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New York State Teachers' Retirement System
July 29, 2009 Board Meeting
Summary of Actions

Adopted a resolution made in memoriam honoring long-time Board Member Iris Wolfson for her many years of dedicated service to the educators, children and taxpayers of New York State.

Elected Sheila J. Salenger vice president of the Board.

Authorized the allocation of up to $100 million in Energy Capital Partners II LP, subject to the satisfactory completion of due diligence.

Ratified the following actions taken by the Retirement Board's Finance Committee since the previous Board meeting:

• A $40 million increase in the mortgage the System holds on 625 Madison Ave., New York, NY.
• A $90 million blanket mortgage on five office buildings in the National Business Park in Annapolis Junction, MD.

Renewed the agreement with Cohen & Steers Capital Management Inc. to manage a portion of the System's portfolio primarily in real estate preferred securities, for one year, effective Sept. 13, 2009.

Renewed the agreement with Prima Capital Advisors LLC to manage a portion of the System's portfolio in commercial mortgage backed securities (CMBS), for one year, effective Oct. 1, 2009.

Renewed the agreement with Progress Investment Management Company to manage a portion of the System's portfolio as a fund of funds manager for domestic small and medium capitalization equity managers, for one year, effective Oct. 1, 2009.

Renewed the agreement with T. Rowe Price Associates Inc. to manage a portion of the System's portfolio as a domestic equity enhanced passive manager, for one year, effective Oct. 30, 2009.

Authorized the Executive Director, at his discretion, to reallocate actively managed international equity assets to the System's passively managed international equity portfolio, in accordance with an April 2009 Board directive to utilize a blended international equity benchmark.

Rescinded a previously approved commitment to Quantitative Management Associates LLC to manage a portion of the System's portfolio as a domestic equity enhanced passive manager.

Placed Iridian Asset Management LLC on the System’s "watch list."

Ratified revisions to the Stock Proxy Voting Policy.

Adopted an employer contribution rate applicable to 2009-10 payrolls and collected during the 2010-11 school year of 6.19%.

Authorized the Executive Director to retain a Parliamentarian for the System's Annual Delegates Meeting, scheduled for Nov. 8-9, 2009 at the Saratoga Springs City Center.

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