MEETING:   

Legislative Commission on Pensions and Retirement

PLACE:   

Room 5 State Office Building

DATE:

November 9, 2011, 1:00 p.m. - 5:00 p.m.

November 10, 2011, 9:00 a.m. - 1:00 p.m.

Agenda

Materials

Action

1. 

Approval of prior meeting minutes.

Minutes

Approved

2. 

Interest rate actuarial assumption.
a. Summary of Vermont select & ultimate interest rate assumption.
b. TRA/DTRFA select & ultimate interest rate assumption options.
     - Laurie Hacking, Executive Director, TRA
     - Jay Stoffel, Executive Director, DTRFA
c. Post-retirement adjustment mechanism and retirement plan funding ratio.
 

a. Staff Memo
b. DTRFA/TRA Handout
 
 
c. Staff Memo

    --

3. 

Salary scale actuarial assumption and payroll growth actuarial assumption.
- Dr. Tom Stinson, Minnesota State Economist

No staff materials

    --

4. 

Private sector retirement plan design trends.
- Private sector corporate panel (arrangements pending)

5. 

Hybrid retirement plan design.
a. Nebraska Cash Balance Retirement Plan.
b. Recent plan design changes in other states.
     - Keith Brainard, Research Director, Nat'l Assoc. of State Retirement Administrators (NASRA)

a. Staff Memo
    Handout (coming soon)
b. No staff materials

    --

6. 

Roth IRA option.
- Dave Bergstrom, MSRS

MSRS Handouts:
-Presentation (coming soon)
-MCDCP ROTH 457(b) Guide
 

    --

7. 

Mortality table assumptions currently in force.

Staff Memo

    --

8. 

Current retirement plan experience study requirements.

Staff Memo

    --

9. 

Minnesota actuarial value of assets and GASB Statement 25/27 exposure drafts.

Staff Memo

    --

10. 

Retirement bills remaining from the 2011 Legislative Session.

Staff Memo

    --

11. 

Approval to proceed with experience studies for MSRS-Correctional, State Patrol Plan,
Judges Retirement Plan, PERA-Correctional, DTRFA, and SPTRFA.

--

Approved