MINUTES OF MEETING
STATE EMPLOYEES RETIREMENT COMMISSION
OFFICE OF THE STATE COMPTROLLER
55 ELM STREET
HARTFORD, CONNECTICUT 06106

January 14, 2010

TRUSTEES PRESENT

Peter R. Blum, Chair
Bob Baus
Steve Caliendo
Charles Casella
Richard Cosgrove
Thomas Culley
Ronald McLellan
Claude Poulin
Linda Yelmini
Sal Luciano

ABSENT

Paul Fortier
Stephen Greatorex
Sandra Fae Brown-Brewton
James Dzurenda
Robert Coffey

OTHERS PRESENT

Mark Ojakian, Deputy Comptroller and Division Director
Karen Buffkin, Counsel for the State Comptroller
Jeanne Kopek, Asst. Director, Retirement Services
Colin Newman, Asst. Director, Retirement Services
Gregory Franklin, Office of the Treasurer
Peggy Gray, Executive Assistant, Retirement Services

CALL TO ORDER

The Chairman called the meeting to order at 9:10 AM

CHAIRMAN'S REPORT

The Chairman had nothing of note to report. There has been no word on the pending matter before the Federal Court.

DIVISION DIRECTOR'S ADMINISTRATIVE AND SUBCOMMITTEE REPORTS

As of December 31, 2009 the pending disability applications are as follows:

There are 69 applications pending review, 15 applications were received by the Division. 24 applications were placed on the agenda and 15 were approved. The next available date for scheduling is March of 2010.

The backlog of unfinalized retirement records at the close of the January 2010 retirement payroll is currently approximately 10,562. The Division processed 96 new retirees to the payroll. 78 were normal, and 18 were disabilities. Finalizations for the month were 38.

For the RFP for the Defined Contribution Plans, Manager for Stable Value Fund, Manager for the Custom Target Date Funds and Individualized Advice/Investment Research Services Provider things are underway. The Subcommittee met on January 13, 2010 to review some selections for the next round. The Subcommittee will meet again on February 9 and 10, 2010. The current contract expires at the end of June.

As you know, the OSC has received the ok to hire a new Director for the Retirement Services Division. The position has been posted. It is has been advertised in Professional magazines/newsletters. We are also posting with the NY Times which also uses Monster.com so it will also be out on the internet. There will be someone from SEBAC and from the Management side of the Commission sitting on the Selection Committee.

This is Karen Buffkin's last day with the Comptrollers Office. Karen has been invaluable to not only the Comptroller, but to members of this Commission as well. We wish her well in her new position and will miss her.

NEW MATTERS

1. REQUEST COMMISSION APPROVAL OF THE MINUTES OF THE DECEMBER 17, 2009 MEETING. Mr. Luciano moved, seconded by Mr. Poulin to approve the minutes of December 17, 2009. All voted in favor.

Unanimous Decision

2. REQUEST COMMISSION APPROVAL OF THE STATE EMPLOYEES RETIREMENT COMMISSION CHAIRMAN'S PER DIEM EXPENSES REIMBURSEMENTS. Mr. Luciano moved, seconded by Mr. Casella to approve the State Employees Retirement Commission Chairman's Per Diem Expenses Reimbursements. All voted in favor.

Unanimous Decision

3. REQUEST COMMISSION APPROVAL OF THE STATE EMPLOYEES RETIREMENT SYSTEM SERVICE RETIREMENTS FOR THE MONTH OF DECEMBER 2009. Mr. Luciano moved, seconded by Mr. Casella to approve the State Employees Retirement System Service Retirements for the month of December, 2009. All voted in favor.

Unanimous Decision

4. REQUEST COMMISSION APPROVAL OF THE STATE EMPLOYEES RETIREMENT SYSTEMS VOLUNTARY PENDING DISABILITY RETIREMENTS FOR THE MONTH OF DECEMBER, 2009. Mr. Luciano moved, seconded by Mr. Casella to approve the State Employees Retirement Systems Voluntary Pending Disability Retirements for the month of December, 2009. All voted in favor.

