MINUTES OF MEETING
STATE EMPLOYEE RETIREMENT COMMISSION
55 ELM STREET
HARTFORD, CONNECTICUT 06106

September 20, 2012

TRUSTEES PRESENT
Peter Blum
Bob Baus (by phone)
Sandra Fae Brown-Brewton
Michael Carey
Charles Casella
Claude Poulin
Steve Greatorex
Richard Cosgrove
Robert Coffey
Thomas Culley
James Dzurenda
Ronald McLellan
Linda Yelmini

TRUSTEES ABSENT
Sal Luciano
Paul Fortier

EX OFFICIO MEMBERS
Deputy Comptroller Martha Carlson
Lee Ann Palladino, CIO, Office of the State Treasurer

MUNICIPAL LIAISON
Thomas Landry

OTHERS PRESENT
Brenda K. Halpin, Director, Retirement Services Division
Colin Newman, Asst. Director, Retirement Services Division
Kishore Solanki, Asst. Director, Retirement Services Division
Bonnie Price, Asst. Director, Retirement Services Division
Jeanne Kopek, Asst. Director, Retirement Services Division
Natalie Braswell, Assistant State Comptroller
Peggy Gray, Executive Secretary, Retirement Services Division

GUESTS
George Spurlock, CEIU
Karen Nolen, OPM

CALL TO ORDER

The Chairman called the meeting to order at 9:15 a.m.

CHAIRMAN'S REPORT
Note that the meeting started late due to an accident on the highway. The Chairman spoke with Attorney Rose concerning the Bouchard matter. Attorney Rose filed several motions, he felt that the case action suit would go forward, but the argument would be that if they succeed, it would only apply to living members.

DIVISION DIRECTOR'S ADMINISTRATIVE AND SUBCOMMITTEE REPORTS

Following the close of the September 2012 retirement payroll, the current backlog of unfinalized retirement records is approximately 12,930. The Division processed 116 new retirees (99 normal, 17 disabilities) to payroll for September. Finalizations for the month were 103.

Pending Disability Applications as of August 31, 2012

FOR THE MONTH OF AUGUST

The next available MEB meeting for scheduling is December 2012.

We have received 183 requests to transfer from the ARP to Hybrid of those 43 individuals are to retire directly and the remainder are active employees. There are two retirees that have been placed on the payroll, one in August and one in September. We have been focusing our efforts on the individuals that are retiring as requested by the Commission members. In addition, the retirees are being finalized as they are added to the retirement payroll.

Our Staff Attorney, Virginia Brown is beginning tomorrow. I will introduce her at the October meeting.

There is one matter regarding the Municipal Employee Retirement System that I would like to bring to your attention. We have received inquiries on the ability of a municipality to partial withdrawal from CMERS. The municipality would like to continue their participation for the current members but all new municipal employees would be offered a defined contribution retirement plan in lieu of participation in CMERS. This matter was first brought forward by Tom Landry based on an arbitration award he became aware of two weeks ago and since that time we have had several municipalities and the law firm of Berchem, Moses & Devlin, P.C. inquiring. This will be one of the first assignments that Virginia will look into and prepare a document for your review.

The Retroactive Retirements for the month of July - August Agenda item #5 was incorrect information and should be withdrawn from the minutes.

NEW MATTERS

1.REQUEST COMMISSION APPROVAL OF THE AUGUST 23, 2012 MINUTES. Mr. Greatorex moved, seconded by Mr. Poulin to approve the August 23, 2012 Minutes. All voted in favor

Unanimous Decision

2. REQUEST COMMISSION APPROVAL OF THE STATE EMPLOYEES RETIREMENT COMMISSION CHAIRMAN'S PER DIEM EXPENSES REIMBURSEMENT. Mr. Greatorex moved, seconded by Mr. Cosgrove to approve of the State Employees Retirement Commission Chairman's Per Diem expenses. All voted in favor

Unanimous Decision

3. REQUEST COMMISSION APPROVAL OF THE STATE EMPLOYEES RETIREMENT SYSTEM SERVICE RETIREMENTS FOR THE MONTH OF AUGUST 2012. Mr. Greatorex moved, seconded by Mr. Poulin to approve of the State Employees Retirement System Service Retirements for the month of August 2012. All voted in favor

Unanimous Decision

4. REQUEST COMMISSION APPROVAL OF THE STATE EMPLOYEES RETIREMENT SYSTEM DISABILITY RETIREMENTS FOR THE MONTH OF AUGUST 2012. Mr. Greatorex moved, seconded by Mr. Poulin to approve the State Employees Retirement System Disability Retirements for the month of August 2012. All voted in favor

