Retirement Services Division Minutes ACTUARIAL SUBCOMMITTEE January 27, 2009


January 27, 2009


Robert Baus
Charles Casella
Richard Cosgrove
Claude Poulin
Steve Greatorex


Mark Ojakian, Deputy Comptroller & Interim Director, Retirement Services Division
Karen Buffkin, General Counsel, Office of the State Comptroller
Helen Kemp, Assistant Director, Retirement Services Division
Katie Balut, Supervisor, CMERS Unit, Retirement Services Division

The meeting began at approximately 1:35 p.m. Messrs. Baus, Casella and Poulin participated by telephone conference call. The trustees discussed the summary of 2008 valuation results based on sets of alternative assumptions.

Mr. Baus moved, seconded by Mr. Poulin to instruct Buck to prepare the final MERS and P&FSBF actuarial valuation reports utilizing the assumptions contained in "Column 3" of the alternative assumption sets previously prepared by Buck. Unanimous decision. The Subcommittee unanimously recommended that Buck prepare the final valuations and experience studies using these assumptions for presentation to the full Commission at its February 19, 2009 meeting.

Mr. Baus moved, seconded by Mr. Poulin to open the agenda to add items concerning the actuarial RFPS for both the MERS and SERS systems. Unanimous decision.

With regard to the RFPs, the Commission is currently seeking to obtain contracts with an actuarial firm with public pension plan experience to perform annual actuarial valuations of the MERS and SERS systems (separate contracts) for the period from July 1, 2009 through June 30, 2013. Mr. Poulin moved, seconded by Mr. Baus, to include in both RFPS, a request for bidders to also provide a separate, alternative fee structure based upon an actuarial valuation conducted every two years instead of annually. Unanimous decision.

Mr. Baus left the meeting at approximately 1:55 p.m.

Mr. Casella noted some scrivener's errors in the RFP and had comments with regard to Section V, #14 and Section VII, #16. It was also noted that "Retirement and Benefit Services Division" should be changed to "Retirement Services Division." Mr. Cosgrove noted that the subcommittee will be working on evaluation criteria and the scoring weight assigned to each criterion.

Mr. Casella moved to adjourn, seconded by Mr. Cosgrove. Unanimous decision. Meeting adjourned at about 2:05 p.m.

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