MINUTES OF MEETING
STATE EMPLOYEE RETIREMENT COMMISSION
ACTUARIAL SUBCOMMITTEE

January 5, 2012

MEMBERS PARTICIPATING
Robert Baus
Charles Casella
Claude Poulin
Steve Greatorex
Richard Cosgrove

Absent - Linda Yelmini

OTHER PARTICPANTS
Brenda Halpin, Director, Retirement Services Division
Jeanne Kopek, Assistant Director Retirement Services Division
Greg Franklin, Office of the State Treasurer
Tom Cavanaugh, Cavanaugh Macdonald Consulting, LLC
John Garrett, Cavanaugh Macdonald Consulting, LLC

The meeting began at approximately 2:10 p.m.

Mr. Cavanaugh began by presenting the updates to the annual required employer contribution calculations for fiscal years ending 2012 and 2013 as contained in the June 30, 2010 valuation. The update to the valuation results was requested due to the changes contained in the SEBAC 2011 Agreement.

Following lengthy and detailed discussion concerning contributions and the funded liability the following motion was made by Mr. Poulin: that the subcommittee conditionally accept the report with changes to be made to paragraph three, Section IV - Comments on Valuation by close of business January 6, 2012 and if all are agreeable to recommend to the Retirement Commission approval of the final report. Mr. Greatorex seconded the motion. Mr. Cosgrove, Mr. Greatorex and Mr. Baus approved. Mr. Casella voted "No".

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