Retirement Services Division State Employees Retirement Commission's Actuarial Subcommittee May 14, 2014 Minutes


Minutes of the May 14, 2014 Meeting

TRUSTEES PRESENT: Robert Baus, Charles Casella, Richard Cosgrove, Stephen Greatorex, Claude Poulin, Linda Yelmini

OTHERS PRESENT: Brenda Halpin, Director - Retirement Services Division, Kishore Solanki, Assistant Division Director, Edward Koebel, Cavanaugh Macdonald Consulting, LLC, Robert Ward, State Auditor, John Geragosian, State Auditor, Steve Eckels, Auditors' of Public Accounts, Matthew Rugens, Auditors' of Public Accounts, William Plummer, Office of Policy and Management, Jerry Paradis, CPA, Blum Shapiro

The meeting began at approximately 2:34 p.m.

The Actuarial Subcommittee reviewed the draft Connecticut Probate Judges and Employees Retirement System Valuation as of December 31, 2013. Mr. Baus moved to recommend to the Retirement Commission to accept the report as is, it was seconded by Mr. Cosgrove. All voted in favor. Unanimous Decision

The Subcommittee discussed the RFP Proposals for the Employee Benefit Statements. There were two questions - one question to each of the vendors was requested. Once the responses were received the Subcommittee would make submit their recommendation to the Retirement Commission.

After discussion the Subcommittee requested that Cavanaugh Macdonald review the option factors as related to the SERS Experience Study for the next valuation report.

The Subcommittee opened the meeting to the guests from the Auditors' of Public Accounts, the Office of Policy and Management - Governmental Unit and Blum Shapiro to discuss the GASB 68 changes especially for the Municipal Employee Retirement System. There were several points that were made regarding how this process should be administered for the State of CT. This is a new function that has not been contemplated; it is not an actuary or audit function. It was determined that this must be presented to the Retirement Commission regarding the possibility of hiring an audit firm to comply with the GASB 68 requirements. In addition, the Auditors' of Public Accounts will provide suggestions to the Retirement Commission on possible statutory changes for the next legislative session related to GASB 68. It was also determined that when GASB determines the allocation process the Subcommittee and the Auditors' of Public Accounts should meet to discuss.

The meeting was adjourned at approximately 4:13 p.m.

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