Taunton Investment Regulations

PERAC Approval Date

Regulation Number

Supplemental Investment Regulation

November 17, 2010 16.08

In accordance with Investment Guideline 99-2, the Taunton Retirement Board is making a modest modification to its large cap equity index mandate with State Street Global Advisors.  The Board is transferring assets from the SSgA Equity Index Plus Securities Lending Fund to the SSgA S&P 500 Flagship (non-lending) Fund.  The funds have the same investment universe and the same benchmark. Unlike the previous fund, the new fund is a pure index fund (not actively managed) and does not engage in securities lending.

October 18, 2007

16.00
17.00

Notwithstanding the provisions of the Public Employee Retirement Administration Commission’s regulations and M.G.L. c. 32, et seq., the Taunton Retirement Board may invest funds of the City of Taunton Retirement System (the “System”) in the fund known as Hamilton Lane Private Equity Fund VI, L.P. (the “Fund”), and effective as of the date of the initial investment by the System of any of its assets in the Fund –

  1. while the System holds interest in the Fund, the General Partner may not be subject to the rules as established in 840 CMR 16.00 et seq. and 17.00 et seq. for so long as the Fund does not qualify as a “plan asset” as contemplated by the Employee Retirement Income Security Act of 1974 (“ERISA”) and as recently amended by the Pension Protection Act of 2006.  The Fund will not be considered a plan asset so long as less than 25% of the equity interest in the Fund is held by “benefit plan investors” as contemplated by ERISA and related amendments.

June 14, 2007

19.01(6)

Notwithstanding the provisions of the Public Employee Retirement Administration Commission regulations, the Taunton Retirement Board may invest funds of the Taunton Contributory Retirement System (the “System”) in the fund known as Fidelity Real Estate Growth Fund III, L.P. (the “Fund”), and effective as of the date of the initial investment by the System of any of its assets in the Fund --

  1. while the assets of the System are so invested, the assets of the System shall be deemed to include, for purposes of applying the rules set forth in 840 CMR 16.00 et seq. and 17.00 et seq., the System’s interest in the Fund but not any of the underlying assets of the Fund; provided that, at all times, the Fund qualifies as a “venture capital operating company” within the meaning of the Employee Retirement Income Security Act of 1974, as amended, and the regulations promulgated thereunder.  As such, the limitations and restrictions of 840 CMR Sections 16.00 et seq. and 17.00 et seq. shall not     apply.

  2. the limitations and restrictions of 840 CMR Section 19.01(6) shall not apply to the Fund for the two-year period commencing on the date of the Fund’s initial investment.

March 13, 2007

16.08

The Taunton Retirement Board is authorized to invest in the Fidelity Real Estate Growth Fund III, now run under the umbrella of Pyramis Global Advisors Trust Company.  The Board has been a satisfied investor in a predecessor Fidelity Real Estate Growth Fund, and the strategy and the portfolio management team are essentially the same.  The Board has received over 100% of its original investment back from Fidelity (Pyramis) and is pursuing this investment in order to maintain its allocation to real estate.  The manager has submitted the required regulatory documents.

February 14, 2007

17.03

Notwithstanding the provisions of the Public Employee Retirement Administration Commission regulations, the Taunton Retirement Board may invest funds of the Retirement System (the “System”) in the fund known as the INVESCO U.S. Venture Partnership Fund IV, LP (the “Fund”), and effective as of the date of the initial investment by the System of any of its assets in the Fund, while the assets of the System are so invested, the activities and investments of the Fund, and the underlying funds in which the Fund may invest, directly or indirectly, shall be deemed to satisfy the prohibited transaction rules set forth in 840 CMR 16.00 et seq. and 840 CMR 17.03 to the extent such activities satisfy the prohibited transaction rules set forth in Section 406 of the U.S. Employee Retirement Income Security Act of 1974, as amended (“ERISA”), taking into account statutory exemptions under ERISA, and Prohibited Transaction Class Exemption 84-14, as amended, and other available class exemptions.

February 14, 2007

17.03

Notwithstanding the provisions of the Public Employee Retirement Administration Commission regulations, the Taunton Retirement Board may invest funds of the Retirement System (the “System”) in the fund known as the INVESCO U.S. LBO & Corporate Finance Partnership Fund IV, LP (the “Fund”), and effective as of the date of the initial investment by the System of any of its assets in the Fund, while the assets of the System are so invested, the activities and investments of the Fund, and the underlying funds in which the Fund may invest, directly or indirectly, shall be deemed to satisfy the prohibited transaction rules set forth in 840 CMR 16.00 et seq. and 840 CMR 17.03 to the extent such activities satisfy the prohibited transaction rules set forth in Section 406 of the U.S. Employee Retirement Income Security Act of 1974, as amended (“ERISA”), taking into account statutory exemptions under ERISA, and Prohibited Transaction Class Exemption 84-14, as amended, and other available class exemptions.

February 14, 2007

17.03

Notwithstanding the provisions of the Public Employee Retirement Administration Commission regulations, the Taunton Retirement Board may invest funds of the Retirement System (the “System”) in the fund known as the INVESCO International Partnership Fund IV, LP (the “Fund”), and effective as of the date of the initial investment by the System of any of its assets in the Fund, while the assets of the System are so invested, the activities and investments of the Fund, directly or indirectly, shall be deemed to satisfy the prohibited transaction rules set forth in 840 CMR 16.00 et seq. and 840 CMR 17.03 to the extent such activities satisfy the prohibited transaction rules set forth in Section 406 of the U.S. Employee Retirement Income Security Act of 1974, as amended (“ERISA”), taking into account statutory exemptions under ERISA, and Prohibited Transaction Class Exemption 84-14, as amended, and other available class exemptions.

February 14, 2007

17.03

Notwithstanding the provisions of the Public Employee Retirement Administration Commission regulations, the Taunton Retirement Board may invest funds of the Retirement System (the “System”) in the fund known as the Institutional Retirement Trust (IRT) Equity Real Estate Securities Trust (the “Fund”), and effective as of the date of the initial investment by the System of any of its assets in the Fund, while the assets of the System are so invested, the activities and investments of the Fund, directly or indirectly, shall be deemed to satisfy the prohibited transaction rules set forth in 840 CMR 16.00 et seq. and 840 CMR 17.03 to the extent such activities satisfy the prohibited transaction rules set forth in Section 406 of the U.S. Employee Retirement Income Security Act of 1974, as amended (“ERISA”), taking into account ERISA Section 408(b)(8) as well as other statutory exemptions under ERISA, and Prohibited Transaction Class Exemption 84-14, as amended, Prohibited Transaction Class Exemption 91-38, and other available class exemptions.

February 13, 2007

 

Notwithstanding the provisions of the Public Employee Retirement Administration Commission regulations, the Taunton Retirement Board may invest funds of the Retirement System (the “System”) in the fund known as INVESCO Core Real Estate USA, LLC (the “Fund”), and effective as of the date of the initial investment by the System of any of its assets in the Fund, while the assets of the System are so invested, the assets of the System shall be deemed to include, for purposes of applying the rules set forth in 840 CMR 16.00 et seq. and 17.00 et seq., the System’s interest in the Fund but not any of the underlying assets of the Fund; provided that, at all times, the Fund qualified as a “venture capital operating company” within the meaning of the Employee Retirement Income Security Act of 1974, as amended, and the regulations promulgated thereunder.

January 7, 2000

16.08

In accordance with PERAC Investment Guideline 99-3, the Taunton Retirement Board may invest in Boston Millennia Partners II, L.P.  The board is an investor in Boston Millennia Partners I and has submitted the required documentation in support of this request.