MINUTES OF MEETING
STATE EMPLOYEES RETIREMENT COMMISSION
55 ELM STREET
HARTFORD, CT 06106

November 15, 2012

TRUSTEES PRESENT
Peter Blum
Robert Baus
Sandra Fae Brown-Brewton
Michael Carey
Charles Casella
Claude Poulin
Steve Greatorex
Richard Cosgrove
Thomas Culley
James Dzurenda
Ronald McLellan
Linda Yelmini
Sal Luciano
Paul Fortier
Robert Coffey

EX OFFICIO MEMBERS
Deputy Comptroller Martha Carlson
Lee Ann Palladino, CIO, Office of the State Treasurer

MUNICIPAL LIAISON
Thomas Landry

OTHERS PRESENT
Brenda Halpin, Director, Retirement Services Division
Colin Newman, Asst. Director, Retirement Services Division
Kishore Solanki, Asst. Director, Retirement Services Division
Bonnie Price, Asst. Director, Retirement Services Division
Virginia Brown, Counsel to Retirement Services Division
Natalie Braswell, Assistant State Comptroller
Peggy Gray, Executive Secretary, Retirement Services Division
Dr. Thomas Woodruff, Healthcare Policy & Benefits Services Division
Peggy Haering, Healthcare Policy and Benefits Services Division

GUESTS
Karen Nolen, OPM
George Spurlock, CEIU

CALL TO ORDER
The Chairman called the meeting to order at 9:06 A.M.

CHAIRMAN'S REPORT

Attended the pre-trial hearing on Macari, it looks like it will be heading to trial. The Attorney General will be handling the case on behalf of the Retirement Commission. I will keep Trustees apprised of the situation.

DIVISION DIRECTOR'S ADMINISTRATIVE AND SUBCOMMITTEE REPORTS

Following the close of the November 2012 retirement payroll, the Division processed 114 new retirees (98 normal, 16 disabilities) to payroll for November. Finalizations for the month were 91. We had directed resources to complete the ARP to Hybrid transfers for the months of October and November and the current backlog of unfinalized retirement records is approximately 13,004. We have now completed the back log of the ARP to Hybrid transfers so resources have been directed back to the finalizations.

We have received 266 requests to transfer from the ARP to Hybrid and 7 have requested a waiver. There are 9 new retirees that have been placed on the November payroll, for a total of 27 Hybrid retirees which are being finalized at the same time.

Pending Disability Applications as of August 31, 2012

Applications not reviewed: 122
Applications awaiting for documentation: 199
Applications Scheduled : 88
Total Pending: 409

FOR THE MONTH OF November

Number of Applications Received 21
Number of Applications on Agenda 27
Number of Applications Approved 11

At the present time, we are reviewing July 2012 cases. The next available meeting for scheduling is February 2013.

NEW MATTERS

1.REQUEST COMMISSION APPROVAL OF THE October 18, 2012
MINUTES Mr. Luciano moved, seconded by Ms. Brown-Brewton to approve the Minutes of October 18, 2012 as amended. All voted in favor

Unanimous Decision

2.REQUEST COMMISSION APPROVAL OF THE STATE EMPLOYEES RETIREMENT COMMISSION CHAIRMAN'S PER DIEM EXPENSES REIMBURSEMENT Mr. Luciano moved, seconded by Mr. Greatorex to approve the State Employees Retirement Commission Chairman's Per Diem expenses reimbursement. All voted in favor

Unanimous Decision

3.REQUEST COMMISSION APPROVAL OF THE STATE EMPLOYEES RETIREMENT SYSTEM SERVICE RETIREMENTS FOR THE MONTH OF OCTOBER 2012 Mr. Luciano moved, seconded by Ms. Brown-Brewton to approve the State Employees Retirement System Service Retirements for the month of October, 2012. All voted in favor

Unanimous Decision

4.REQUEST COMMISSION APPROVAL OF THE STATE EMPLOYEES RETIREMENT SYSTEM DISABILITY RETIREMENTS FOR THE MONTH OF OCTOBER 2012 Mr. Luciano moved, seconded by Brown Brewton to approve the State Employees Retirement System Disability Retirements for the month of October, 2012. All voted in favor

