Attleboro Investment Regulations

PERAC
Approval
Date

Regulation Number

 

Investment Regulation/Supplemental Regulation

March 30, 2012  

ATTLEBORO RETIREMENT BOARD SUPPLEMENTARY REGULATION HANCOCK TIMBERLAND XI LP

“With respect to the Attleboro Municipal Contributory Retirement System (the “System”) investment in the Hancock Timberland XI LP (the “Fund”) the following shall apply:

  1. For purposes of 840 CMR 17.04(3), investments of the System shall not be deemed to include the underlying assets of the Fund, but shall only include Units of the Fund; provided that at all times the Fund qualifies as a “real estate operating company” within the meaning of the Employee Retirement Security Act of 1974, as amended (“ERISA”);
  2. 840 CMR 21.01(6) (prohibition on investment in lettered or restricted stock with the exception of those that are venture capital investments) shall not apply to the Units of the Fund;
  3. 840 CMR 19.01(6)(c) (prohibition on investment in a limited partnership which invests in real estate if more than 20% of the funds thereof are invested in a single investment) shall not apply to the Fund’s investments; and
  4. 840 CMR 19.01(7) (retention of a qualified investment manager whose fee is based on a percentage of committed capital, provided, however, that such a fee may be paid for one year after the partnership commences operations, and provided, further, that such a fee is paid by all investors) shall not apply to the advisor of the Fund as they are consistent with industry practice.”

April 3, 2007

 

Notwithstanding the provision of the Code of Massachusetts Regulation 840 CMR 21.01(2), (3)(a) & (b), (4)(a) & (b), and (5), the Attleboro Retirement System through its duty constituted Retirement Board may invest funds of the Retirement System in the fund known as INVESCO Core Real Estate USA, LLC, a venture capital operating company within the meaning of the Employee Retirement Income Security Act of 1974 (ERISA).

INVESCO shall not be subject to the existing provisions of 840 CMR 21.01(2), (3)(a) & (b), (4)(a) & (b), and (5), but shall be subject to the prohibited investment provisions under ERISA guidelines.

The prohibited investment provisions that apply to the INVESCO portfolio shall be defined relying upon ERISA statutory exemptions and the administrative class exemptions and regulations, specifically QPAM Exemption 84-14, as amended (“PTCE 84-14”), Prohibited Transaction Class Exemption 91-38 (“PTCE 91-38”) issued by the Department of Labor and other ERISA applicable regulations retroactive to the time that INVESCO began investing the System’s funds in its Core Real Estate Fund.

10/16/1997

 

 

 

20.06(10)

 

 

 

Private Placement securities falling under the governance of Rule
144A may be purchased up to 5% of the market value of the fixed
income portfolio at the time of purchase. These Rule 144A Private
Placements shall be considered to be corporate bonds and, as such,
governed by guideline constraints, with respect to credit and
concentration limits, similar to those that apply to corporate bonds in
general.

10/16/1997

20.03(2)

At least 40% but no more than 80% of the total portfolio valued at
market shall consist of fixed income investments with a maturity of
more than one year, including Yankee Bonds which shall be limited
to 15% of the total fixed income portfolio valued at market.

01/29/1997

20.03(1 )

 

20.04(6)

 

 

20.07(9)

Equity investments shall not exceed 60% of the portfolio valued at
market, including international equities which shall not exceed 10%
of the portfolio valued at market.

American Depository Receipts denominated in U.S. currency and listed on a United States stock exchange or traded over the counter in the United States, provided that the total of all such investments shall be considered part of the board's equity asset allocation and shall not exceed 5% of the total market value of the portfolio.

Commingled real estate shall not exceed 5% of the total book value
of the portfolio at the time of purchase provided that:

(a) the retirement board does not participate in the selection of personnel responsible for making real estate investments and should this be required,prior to any participation by the board, the board shall consult with PERA to determine the appropriate course of action:

(b) such personnel retain authority in the decision making  process, and

(c) should an investment in real estate result in the direct ownership of real estate or mortgage indebtedness, such shall be permitted only until such time as divestiture is prudent.

05/30/1996

20.04(1)

20.07(5)

United States based corporations and equities of foreign corporations.

Equity investments shall be made only in securities listed on a United States stock exchange, traded over the counter in the United States, or listed and traded on a foreign exchange.

04/21/1992

20.06(8)


20.07(6)

Purchases and sales of fixed income investments with maturities exceeding one year shall not exceed 200% of the market value of all fixed income obligations in any twelve month period, excluding cash and short term obligations.

02/21/1992

4.03:

Copies to be Sent to PERA

  1. Within four (4) weeks of the close of each month, after all entries for the month have been posted and a trial balance performed, the board shall send to the Public Employee Retirement Administration a photocopy of the following for the month:

    A. cash book entries;
    B. trial balance; and
    C. journal entries.

08/28/1989

 

(1) Real estate investments shall not total more than $200,000 at the time of purchase and shall consist of real estate trusts and partnerships, provided that:

(a) trust participants or limited partners do not participate in the selection of trustees or general partners and should a trust participant or limited partner be required to participate in the selection of a trustee or general partner, prior to any participation by the board, the board shall consult with PERA to determine the appropriate course of action, and

(b) such trustees or general partners retain authority in the decision making process, and

(c) should an investment in a trust or limited partnership result in the direct ownership of real estate or mortgage indebtedness, such shall be permitted only until such time as divestiture of said trust or limited partnership is prudent.