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New York State Teachers' Retirement System
January 26, 2010 Board Meeting
Summary of Actions

Re-elected R. Michael Kraus as president of the Board and Sheila J. Salenger as vice president.

Considered a private equity investment in Sterling Group Partners III L.P., and authorized the System to invest up to $65 million in that fund, subject to the satisfactory completion of due diligence.

Considered a private equity investment in Wynnchurch Capital Partners III L.P., and authorized the System to invest up to $25 million in that fund, subject to the satisfactory completion of due diligence.

Renewed the agreement with StepStone Group L.L.C. to serve as the System's private equity consultant, for one year, effective February 1, 2010.

Renewed the agreement with Black Rock Financial Management Inc. to manage a portion of the System's assets in Commercial Mortgage Backed Securities (CMBS), for one year, effective April 3, 2010.

Renewed the agreement with ING Clarion Capital to manage a portion of the System's assets in CMBS, for one year, effective March 30, 2010.

Renewed the agreement with Iridian Asset Management L.L.C. to manage a portion of the System's portfolio as an active domestic large capitalization equity manager, for one year, effective April 1, 2010.

Renewed the agreement with JP Morgan Fleming Asset Management to manage a portion of the System's portfolio as a core international equity manager, for one year, effective March 14, 2010.

Renewed the agreement with Pyramis (Fidelity) Management Trust Company to manage a portion of the System's portfolio as a core international equity manager, for one year, effective February 28, 2010.

Renewed the agreement with Capital Guardian Trust Co. to manage a portion of the System’s portfolio as an active international equity manager, for one year, effective May 1, 2010.

Authorized the Executive Director to reallocate on a quarterly basis up to $150 million in assets from the System's actively managed domestic equity portfolios to the System's passively managed domestic equity portfolios and/or cash flow accounts, provided the amounts to be reallocated do not exceed 25% of the assets under active management at the time of the reallocation.  

Approved a change to the System's Investment Department organizational structure, including the creation of the position of Managing Director of Private Equity, to be filled by Private Equity Manager Dhvani Shah.

Approved amendments to the System's Rules and Regulations for the purposes of implementing Chapter 504 of the Laws of 2009, which established a Tier 5 benefit program for members with a date of membership on or after Jan. 1, 2010.

Authorized the Executive Director to renew the System's membership in the National Coalition on Health Care for the year ending Dec. 31, 2010.

Authorized the Executive Director to renew the System's membership in the Council of Institutional Investors for the year ending Dec. 31, 2010.

Adopted resolutions acknowledging the retirements of Lawrence A. Johansen (Managing Director of External Asset Management, Corporate Governance and Private Equity) and Patricia Sottong  (Administrative Assistant to the Executive Director), both of whom served the System for more than 30 years each.

Honored Linda Hahn (Continual Contribution to Excellence) and Patricia Clair (Significant Contribution for the Year) as NYSTRS’ 2009 Excellence Award winners.

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