Unanimous Decision

5.REQUEST COMMISSION APPROVAL OF THE VOLUNTARY PENDING
DISABILITY RETIREMENTS FOR THE MONTH OF OCTOBER 2012 Mr. Luciano moved, seconded by Mr. Poulin to approve the Voluntary Pending Disability retirements for the month of October 2012. All voted in favor

Unanimous Decision

6.REQUEST COMMISSION APPROVAL OF THE STATE EMPLOYEES RETIREMENT SYSTEM RETROACTIVE RETIREMENTS FOR THE MONTH OF OCTOBER 2012 Mr. Luciano moved, seconded by Mr. Poulin to approve the State Employee Retirement System Retroactive retirements for the month of October 2012.
All voted in favor

Unanimous Decision

7.REQUEST COMMISSION APPROVAL OF THE MUNICIPAL EMPLOYEE RETIREMENT SYSTEM RETIREMENTS Mr. Luciano moved, seconded by Mr. Poulin to approve the Municipal Employee Retirement System retirements. All voted in favor

Unanimous Decision

8.REQUEST COMMISSION ACCEPTANCE OF RECOMMENDATIONS OF THE MEDICAL EXAMINING BOARD FROM ITS MEETING OF OCTOBER 19, 2012 RELATIVE TO APPLICATIONS FOR DISABILITY RETIREMENT RECEIVED FROM THE MUNICIPAL EMPLOYEES RETIREMENT SYSTEM Mr. Luciano moved, seconded by Ms. Brown-Brewton to accept the recommendations of the Medical Examining Board from it's meeting on October 19, 2012 relative to applications for Disability Retirement received from the Municipal Employees Retirement System. All voted in favor

Unanimous Decision

9.REQUEST COMMISSION APPROVAL OF THE JUDGES, FAMILY SUPPORT MAGISTRATES AND COMPENSATION COMMISSIONERS RETIREMENT SYSTEM RETIREMENTS Mr. Luciano moved, seconded by Ms. Brown-Brewton to approve of the Judges, Family Support Magistrates and Compensation Commissioners Retirement System Retirements. All voted in favor

Unanimous Decision

10. REQUEST COMMISSION APPROVAL OF THE STATE EMPLOYEES RETIREMENT COMMISSION MANAGEMENT TRUSTEE'S PER DIEM AND TRAVEL EXPENSES REIMBURSEMENTS FOR THE MONTH OF OCTOBER 2012 Mr. Luciano moved, seconded by Ms. Brown-Brewton to approve the State Employees Retirement Commission Management Trusteess' Per Diem and Travel Expenses reimbursements for the month of October 2012. All voted in favor, Mr. Baus abstained

Majority Decision

11.REQUEST COMMISSION APPROVAL OF THE STATE EMPLOYEES RETIREMENT COMMISSION UNION TRUSTEE'S PER DIEM AND TRAVEL EXPENSES REIMBURSEMENTS FOR THE MONTH OF OCTOBER 2012 Mr. Luciano moved, seconded by Mr. Greatorex to approve the State Employees Retirement Commission Trustees' Per Diem and Travel Expenses reimbursements for the month of October 2012. All voted in favor, Mr. Poulin abstained

Majority Decision

ITEMS 12 - 19 FOR REVIEW ONLY

12.REQUEST COMMISSION REVIEW OF THE RETIREMENT SERVICES GENERAL ASSEMBLY PENSION FUND STATEMENT OF OPERATIONS FOR FISCAL YEAR ENDING JUNE 30, 2012

13.REQUEST COMMISSION REVIEW OF THE RETIREMENT SERVICES GENERAL ASSEMBLY PENSION FUND STATEMENT OF OPERATIONS FOR FISCAL YEAR ENDING JUNE 30, 2012

14.REQUEST COMMISSION REVIEW OF THE RETIREMENT SERVICES PUBLIC DEFENDERS' RETIREMENT FUND BALANCE SHEET AS OF JUNE 30, 2012.