Unanimous Decision

5. REQUEST COMMISSION APPROVAL OF THE VOLUNTARY PENDING DISABILITY RETIREMENTS FOR THE MONTH OF AUGUST 2012. Mr. Greatorex moved, seconded by Mr. Poulin to approve of the Voluntary Pending Disability Retirements for the month of August 2012. All voted in favor

Unanimous Decision

6. REQUEST COMMISSION APPROVAL OF THE MUNICIPAL EMPLOYEE RETIREMENT SYSTEM RETIREMENTS. Mr. Greatorex moved, seconded by Mr. Poulin to approve of the Municipal Employee Retirement System Retirements. All voted in favor.

Unanimous Decision

7. REQUEST COMMISSION APPROVAL OF THE CONNECTICUT PROBATE JUDGES AND EMPLOYEES RETIREMENT SYSTEM RETIREMENTS. Mr. Greatorex moved, seconded by Mr. Poulin to approve of the Connecticut Probate Judges and Employees Retirement System Retirements. All voted in favor

Unanimous Decision

8. REQUEST COMMISSION APPROVAL OF THE JUDGES, FAMILY SUPPORT MAGISTRATES AND COMPENSATION COMMISSIONERS RETIREMENT SYSTEM RETIREMENTS. Mr. Greatorex moved, seconded by Mr. Poulin to approve of the Judges, Family Support Magistrates and Compensation Commissioners Retirement System Retirements. All voted in favor

Unanimous Decision

9. REQUEST COMMISSION REVIEW OF THE CONNECTICUT PROBATE JUDGES AND EMPLOYEES RETIREMENT FUND PERSONNEL EXPENSES FOR THE MONTH OF AUGUST 2012. For review only

Unanimous Decision

10. REQUEST COMMISSION APPROVAL OF THE STATE EMPLOYEES RETIREMENT COMMISSION MANAGEMENT TRUSTEE'S PER DIEM AND TRAVEL EXPENSES REIMBURSEMENTS FOR THE MONTH OF AUGUST 2012. Mr. Greatorex moved, seconded by Mr. Carey to approve the State Employees Retirement Commission Management Trustee's Per Diem and Travel Expenses reimbursements for the month of August 2012. All voted in favor. Mr. Baus abstained

Majority Decision

11. REQUEST COMMISSION APPROVAL OF THE STATE EMPLOYEES RETIREMENT COMMISSION UNION TRUSTEE'S PER DIEM AND TRAVEL EXPENSES REIMBURSEMENTS FOR THE MONTH OF AUGUST 2012. Mr. Greatorex moved, seconded by Mr. McLellan to approve of the State Employees Retirement Commission Union Trustee's Per Diem and Travel Expenses reimbursements for the month of August 2012. All voted in favor Mr. Poulin abstained

Majority Decision

ADDUNDUM TO AGENDA

12. REQUEST COMMISSION APPROVAL TO ACCEPT THE RECOMMENDATION OF THE ACTUARIAL SUBCOMMITTEE REGARDING THE SERS 2012 EXPERIENCE STUDY. Mr. Greatorex moved, seconded by Mr. Casella to accept the recommendations of the Actuarial Subcommittee concerning the assumptions used in the actuarial valuation pursuant to the SERS 2012 Experience Study. During the discussion Ms. Yelmini pointed out that there were two recommendations for the Commission to consider. After discussion from Subcommittee members Ms. Yelmini moved, seconded by Mr. Poulin to accept the recommendation by Subcommittee members. All voted to accept the second recommendation.

Unanimous Decision

13. RECOMMENDATION OF THE LEGAL AND PERSONNEL SUBCOMMITTEE TO AUTHORIZE PUBLISHING AN RFI WITH REGARD TO HIRING OF LEGAL COUNSEL FOR THE STATE EMPLOYEES RETIREMENT COMMISSION. Mr. Coffey moved, seconded by Mr. Casella to accept the recommendation of the Legal and Personnel Subcommittee to publish an RFI to see what proposals come forward. Then the Commission can make a decision on the hiring of Legal Counsel for the State Employees Retirement Commission. All voted in favor

Unanimous Decision

ADJOURNMENT

At 9:39 A.M. Mr. Greatorex moved, seconded by Ms. Brown-Brewton to adjourn.

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