Rep. Smith moves that the Commission approve the following changes in the actuarial services to be performed by Milliman USA for the Commission and that the Commission Chair be authorized to make the actuarial contract amendments to implement the changes for the July 1, 2003 actuarial valuations:

1. Eliminate the actuarial valuation of the Legislators Retirement Plan;

2. Eliminated the actuarial valuation of the Elective State Officers Retirement Plan.

3. Reduce the gain and loss analysis for each remaining actuarial valuation to mortality and investment performance.

4. Eliminate the report on prior service credit purchase liabilities.

5. Eliminate the summary report on the annual actuarial valuations.