15.REQUEST COMMISSION REVIEW OF THE RETIREMENT SERVICES PUBLIC DEFENDERS' RETIREMENT FUND STATEMENT OF OPERATIONS FOR THE FISCAL YEAR ENDING JUNE 30, 2012.

16.REQUEST COMMISSION REVIEW OF THE RETIREMENT SERVICES PROBATE JUDGES' AND EMPLOYEES RETIREMENT FUND BALANCE SHEET AS OF JUNE 30, 2012.

17.REQUEST COMMISSION REVIEW OF THE RETIREMENT SERVICES PROBATE JUDGES' AND EMPLOYEES RETIRMENT FUND STATEMENT OF OPERATIONS FOR FISCAL YEAR ENDING JUNE 30, 2012.

18.REQUEST COMMISSION REVIEW OF THE RETIREMENT SERVICES STATE ATTORNEYS' RETIRMENT FUND BALANCE SHEET AS OF JUNE 30, 2012.

19.REQUEST COMMISSION REVIEW OF THE RETIREMENT SERVICES STATE ATTORNEYS' RETIREMENT FUND STATEMENT OF OPERATIONS FOR THE FISCAL YEAR ENDING JUNE 30, 2012

20.REQUEST COMMISSION ACCEPTANCE OF THE ACTUARIAL VALUATION OF THE CONNECTICUT JUDGES, FAMILY SUPPORT MAGISTARATES AND COMPENSATION COMMISSIONERS' RETIREMENT SYSTEM PREPARED AS OF JUNE 30, 2012 Mr. Poulin moved, seconded by Mr. Baus to accept the Actuarial Valuation of the Connecticut Judges, Family Support Magistrates and Compensation Commissioners' Retirement System. All voted in favor

Unanimous Decision

21.REQUEST COMMISISON ACCEPTANCE OF THE ACTUARIAL VALUATION OF THE CONNECTICUT STATE EMPLOYEES RETIREMENT SYSTEM PREPARED AS OF JUNE 30, 2012 Mr. Baus moved, seconded by Mr. Poulin to accept the Actuarial Valuation of the Connecticut State Employees Retirement System prepared as of June 30, 2012. All voted in favor

Unanimous Decision

22.REQUEST COMMISSION REVIEW AND COMMENT ON ATTORNEY GENERAL'S OPINION REQUEST BY THE RETIREMENT COMMISSION AND RELEASED ON NOVEMBER 2, 2012. After discussion Mr. Luciano moved, seconded by Ms. Brown-Brewton to review the Attorney General's opinion of November 2, 2012.
All voted in favor

Unanimous Decision

AT 10:20 Mr. Greatorex moved, seconded by Mr. Poulin to go into Executive Session for Items 23, 24 and 25. All voted in favor.

23.DRAFT PROPOSAL CONCERNING AMENDMENT OF CONTRACT FROM THE INVESTMENT SUBCOMMITTEE Brenda Halpin, Mr. Landry, Dr. Woodruff and Peggy Haering were asked to attend the Executive Session for purposes of providing information/input for this item.

24.LETTER TO THE RETIREMENT COMMISSION TRUSTEES FROM STATE COMPTROLLER KEVIN LEMBO REGARDING LEGAL MATTERS CONCERNING THE RETIREMENT COMMISSION Brenda Halpin and Mr. Landry were asked to stay for this item.

25.TELEPHONE CONFERENCE WITH ICE MILLER,LLP REGARDING PENDING LEGAL MATTERS Brenda Halpin was asked to stay, Mr. Landry left the meeting.

AT 12 NOON Mr. Poulin moved, seconded by Ms. Brown-Brewton to come out of Executive Session. All voted in favor

Mr. Cosgrove moved, seconded by Mr. Culley to extend the ING contract until June 30, 2015. All voted in favor

Unanimous Decision

ADJOURNMENT

At 12:04 Mr. Baus moved, seconded by Mr. Poulin to adjourn. All voted in favor

___________________________ ______________________
Brenda K. Halpin, Director Peter R. Blum, Chairman

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