MINUTES OF MEETING
STATE EMPLOYEES RETIREMENT COMMISSION
ACTUARIAL SUBCOMMITTEE

August 27, 2008

MEMBERS PRESENT
Peter R. Blum, Chairman
Robert Baus
Charles Casella
Richard Cosgrove
Claude Poulin
Steve Greatorex

OTHERS PRESENT
Dr. Thomas Woodruff, Director, Retirement Services Division
Jeanne Kopek, Assistant Director, Retirement Services Division
Althea Schwartz, Milliman
Rebecca Sielman, Milliman

The meeting began at about 2:00.

Becky Sielman presented the economic results of the 2008 State Employees Retirement System experience study with proposed changes to the assumptions used for: price inflation, cost of living adjustments for SERS retirees, national wage growth, salary scale, payroll growth rate and investments return.

The subcommittee requested that Milliman run the actuarial valuation with revised demographic and economic assumptions for discussion at a meeting in September.

Meeting adjourned at about 4:00.

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