
Working in Retirement continued from page 3 Unlimited Earnings
Security Reminder
If you are a service retiree (as opposed to someone who retired due to a disability), you can have unlimited earnings in retirement without it impacting your pension if you work in any of the following capacities: ●
All employment beginning in the calendar year you turn 65.
●
Private employment. (NOTE: If you are working for and receiving compensation from a business providing services to a NYSTRS participating employer, these earnings must be reported to NYSTRS.)
●
Federal employment.
●
Public employment in another state.
●
As a consultant for a New York State public employer if your date of membership is prior to May 31, 1973, and your consultant agreement has been received and reviewed by NYSTRS.
Disability Retirees System retirees receiving disability retirement benefits are subject to a separate set of rules not discussed here. If you are a disability retiree considering, or being considered for, employment, the System’s Disability Unit should be consulted regarding the impact of employment on retirement benefits. Call (800) 348-7298, Ext. 6150 before starting employment. Learn more about retirement earnings in the NYSTRS publications Working in Retirement and Retired Members’ Handbook. Both publications are available on the Library > Retiree Publications page at NYSTRS.org or by calling our automated Hotline at (800) 782-0289 and requesting copies be mailed to you.
For your protection, NYSTRS recommends you do NOT release your MyNYSTRS username or password to third parties, such as banks, financial advisors or investment groups. Doing so increases the risk of fraudulent access to your NYSTRS records.
5
Security of MyNYSTRS Enhanced If it has been a while since you logged into your MyNYSTRS account, you’ll notice some changes the next time you do. The modifications were implemented to further strengthen security and protect the privacy of your personal information. NYSTRS continually monitors best practices for online security. As these practices evolve, the System’s standards for protecting member data advance accordingly. Examples of recent enhancements include: ●
Account passwords must be changed at least annually.
●
A password strength meter was added that restricts overly simplistic passwords.
●
Account holders are required to create an identity verification phrase.
●
i i f ll Controls for receiving the security PIN required during login were added and additionall restrictions may follow.
MyNYSTRS is a secure online portal available to members. Among the information and self-service tools available to retired members with a MyNYSTRS account are benefit payment history; the Retired Member Profile; several years of 1099 forms; the ability to change your address, direct deposit information or tax withholdings; the ability to correspond with us via Secure Messaging; and, much more. If you do not have an account, you can activate it anytime by going to NYSTRS.org, selecting the “MyNYSTRS Login” tab at the top of any page, and hitting the “Register Now!” button. If you've avoided creating an account because you fear hackers, consider this: Having an account allows you to monitor activity and quickly report suspected unauthorized access. Along those lines, be sure to read any correspondence you receive from NYSTRS; we'll alert you if we suspect something suspicious. Balancing customer service with security controls is a challenging task, so we thank you for your cooperation and for understanding that the protection of your account and personal information must be a top priority.
Board Meeting Highlights continued from back page Aug. 2, 2017, Cont. • Approved the addition of private debt as an asset class (target: 1%; range: 0% - 5%) and the reduction of 1% to the target allocation for real estate debt (new target: 7%; new range: 3%-11%). All other asset class targets and ranges remain unchanged. • Adopted an actuarially required employer contribution rate applicable to 2017-18 payroll of 9.80%. • Adopted a resolution honoring retiring Board member Timothy M. Southerton for his service to NYSTRS and for his 37 years of teaching. • Approved the reappointment of James O’Keefe as a member of the Investment Advisory Committee. October 26, 2017 • Authorized a commitment of up to $600 million in HarbourVest/Maple Fund LP to manage a portion of the System’s assets in private equity co-investments over a three-year period, subject to the satisfactory completion of due diligence. • Renewed the agreement with Loomis Sayles & Co. to manage a portion of the System's assets as an active global bond manager benchmarked to the Bloomberg Barclay's Global Aggregate Float Adjusted Bond Index, for one year, effective Nov. 8, 2017. • Renewed the agreement with Goldman Sachs Asset Management LP to manage a portion of the System's assets as an active global bond manager benchmarked to the Bloomberg Barclays Global Aggregate Float Adjusted Bond Index, for one year, effective Nov. 12, 2017. • Renewed the agreement with BlackRock Institutional Trust Co. N.A. to manage a portion of the System's assets as a passive MSCI ACWI ex-U.S. international equity manager, for one year, effective Dec. 12, 2017. • Renewed the agreement with Aberdeen Asset Management to manage a portion of the System's assets as an active MSCI ACWI ex-U.S. international equity manager, for one year, effective Dec. 15, 2017.
