PERAC Approval Date: March 15, 2007
Investment/Supplemental Regulation
Regulation Number 17.03: Notwithstanding the provisions of the Public Employee Retirement Administration Commission regulations, the Gloucester Retirement Board may invest funds of the Retirement System (the “System”) in the fund known as the Institutional Retirement Trust (IRT) International Equity 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.
PERAC Approval Date: April 25, 2006
Investment/Supplemental Regulation
Regulation Number 21.01(2)(3)(4)(5): Notwithstanding the provisions of any statute or regulation to the contrary, including the provisions of 840 CMR 21.01(2)(3)(4) and (5), the Gloucester Retirement Board is hereby granted an exemption from restrictions on investment for the purposes of investing a portion of the System’s assets in the PIMCO All Asset Fund.
PERAC Approval Date: April 25, 2006
Investment/Supplemental Regulation
Regulation Number 21.01(2)(3)(4)(5): Notwithstanding the provisions of any statute or regulation to the contrary, including the provisions of 840 CMR 21.01(2)(3)(4) and (5), the Gloucester Retirement Board is hereby granted an exemption from restrictions on investment for the purposes of investing a portion of the System’s assets in the EB Daily Valued Global Alpha I Fund of Mellon Capital Management Corporation.