Skip to main content Skip to office menu Skip to footer
Capital IconMinnesota Legislature
Legislative Commission on Pensions and Retirement
Pension Commission 2011-2012 Meetings

Pension Commission 2011 to 2012 Meetings

2011 Meetings:  Apr. 8 Apr. 29 May 5 May 11 May 13 May 19 Sep. 21-22 Oct. 19-20 Nov. 9-10
2012 Meetings:  Jan. 31 Feb. 14 Feb. 21 Feb. 28 Mar. 6 Mar. 13 Mar. 20 Jul. 30 Aug. 24

 
 

2011 Meetings

Date/Time Location Agenda/Meeting Materials Multimedia/Minutes
April 8, 2011
12:00 PM		 Room 10, State Office Building Agenda, Materials & Action
  • Election of 2011-2012 Commission Officers
 Audio
Minutes
April 29, 2011
12:00 PM		 Room 10, State Office Building Agenda, Materials & Action
  • Election of 2011-2012 Commission Officers
 Audio
Minutes
May 5, 2011
7:30 PM		 Room 200, State Office Building Agenda, Materials & Action
  • HF 81 (Rukavina); SF 1398 (Tomassoni): PERA; Purchase of service and salary credit authorized for certain former employees of Babbit and Buhl for eligible unreported employment.
  • HF 476 (Kelly); SF 176 (Howe): PERA; Red Wing Port Authority employees included and retroactive retirement coverage validated.
  • HF 1338 (McFarlane); SF 1113 (Chamberlain): White Bear Lake Volunteer Fire Department Relief Association; Use of special actuarial work authorized in determining the 2009 and 2010 special fund financial requirements and minimum municipal obligations.
  • HF 1415 (Melin); SF 1129 (Tomassoni): Police and fire plans; Relief associations extension provided for submitting reports.
  • HF 1528 (Morrow); SF 1277 (Sheran): MSRS; Increased annuity provided for surviving spouse and dependent children of employee killed while engaged in emergency response to flooding.
  • HF xxxx; SF 1252 (Olson, G.): TRA; Independent school district #270, Hopkins; part time teacher participant salary credit purchase authorization.
 Audio
Minutes
May 11, 2011
6:30 PM		 Room 10, State Office Building Agenda, Materials & Action
  • H.F. 409 (Poppe); S.F. xxxx: IRAP/TRA; MnSCU employee retirement coverage specified, and employer required to provide certain notices.
  • H.F. 1354 (Lesch); S.F. 1088 (Pappas): SPTRFA; Postretirement adjustment procedures revised, refund interest rate reduced, interest payments on reemployed annuitant savings accounts terminated, and deferred annuity augmentation rate lowered.
  • H.F. 1628 (Murphy, M.); S.F. xxxx: DTRFA; Definition for vesting added, and leave of absence, retirement, survivor, and disability benefits eligibility modified.
  • H.F. 1668 (Murphy, M.); S.F. xxxx: PERA; Duluth and Duluth Airport Authority optional correction of erroneous employee deductions and employer contributions.
  • H.F. 1528 (Morrow); S.F. 1277 (Sheran): MSRS; Increased annuity for survivors of DOT employee killed while engaged in emergency response to flooding.
  • H.F. 1647 (Lanning); S.F. 1369 (Rosen): Major plans; Statutory salary scale and payroll growth actuarial assumptions revisions.
 Audio
Minutes
May 13, 2011
15 minutes after the last body adjourns		 Room 10, State Office Building Agenda, Materials & Action
  • Final action on proposed legislation laid over for possible inclusion in the 2011 Omnibus Retirement Bill.
 Audio
Minutes
May 19, 2011
12:00 PM		 Room 15, State Capitol Building Agenda, Materials & Action
  • LCPR11-12A: Minneapolis Firefighters Relief Association and Minneapolis Police Relief Association; Voluntary consolidation with PERA-P&F.
 Audio
Minutes
September 21, 2011, 1:00 PM
September 22, 2011, 9:00 AM		 Room 5, State Office Building Agenda, Materials & Action
September 21:
  • Status information and potential issue information.
    - Presentation by the Minnesota retirement system administrators
  • Status information on statewide retirement plan investments
    - Presentation by the State Board of Investment
  • Mandated retirement plan design study.
    - Presentation by the Minnesota statewide retirement system administrators
    - Comments and additional information from stakeholders and other interested parties
  • Commission interim topic: Potential actuarial assumption changes, especially interest rate actuarial assumption changes.
    - Comments and additional information from the Minnesota statewide retirement system administrators
    - Comments and additional information from other interested parties
  • Additional issues of potential Commission interest.
  • Identification of future Commission interim topics.
September 22:
  • Update on Commission budget and option for revised actuarial services contract with Milliman.
  • Consideration of demographic actuarial assumption change recommendations in the 2004-2009 Public Employees Police and Fire Retirement Plan Experience Study.
  • Resumed consideration of uncompleted September 21, 2011, agenda items.
 9/21 Audio
9/22 Audio
Minutes
October 19, 2011, 1:00 PM
October 20, 2011, 9:00 AM		 Room 5, State Office Building Agenda, Materials & Action
  • Review of the July 1, 2010, replication actuarial valuations for MSRS-General, PERA-General and MERF.
    - Request from Mercer regarding decrement timing
  • Review of the of the remaining July 1, 2010, statewide and major local retirement plan actuarial valuations.
  • Potential retirement plan design changes: recently established hybrid retirement plans in other states. - rescheduled to 11/10
  • Potential revision of interest and other actuarial assumptions.
  • Retirement accounting changes in recent Governmental Accounting Standards Board exposure drafts.
  • Potential revision of PERA privatizing government entity retirement coverage law.
 10/19 Audio
10/20 Audio
Minutes
November 9, 2011, 11:00 AM
November 10, 2011, 9:00 AM		 Room 5, State Office Building Agenda, Materials & Action
  • Interest rate actuarial assumption.
    a. Summary of Vermont select & ultimate interest rate assumption.
    b. TRA/DTRFA select & ultimate interest rate assumption options
    c. Post-retirement adjustment mechanism and retirement plan funding ratio.
  • Salary scale actuarial assumption and payroll growth actuarial assumption.
    - Dr. Tom Stinson, Minnesota State Economist
  • Hybrid retirement plan design.
    a. Nebraska Cash Balance Retirement Plan.
    b. Recent plan design changes in other states.
    - Keith Brainard, Research Director, Nat'l Assoc. of State Retirement Administrators (NASRA)
  • Roth IRA option.
  • Mortality table assumptions currently in force.
  • Current retirement plan experience study requirements.
  • Minnesota actuarial value of assets and GASB Statement 25/27 exposure drafts.
  • Retirement bills remaining from the 2011 Legislative Session.
  • Approval to proceed with experience studies for MSRS-Correctional, State Patrol Plan, Judges Retirement Plan, PERA-Correctional, DTRFA, and SPTRFA.
 11/9 Audio
11/10 Audio
Minutes

