Retirement Services Division Minutes ACTUARIAL SUBCOMMITTEE April 1, 2009


April 1, 2009


Peter Blum
Robert Baus
Charles Casella
Richard Cosgrove
Claude Poulin
Steve Greatorex


Jeanne Kopek, Assistant Director, Retirement Services Division
Helen Kemp, Assistant Director, Retirement Services Division
Peggy Gray, Executive Assistant, Retirement Services Division

The meeting began at approximately 1:35 p.m. Messrs. Baus and Poulin participated by telephone conference call.

The trustees discussed whether a trustee who did not attend the candidate interviews with regard to the Benefit Statement RFPs would be allowed to participate in the formal selection of the successful candidate. While a formal vote was not taken, by general consensus, it was determined that only subcommittee trustees who participated at the candidate interview sessions could vote on actual candidate selection.

The first agenda item discussed by subcommittee concerned the adoption of new option factor tables for both the MERS and SERS retirement systems. Mr. Baus moved, seconded by Mr. Casella, to recommend to the Retirement Commission for its approval at its next meeting [April 16th] that the MERS and SERS actuaries prepare updated option factor tables for their respective systems which reflect the new assumptions and mortality tables; with regard to the MERS system, the recommendation also includes updating the early retirement factors. As part of this motion, and to phrase the new tables in if approved, it was also recommended that a retiree benefit be calculated under both the current set of tables and the new set (if approved by the Commission) for the time period between July 1, 2009 and December 31, 2009 and the factor which gives a lesser benefit to retirees be discarded. As of January 1, 2010 only the new tables would be used. Unanimous decision.

At this point, Ms. Kemp and Mr. Greatorex left the meeting.

At about 1:50 p.m. Mr. Casella moved, seconded by Mr. Cosgrove to go into executive session to discuss the selection of a vendor for SERS benefit statement services and invited Ms. Kopek to remain to answer questions regarding the benefit statement process.

At this point Ms. Gray left the meeting.

At about 2:58 p.m. Mr. Cosgrove, seconded by Mr. Casella moved to go out of executive session.

At this point Ms. Gray returned to the meeting.

At about 3:00 p.m. Mr. Cosgrove, seconded by Mr. Casella moved to adjourn. Unanimous decision.
Meeting adjourned at about 3:00 p.m.

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