March 9, 2016
Peter Adomeit, Chair
Bruce Barth, Commission Counsel for IRS Matters, by teleconference
Michael Rose, Counsel for the Commission
The Chair called the meeting to order at 8:35 a.m. and asked the members to consider Item II on the agenda, the approval of the agenda. Mr. Carey moved, seconded by Mr. Coffey to approve the agenda for the meeting. All voted in favor.
At 8:36 a.m., the Chair directed the Subcommittee’s attention to Item 1 of the new business portion of the agenda, a question and answer session with individuals affected by the IRC section 415 limits on retirement benefits. At this time, retirees David Dalpe and Lilly Phillips described the impact of IRC section 415 on their benefits and asked questions of the trustees and Commission Counsels. No motions were made following these sessions.
At 10:00 a.m., Mr. Casella moved, seconded by Mr. Carey to move Item 4 of the Executive Session agenda, Discussion of Bridgeport request to delay payment and possible action, to the public portion of the agenda and take it up immediately. All voted in favor. Following the discussion, the subcommittee reached a consensus that the Chair should place the matter on the next Commission meeting agenda.
At 10:07 a.m., Mr. Casella moved, seconded by Mr. Carey to amend the public portion of the agenda to include a discussion of the default investment choice for ARP participants and to take it up immediately. Following the discussion, the subcommittee reached a consensus that it would ask Attorney Barth to prepare a letter to the Commission recommending that it adopt as a default choice an appropriate moderate option based on the participant’s number of years until retirement (target fund) and that the Chair place this matter on the next Commission meeting agenda.
At 10:22 a.m., the subcommittee took up Item 4, ARP 401a Expense Account, on the public portion of the agenda. Following discussion, a consensus was reached that the Chair and Attorney Barth would seek additional information from Retirement Division Director Brenda Halpin.
At 10:26 a.m., Mr. Casella moved, seconded by Mr. Coffey to go into Executive Session to discuss pending litigation in the matters of Walenski v. SERC, Brown, and Thompson/UPSEU and to invite Attorney Rose and Attorney Barth to attend. All voted in favor.
At 10:37 a.m., Mr. Coffey moved, seconded by Mr. Carey to come out of Executive Session. All voted in favor. No motions were made in the public session concerning the matters discussed in the executive session. Mr. Fortier exited the meeting.
At 10:39 a.m., the Chair called attention to Item 2 of the public portion of the agenda and provided an update on his testimony at the legislature concerning HB 5418.
At 10:51 a.m., Attorney Barth exited the meeting.
At 10:52 a.m., the Chair called attention to Item 3 on the public portion of the agenda, a discussion concerning the FAQ section of the Retirement Division website. The Chair advised that he planned to meet with Attorney Rose on this matter.
At 10:54 a.m., Mr. Casella moved, seconded by Mr. Carey to adjourn. All voted in favor.
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