MINUTES OF MEETING
STATE EMPLOYEE RETIREMENT COMMISSION
February 17, 2010
Peter Blum, Chair
Absent: Richard Cosgrove; Linda Yelmini.
Mark Ojakian, Deputy Comptroller
Janet Cranna, BUCKConsultant (MERS Actuary)
Philip Bonanno, BUCKConsultant (MERS Actuary)
Sean Smith, BUCKConsultant (MERS Actuary)
Helen Kemp, Division Counsel & Assistant Director, Retirement Services Division
Katie Balut, Supervisor, CMERS Unit, Retirement Services Division
The meeting began at approximately 2:03 p.m. A motion was made by Mr. Baus, second by Mr. Poulin to go into executive session to discuss the Municipal Employee Retirement System (CMERS) member contribution levels, the roll forward, administrative rate and funding alternatives and to invite the Buck actuaries and Division staff to remain. Unanimous decision.
Mr. Baus moved, seconded by Mr. Poulin to come out of executive session at approximately 2: 50 p.m. Unanimous decision.
Mr. Baus made the following motion: that the subcommittee recommend to the Retirement Commission that for fiscal year 2011, the total contribution rate for General Employees (for both with and without Social Security) be set at 9.5%; that the total contribution rate for Police and Fire (with Social Security) be set at 13.75% and the total contribution rate for Police and Fire (without Social Security) be set at 13.5%%. Mr. Poulin seconded the motion. Unanimous decision.
Mr. Casella moved; seconded by Mr. Poulin that the subcommittee recommend to the Retirement Commission that for fiscal year 2011, to keep MERS' administrative fee at $100 per employee/retiree and to keep the Police & Fire administrative fee at $40 per employee/retiree except that New Britain would be required to contribute 0.69% of payroll in addition to the administrative fee. Unanimous decision.
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