Lynn Retirement Board Investment Regulations

Regulations accepted by the board and approved by PERAC

PERAC Approval Date: May 7, 2007

Investment/Supplemental Regulation

Regulation Number 19.01(6): Notwithstanding the provisions of Public Employee Retirement Administration Commission regulations, the Lynn Retirement Board may invest funds of the Lynn 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 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.

PERAC Approval Date: August 3, 2004

Investment/Supplemental Regulation

Regulation Number 16.08: In accordance with Investment Guideline 99-3, the Lynn Retirement Board is authorized to invest in Ascent Venture Partners IV, L.P.  The board has been a satisfied investor in the predecessor fund, Ascent Venture Partners III, and the management team and investment strategy for Fund IV are essentially unchanged.

PERAC Approval Date: May 7, 2001

Investment/Supplemental Regulation

Regulation Number 16.08: Having been informed by Smith Barney, their international equity manager, that the collective trust in which the Board was invested would be terminated and liquidated on short notice, the Lynn Retirement Board determined that the State Street Global Advisors’ international equity index fund is the most cost-effective and efficient way to maintain the system’s asset allocation on a temporary basis.  The Board is authorized to invest in the SSGA Fund for up to four months, ending August 2, 2001, pending the completion of a search process for a permanent replacement manager.