MINUTES OF MEETING
STATE EMPLOYEES RETIREMENT COMMISSION
OFFICE OF THE STATE COMPTROLLER
55 ELM STREET
HARTFORD, CONNECTICUT 06106

January 8, 2009

TRUSTEES PRESENT
Peter R. Blum, Chairman
Bob Baus (teleconferenced)
S. Fae Brown-Brewton
Steve Caliendo
Charles Casella
Richard Cosgrove
Thomas Culley
Paul Fortier
Steve Greatorex
Sal Luciano
Mary Marcial
Ronald McLellan
Claude Poulin
Linda Yelmini

ABSENT
Robert Coffey
Jeffrey Smith, Municipal Liaison

OTHERS PRESENT
Dr. Thomas Woodruff, Director, Retirement & Benefit Services Division
Margaret Haering, Assistant Director, Retirement & Benefit Services Division
Helen Kemp, Assistant Director, Counsel for the Retirement & Benefit Services Division
Colin Newman, Assistant Director, Retirement & Benefit Services Division
Joseph Lantieri, Retirement & Benefits Services Division, Disability Unit
Diane Ruggia, Executive Assistant, Retirement & Benefits Services Division
Karen Buffkin, Counsel for the State Comptroller
Attorney Michael Rose, Rose Kallor, LLC

GUESTS

CALL TO ORDER

The Chairman called the meeting to order at 9:08 a.m.

CHAIRMAN'S REPORT

The Chairman extended a well wish for the holiday season and New Year to the Trustees, noting no report at this time.

DIVISION DIRECTOR'S ADMINISTRATIVE AND SUBCOMMITTEE REPORT

Administrative

The Director reported that due to the nature of the meeting held early in the month, he would report the numbers of State Employees Retirement System (SERS) as well as the disability retirements at it's meeting of February 19, 2009.

The Director reported on a meeting of the Investment Subcommittee, the Treasurer's Office and their outside Bond Council, Day Pitney, with regard to the release of documents. It was explained that the information provided in a draft will become public only once it has been finalized, therefore not subject to disclosure until it becomes final.

Karen Buffkin arrived at 9:15 a.m.

The Director reported that the current backlog of Connecticut Municipal Employees Retirement System (CMERS) accounts to be recalculated is approximately 3,868 applications. For the first stage of the recalculation project, the CMERS unit is examining the applications of individuals who retired from January 1, 2000 to December 31, 2003. The number of files recalculated to date totaled 175 files. The CMERS unit has completed review of all retirements applications submitted for the time frame from January 1 to June 30, 2000.

1. REQUEST COMMISSION APPROVAL OF THE DECEMBER 18, 2008 MINUTES

Mr. Luciano moved, seconded by Mr. Poulin to approve the December 18, 2008 minutes as amended. All voted in favor.

Unanimous Decision

2. REQUEST COMMISSION APPROVAL OF THE STATE EMPLOYEES RETIREMENT COMMISSION CHAIRMAN'S PER DIEM AND TRAVEL EXPENSE REIMBURSEMENT

Mr. Luciano moved, seconded by Mr. Greatorex to approve the State Employees Retirement Commission Chairman's per diem and travel expenses reimbursements. All voted in favor.

Unanimous Decision

3. REQUEST COMMISSION APPROVAL OF THE CONNECTICUT PROBATE JUDGES AND EMPLOYEES RETIREMENT SYSTEM RETIREMENTS

Mr. Luciano moved, seconded by Mr. Poulin to approve the Connecticut Probate Judges and Employees Retirement System retirements. All voted in favor.

Unanimous Decision

4. REQUEST COMMISSION APPROVAL OF THE MUNICIPAL RETIREMENT SYSTEM RETIREMENTS

Mr. Luciano moved, seconded by Ms. Brown-Brewton to approve the Municipal Retirement System retirements. All voted in favor.

Unanimous Decision

5. REQUEST COMMISSION APPROVAL OF THE STATE EMPLOYEES RETIREMENT COMMISSION MANAGEMENT TRUSTEES PER DIEM AND TRAVEL EXPENSES REIMBURSEMENTS

Mr. Luciano moved, seconded by Ms. Brown-Brewton to approve the State Employees Retirement Commission Management Trustee's per diem and travel expenses reimbursements. All voted in favor.

Unanimous Decision

6. REQUEST COMMISSION APPROVAL OF THE STATE EMPLOYEES RETIREMENT COMMISSION UNION TRUSTEE'S PER DIEM AND TRAVEL EXPENSES REIMBURSEMENTS

Mr. Luciano moved, seconded by Ms. Brown-Brewton to approve the State Employees Retirement Commission Union Trustee's per diem and travel expenses. All voted in favor.

Unanimous Decision

7. COPY OF DECEMBER 18, 2008 LETTER TO GENERAL ASSEMBLY CERTIFYING THE AMOUNT OF STATE EMPLOYER CONTRIBUTIONS REQUIRED TO FUND THE STATE EMPLOYEES RETIREMENT SYSTEM FOR THE FISCAL YEARS BEGINNING JULY 1, 2009 AND JULY 1, 2010.

No action

8. COPY OF DECEMBER 18, 2008 LETTER TO GENERAL ASSEMBLY CERTIFYING THE AMOUNT OF STATE EMPLOYER CONTRIBUTIONS REQUIRED TO FUND THE JUDGES, FAMILY SUPPORT MAGISTRATES AND COMPENSATION COMMISSIONERS RETIREMENT SYSTEM FOR THE FISCAL YEARS BEGINNING JULY 1, 2009 AND JULY 1, 2010.

No action

9. REQUEST COMMISSON REVIEW OF STABLE VALUE FUND INTEREST RATE TO DETERMINE IF A CHANGE IN RATE IS NECESSARY

Mr. Luciano moved, seconded by Ms. Brown-Brewton to approve the Stable Value Fund Interest Rate. All voted in favor.

Unanimous Decision

At this juncture, Ms. Brown-Brewton moved, seconded by Mr. McClellan for the Trustees to enter into Executive session at 10:00 a.m. to discuss pretrial conference concerning Longley matters. All voted in favor.

Unanimous Decision

Mr. Culley moved, seconded by Mr. Poulin to go out of Executive session at 10:20 a.m. All voted in favor.

Unanimous Decision

Upon discussion two Commission members will be in attendance with counsel Robinson and Cole to discuss possible settlement of Longley cases appealed in the State of Connecticut

Mr. Fortier moved, seconded by Mr. Poulin to go into Executive session at 10:21 a.m. to discuss Actuarial contracts. All voted in favor.

Unanimous Decision

Mr. Luciano moved, seconded by Ms. Brown-Brewton to go out of Executive session at 10:32a.m. All voted in favor.

Unanimous Decision

ADJOURNMENT

Ms. Yelmini moved, seconded by Mr. Greatorex to adjourn the meeting. All voted in favor.

The Chairman adjourned the meeting at 10:58 a.m.

______________________________
Peter R. Blum. Chairman
State Employees Retirement Commission

_________________________________
Thomas C. Woodruff, Ph.D., Director

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