MINUTES OF MEETING
STATE EMPLOYEE RETIREMENT COMMISSION
June 19, 2013
Richard Cosgrove, Jr.
Philip Bonanno (via teleconference)
The meeting began at approximately at 2.00 p.m. to discuss the experience
study report for the five year period ending 06/30/2012. There were
recommendations made by Robert Baus and Claude Poulin regarding General
Employees and Police & Fire. The recommendations are as follow:
1. Reduce the rates of service retirement at certain ages to better reflect actual occurrences.
2. Reduce the rates of male and female withdrawal at certain ages to better reflect actual occurrences.
recommendation in the report was to leave the rates unchanged due to a presumed effect of the 2009 financial crisis on retirement and withdrawals, but the subcommittee wanted the change.
Police & Fire:
1. Reduction in service retirement and withdrawal rates, similar to the
General employee changes.
2. Remove the 1-year set back from the proposed post-retirement mortality table for healthy females.
Charles Cassella asked the question about sources for the notification in case of the death of the employee of CMERS participant. Kishore Solanki replied that the division gets notification from the towns, family members, lawyers. We also check social security records.
Mr. Bob Baus requested a revised copy with all requested changes be mailed to him.
The meeting adjourned at approximately 03.15 p.m.
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