Unanimous Decision

5. REQUEST COMMISSION APPROVAL OF THE STATE EMPLOYEES RETIREMENT SYSTEM DISABILITY RETIREMENTS FOR THE MONTH OF DECEMBER 2009 AS APPROVED BY THE MEDICAL EXAMINING BOARD AS OF NOVEMBER 30, 2009. Mr. Luciano moved, seconded by Mr. Casella to approve the State Employees Retirement System Disability Retirements for the month of December, 2009 as approved by the Medical Examining Board as of November 30, 2009. All voted in favor.

Unanimous Decision

6. REQUEST COMMISSION APPROVAL OF THE STATE EMPLOYEES RETIREMENT SYSTEMS RETROACTIVE RETIREMENTS FOR THE MONTH OF DECEMBER 2009. Mr. Luciano moved, seconded by Mr. Casella to approve the State Employees Retirement Systems Retroactive Retirements for the month of December 2009. All voted in favor.

Unanimous Decision

7. REQUEST COMMISSION APPROVAL OF THE STATE EMPLOYEES RETIREMENT SYSTEMS PRE RETIREMENT DEATH BENEFIT RETIREMENTS FOR THE MONTH OF DECEMBER 2009. Mr. Luciano moved, seconded by Mr. Casella to approve the State Employees Retirement Systems Pre Retirement Death Benefit Retirements for the month of December 2009. All voted in favor.

Unanimous Decision

8. REQUEST COMMISSION ACCEPTANCE OF THE RECOMMENDATIONS OF THE MEDICAL EXAMINING BOARD FROM ITS MEETING ON DECEMBER 11, 2009 RELATIVE TO APPLICATIONS FOR DISABILITY RETIREMENT RECEIVED FROM THE MUNICIPAL EMPLOYEES RETIREMENT SYSTEM. Mr. Baus moved, seconded by Mr. Cosgrove to accept the recommendations of the Medical Examining Board from its meeting on December 11, 2009 relative to applications for Disability Retirement received from the Municipal Employees Retirement System. All voted in favor.

Unanimous Decision

9. REQUEST COMMISSION APPROVAL OF THE STATE EMPLOYEES RETIREMENT COMMISSION MANAGEMENT TRUSTEES PER DIEM AND TRAVEL EXPENSES REIMBURSEMENTS. Mr. Cosgrove moved, seconded by Mr. Casella to approve the State Employees Retirement Commission Management Trustees Per Diem and Travel expenses reimbursements. All voted in favor. Mr. Baus abstained

Majority Decision

10. REQUEST COMMISSION APPROVAL OF THE STATE EMPLOYEES RETIREMENT COMMISSION UNION TRUSTEES PER DIEM AND TRAVEL EXPENSES REIMBURSEMENTS. Mr. Casella moved, seconded by Mr. Culley to approve the State Employees Retirement Commission Union Trustees Per Diem and Travel Expenses reimbursements. All voted in favor. Mr. Poulin abstained

Majority Decision

11. REQUEST COMMISSION APPROVAL OF THE MUNICIPAL RETIREMENT SYSTEM RETIREMENTS. The Chairman pointed out that on the last page of the report it should read "Weston" not Western. The Deputy Comptroller stated that it would be checked and changes would be made as necessary. Mr. Poulin moved, seconded by Mr. Cosgrove to approve the Municipal Retirement System Retirements. All voted in favor.

Majority Decision

Ms. Yelmini asked for the floor before the meeting was adjourned. She is concerned that too much time and money is being spent by Commission Trustees meeting in subcommittees like the RFP subcommittee. It was her understanding that the staff of the Comptroller's office was going to prepare a two page summary with recommendations and was disturbed to find out that two days of meeting were held instead.

The Deputy Director stated that a summary was prepared by the staff, and the meetings ended up being 1 ? days in duration. The Chairman stated that the issues were a little more complex, and Milliman was involved.

Ms. Yelmini stated, for the record, that she is still concerned about Commission Trustees meeting for issues that the staff is, and should be doing.

ADJOURMENT

Mr. Coliendo moved, seconded by Mr. Poulin to adjourn the meeting. All voted in favor.

The meeting was adjourned at 9:27 AM

_____________________________
Peter R. Blum, Chairman

__________________________________
Mark Ojakian, Deputy Comptroller
And Division Director,Retirement Services

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