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Meeting Summaries

Below are summaries of the major actions taken by the Teachers' Retirement Board at its scheduled Board Meetings. Also provided below are full transcripts of the public sessions of Board Meetings and TRS Investment Meetings (held by the Board's Finance Committee). Other investment actions taken by the Board are also published after they take effect.

2018 Meeting Summaries

November 2018

Board Meeting: November 15

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

  • Approved the adoption of the revised Corporate Governance Principles and Proxy Voting Guidelines for TRS’ QPP and Tax Deferred Annuity Programs.
Investment Meeting: November 1

October 2018

Board Meeting: October 18

At this meeting, a quorum was present, and no major actions were taken.

Investment Meeting: October 4 

September 2018

Board Meeting: September 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 December 31, 2018.
  • 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, 2018.
Investment Meeting: September 6 

June 2018

Board Meeting: June 21

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, 2018.
  • 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, 2018.
  • Authorized TRS staff to carry out the internal rebalancing of approximately $75 million in assets from the Qualified Pension Plan to the Passport Funds, in accordance with the Actuary’s analysis.
  • Adopted the Actuary's recommendation for the Tiers III, IV, and VI loan insurance premium rate to be continued at 0.20% of the outstanding loan balances for any loan originating during Fiscal Year 2019.
  • Adopted changes to policies on interest on death benefits and payments after death.
Investment Meeting: June 7

May 2018

Board Meeting: May 17

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

  • Accepted the recommendation of TRS staff that the administrative expense charge for assets in the Variable Annuity Funds shall continue at eighteen basis points through Fiscal Year 2019; and that any excess expense fee revenue that may exist at the end of Fiscal Year 2018 shall be rolled into the Variable Fund unit values, on a pro rata basis.
  • Authorized the adoption of the proposed Agency budget for Fiscal Year 2019 (excluding Modernization) in the amount of $65,155,255 and the Modernization Program budget in the amount of $38,525,000.
Investment Meeting: May 3

April 2018

Board Meeting: April 19

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

  • Approved the Actuary's determination for a preliminary Fiscal Year 2019 employer contribution to the Teachers' Retirement System of the City of New York in the amount of $3,768,938,967.
  • Approved the Actuary's determination for a final Fiscal Year 2018 employer contribution to the Teachers' Retirement System of the City of New York in the amount of $3,889,709,927.
  • Adopted the Divestment and Exclusion Policy for inclusion in the Investment Policy Statements for the Qualified Pension Plan and the Variable Annuity Funds.
Investment Meeting: April 9

March 2018

Board Meeting: March 15

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, 2018.
  • 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, 2018.
  • Authorized submission of a voucher to the State Comptroller, in an amount determined by the Actuary, seeking reimbursement for carrying out the provisions related to Chapter 41 of the Laws of 2016.
Investment Meeting: March 1

February 2018

Board Meeting: February 15

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

  • Authorized the board to initiate a process to determine a prudent strategy that responsibly reduces our portfolio's exposure to carbon risk in general and specifically to fossil fuel reserve owners' securities, and mitigates financial risks resulting from climate change consistent with our fiduciary duty.
Investment Meeting: February 1

January 2018

Board Meeting: January 18 

The Teachers' Retirement Board met on January 18, 2018. At this meeting, a quorum was present, and no major actions were taken.