PERAC Approval Date: June 27, 2007
Investment/Supplemental Regulation
Regulation Number 19.01(4), 19.01(8): Having successfully diversified its portfolio by investing in real estate and private equity in recent years, the Webster Retirement Board is authorized to increase its holdings in real estate from 5% to 10% and its holdings in private equity from 3% to 5%. These higher limits currently apply to boards with assets in excess of $50 million for real estate and $25 million for private equity. Webster’s assets are currently $18 million.
PERAC Approval Date: March 7, 2007
Investment/Supplemental Regulation
Regulation Number 17.03: Notwithstanding the provisions of the Public Employee Retirement Administration Commission regulations, the Webster 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: February 3, 2006
Investment/Supplemental Regulation
Regulation Number 16.08: In accordance with Investment Guideline 99-2, the Webster Retirement Board is authorized to make a modest modification to its small/mid cap core equity account managed by Independence Investments. The Board will transfer its assets from one composite separately managed account to two commingled funds, one for small cap and one for mid cap. In addition to gaining operational efficiencies, the Board expects that this structure will enable it to better monitor the performance of the overall account. There is not change in investment universe or in strategy and the overall account is still run by Independence Investments’ small/mid cap portfolio management team.
PERAC Approval Date: December 10, 2003
Investment/Supplemental Regulation
Regulation Number 16.08: The Webster Retirement Board is authorized to modify its investment management mandate with Loomis, Sayles & Company. After many years of utilizing Loomis Sayles as a balanced account manager, the Board has voted to retain Loomis only for fixed income. The Board will utilize a commingled fund, the Loomis Sayles Investment Grade Bond Fund, that has the same strategy and benchmark as the existing account. The Board has long been satisfied with Loomis Sayles’ overall level of service.