PERAC Memo #13 - 1999: Revised Investment Forms

PERAC MEMO #13/1999 M E M O R A N D U M TO: All Retirement Boards FROM: Joseph I. Martin, Deputy Executive Director RE: Revised Investment Forms DATE: February 8, 1999 Enclosed please find the following forms: • Application for Exemption from Investment Restrictions for Real Estate • Application for Exemption from Investment Restrictions for International/Global Investments • Application for Exemption from Investment Restrictions for Alternative Investments • Statement of Investment Objectives • Vendor Certification • Disclosure Statement • Application for Exemption for Consultants An explanation of the circumstances of when it is necessary for boards to file exemption applications is enclosed. Please note that PERAC’s policy is to accept only those forms that have been generated by us. These forms are now available on the Internet. Our Internet address is www.state.ma.us/perac . If you have any questions, please do not hesitate to contact Rose Cipriani at (617) 666-4446 ext. 931 . INSTRUCTIONS FOR ALTERNATIVE, INTERNATIONAL/GLOBAL, AND REAL ESTATE INVESTMENTS Regulatory Guidelines can be found in 840 CMR 19.00. STEP 1 An exemption application is completed by the manager and is submitted to PERAC unless : (A) the manager is on the PERAC List of Qualified Investment Managers AND (B) the board has previously received a waiver/exemption for that particular asset class If the conditions of both A & B are met, it is not necessary to submit the exemption application. STEP 2 The retirement board selects a manager and sends a letter to PERAC certifying that the selection was made in accordance with a competitive process and that Chapter 32 and the regulations were complied with in making the selection. If the funds managed are to be done through a pooled fund, the board must state the specific name of the pooled fund. STEP 3 All bidding Vendors must submit a Vendor Certification to the board. A copy of the selected manager’s Vendor Certification is sent to PERAC. Originals should be kept in the procurement file. STEP 4 A Disclosure Statement is completed by the manager. A copy is sent to PERAC and the board retains original. INSTRUCTIONS FOR INVESTMENTS IN DOMESTIC EQUITIES AND DOMESTIC FIXED INCOME Regulatory Guidelines can be found in 840 CMR 19.00. STEP 1 An exemption application is not needed for domestic investments. Please proceed to Steps 2, 3 and 4. STEP 2 The retirement board selects a manager and sends a letter to PERAC certifying that the selection was made in accordance with a competitive process and that Chapter 32 and the regulations were complied with in making the selection. If the funds managed are to be done through a pooled fund, the board must state the specific name of the pooled fund. STEP 3 All bidding Vendors must submit a Vendor Certification to the board. A copy of the selected manager’s Vendor Certification is sent to PERAC. Originals should be kept in the procurement file. STEP 4 A Disclosure Statement is completed by the manager. A copy is sent to PERAC and the board retains original. INSTRUCTIONS FOR RETAINING A CONSULTANT Regulatory Guidelines can be found in 840 CMR 26.00. STEP 1 A consultant application is completed by the consultant and submitted to PERAC. STEP 2 The retirement board selects a consultant and sends a letter to PERAC certifying that the selection was made in accordance with a competitive process and that Chapter 32 and the regulations were complied with in making the selection. STEP 3 All bidding Vendors must submit a Vendor Certification to the board. A copy of the selected consultant’s Vendor Certification is sent to PERAC. Originals should be kept in the procurement file. STEP 4 A Disclosure Statement is completed by the consultant. A copy is sent to PERAC and the board retains original.