6
• Renewed the agreement with AQR Capital Management LLC to manage a portion of the System's assets as an active MSCI ACWI ex-U.S. international equity manager, for one year, effective Jan. 6, 2018. • Renewed the agreement with Marathon Asset Management LLP to manage a portion of the System's assets as an active MSCI EAFE international equity manager, for one year, effective Jan. 24, 2018. • Renewed the agreement with State Street Global Advisors to manage a portion of the System's assets as a passive MSCI ACWI ex-U.S. international equity manager, for one year, effective Feb. 18, 2018. • Renewed the agreement with Dimensional Fund Advisors to manage a portion of the System's assets as an active emerging markets manager benchmarked to the MSCI Emerging Markets Index, for one year, effective Feb. 19, 2018. • Renewed the agreement with Aon Hewitt Investment Consulting Inc., an Aon Company, to act as a general investment consultant, for one year, effective Feb. 1, 2018. • Renewed the agreement with Callan Associates Inc. to act as a real estate consultant, for one year, effective Feb. 1, 2018. • Approved the adoption of a new valuation rate of interest assumption of 7.25% upon recommendation of the System’s Actuary and authorized the new actuarial assumption to become effective with the June 30, 2017 actuarial valuation, for the fiscal year beginning July 1, 2018. • Accepted the report of KPMG LLP on the financial statements of the Retirement System as of June 30, 2017 and for the 2016-17 plan year ended on that date. • Accepted changes to the Investment Policy Manual. • Approved the System’s 2018 Legislative Program. • Reappointed Paul Dolinoy, Jill Hatton and Blake Eagle to three-year terms on the Real Estate Advisory Committee, effective Jan. 1, 2018. • Reappointed Howard J. Bicker and Daniel J. Bukowski to three-year terms on the Investment Advisory Committee, effective Jan. 1, 2018.
NYSTRS 2018 Calendar February S M T W T F S 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28
March S M T W T F S 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31
S 2 9 16 23 30
April M T W T F S 2 3 4 5 6 7 9 10 11 12 13 14 16 17 18 19 20 21 23 24 25 26 27 28 30
F S 3 4 10 11 17 18 24 25 31
December M T W T F S 1 3 4 5 6 7 8 10 11 12 13 14 15 17 18 19 20 21 22 24 25 26 27 28 29 31
August S M T W T 1 2 5 6 7 8 9 12 13 14 15 16 19 20 21 22 23 26 27 28 29 30
S 1 8 15 22 29
Monthly Benefit Payment Dates and System Holidays January S M T W T F S 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31
T F S 5 6 7 12 13 14 19 20 21 26 27 28
S 1 8 15 22 29
July W 4 11 18 25
June S M T W T F S 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
November S M T W T F S 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
T 3 10 17 24 31
May S M T W T F S 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31
October S M T W T F S 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31
M 2 9 16 23 30
September S M T W T F S 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
Payment Date (Direct deposits made; date of check.) Holiday (NYSTRS closed)
7
PRESRT STD U.S. POSTAGE PAID PERMIT NO. 702 ALBANY, N.Y.
NYS Teachers' Retirement System 10 Corporate Woods Drive Albany, NY 12211-2395
NYSTRS Board Meeting Highlights
Facts to Share If you suspect anyone of attempting to defraud the Retirement System or misuse System assets, please report it to us. Call (800) 348-7298, Ext. 2846 or email
[email protected].
INSIDE THIS ISSUE: Plan Returns 12.5% and Remains Among Best Funded
1
Board Approves Lowering Return Assumption
2
Know Your Limits When Working in Retirement
3
Analysis Confirms Reliability of Public Pension Plans
4
2018 Benefit Payment Dates Calendar
7
August 2, 2017 • Authorized the Executive Director and Chief Investment Officer, subject to the satisfactory completion of due diligence, to allocate up to $200 million to Columbia Management Investment Advisers LLC to manage a portion of the System’s fixed income portfolio in a high yield fixed income mandate benchmarked to the Bank of America Merrill Lynch BB-B U.S. High Yield Constrained Index. • Authorized the Executive Director and Chief Investment Officer to contract with CBRE Global Investors LLC to act as a U.S. diversified separate account advisor for the acquisition and disposition of commercial real estate investments. • Renewed the agreement with Cohen & Steers Capital Management Inc. to actively manage a portion of the System’s portfolio in the preferred securities of real estate investment trusts (REITs) and real estate operating companies (REOCs), for one year, effective Sept. 13, 2017. • Renewed the agreement with Baillie Gifford Overseas Limited to manage a portion of the System’s assets as an active ACWI ex-U.S. international equity manager, for one year, effective Sept. 15, 2017.
• Renewed the agreement with Prima Capital Advisors LLC to actively manage a portion of the System’s portfolio within a separate account structure in Commercial Mortgage Backed Securities (CMBS), investment grade REIT bonds, first mortgage loans, and mezzanine loans and/or B-Notes, for one year, effective Nov. 1, 2017. • Renewed the agreement with William Blair & Company, LLC to manage a portion of the System’s assets as an international equity all cap growth manager, for one year, effective Sept. 22, 2017. • Renewed the agreement with T. Rowe Price Associates Inc. to manage a portion of the System’s assets as an enhanced passive domestic equity manager, for one year, effective Oct. 30, 2017. • Renewed the agreement with Progress Investment Management Company to manage a portion of the System’s assets as a manager of managers in a domestic equity all-cap strategy, for one year, effective Nov. 15, 2017. • Renewed the agreement with Leading Edge Investment Advisors to manage a portion of the System’s equity portfolio as a manager of managers with a domestic equity mandate, for one year, effective Nov. 22, 2017. Continued on page 6
