MEETING:   

Legislative Commission on Pensions and Retirement

PLACE:   

Room 5 State Office Building

DATE:

October 19, 2011, 1:00 p.m. - 5:00 p.m.

October 20, 2011, 9:00 a.m. - 1:00 p.m.

Revised Agenda

Materials

Action

1. 

Approval of the September 21-22, 2011, meeting minutes.

Minutes

    --

2. 

Review of the July 1, 2010, replication actuarial valuations for MSRS-General, PERA-General and MERF.
- Presentation by Milliman, Inc., Commission reviewing actuary
        Request from Mercer regarding decrement timing
 

Milliman Presentation
Mercer letter

Mercer request
approved

3. 

Review of the of the remaining July 1, 2010, statewide and major local retirement plan actuarial valuations.
- Presentation by Milliman, Inc., Commission reviewing actuary

Same as #2

    --

4. 

Potential retirement plan design changes: recently established hybrid retirement plans in other states.
- Commission staff memorandum comparing hybrid benefit plan design elements for
     recently established hybrid public pension plans
- Presentation by Keith Brainerd, Nat'l Assoc. of State Retirement Administrators (NASRA)
     rescheduled to November 10

Staff memo

    --

5. 

Potential revision of interest and other actuarial assumptions.
- Presentation by Patrice Beckham, FSA, Cavanaugh MacDonald, TRA actuary
- Presentation by Tom Stinson, Minnesota State Economist
- Summary of recent SBI Invest. Adv. Council discussion of the
     interest rate actuarial assumption by Howard Bicker, SBI Executive Director

Cavanaugh MacDonald Presentation

    --

6. 

Retirement accounting changes in recent Governmental Accounting Standards Board
exposure drafts.
- Presentation by Cecile Ferkul, Deputy Legislative Auditor

OLA Presentation
GASB Plain Language Supplement

    --

7. 

Potential revision of PERA privatizing government entity retirement coverage law.
- Presentation by Mary Vanek, PERA

PERA Presentation

    --