Retirement Services Division Minutes ACTUARIAL SUBCOMMITTEE April 15, 2009


April 15, 2009


Peter Blum
Robert Baus
Charles Casella
Richard Cosgrove
Claude Poulin


Jeanne Kopek, Assistant Director, Retirement Services Division
Karen Buffkin, General Counsel, Office of the State Comptroller

The meeting began at approximately 1:30 p.m. Mr. Cosgrove participated by telephone conference call.
The trustees reviewed their ratings of the proposals received for employee benefit statement services and determined that Custom Communications was the company which received the overall highest rating from all trustees.

They discussed contract negotiation procedures with Ms. Buffkin. The trustees requested that the contract include provision for either the four page or the two page version of the benefit statement with the expectation that the four page version would be the one used in the first year of the contract while the option of using the two page version was being explored.

Mr. Baus moved, seconded by Mr. Poulin, to recommend that the Retirement Commission invite Custom Communications to enter into a contract for employee benefits statement services subject to the successful negotiation of the contract. Unanimous decision.

Ms. Buffkin left the meeting.

The trustees then discussed the upcoming review of proposals received in response to the Request for Proposals (RFP) for Actuarial Services for the State Employees Retirement System, the Judges, Family Support Magistrates and Compensation Commissioners Retirement System and the Probate Judges and Employees Retirement System (PJERS) and for the Connecticut Municipal Employees Retirement System and the Police and Fire Survivor Benefit Fund.

Mr. Blum recommended interviewing separately for each of the two separate RFPs and suggested that the subcommittee interview all respondents.

Mr. Baus advised that the subcommittee did not necessarily need to interview every respondent and suggested that the subcommittee meet to do a preliminary review of the proposals then determine which companies to interview.

The trustees requested that a meeting be scheduled accordingly for 10:00 a.m. on May 8, 2008 with Mr. Baus and possibly Mr. Poulin participating by telephone conference call.

Finally, the trustees discussed the need to meet to review the draft of the 12-31-2008 PJERS valuation either in the afternoon on May 21, 2009 following the regular Retirement Commission meeting or on May 26 or May 27, 2009 pending the decision made on May 8, 2009 concerning the RFP interviews.

At about 2:40 p.m. Mr. Casella, seconded by Mr. Poulin moved to adjourn. Unanimous decision.

Meeting adjourned at about 2:40 p.m.

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