2012 Meetings

Date/Time Location Agenda/Meeting Materials Multimedia/Minutes
January 31, 2012
5:00 PM		 Room 5, State Office Building Agenda, Materials & Action
  • H.F. 1555 (Murphy, M.); S.F. 927 (Rosen): Minnesota public pension plan investment authority provisions revised.
  • H.F. 1167 (Smith); S.F. 1182 (Rosen): PERA privatizations; Adding Cedarview Care Center and Traverse Care Center to the list of privatized facilities covered by Chapter 353F.
  • H.F. 1759 (Smith, by request); S.F. 1181 (Rosen): PERA privatizations; Decreasing augmentation rates applicable to new privatizations.
  • H.F. 215 (Rukavina); S.F. 106 (Tomassoni): Consolidation of the Virginia Fire Department Relief Association into PERA-P&F.
  • H.F. 2028 (Gunther); S.F. xxxx (Rosen): Total consolidation of the Fairmont Police Relief Association into PERA-P&F.
  • H.F. 2005 (Kahn); S.F. 1604 (Dibble): Former Minneapolis Police Relief Association; providing for successor custodian for transferred health insurance account assets.
 Audio
Minutes
February 14, 2012
5:00 PM		 Room 5, State Office Building Agenda, Materials & Action
  • H.F. 1507 (Banaian); S.F. xxxx: MN public plans; Interest rate actuarial assumption revisions.
  • H.F. 2168 (Lanning); S.F. xxxx: MN public plans; Interest rate, salary scale, and payroll growth actuarial assumption revisions.
  • a. H.F. 2179 (Kiffmeyer); S.F. xxxx: MN public plans; MSRS-Unclassified program coverage required for overtime salary.
    b. Options relating to the potential establishment of a hybrid retirement plan.
Audio
Minutes
February 21, 2012
5:00 PM		 Room 5, State Office Building Agenda, Materials & Action
  • H.F. 215 (Rukavina); S.F. 106 (Tomassoni): PERA-P&F; Merger of Virginia Fire Department consolidation account.
  • H.F. 1555 (Murphy, M.); S.F. 927 (Rosen): Various pension funds; State Auditor's Investment Authority Working Group recommendations.
  • H.F. 1626 (Murphy, M.); S.F. 1367 (Daley): MSRS-Unclassified; Coverage transfer provision clarified.
  • H.F. 1987 (Lanning); S.F. 1692 (Rosen): TRA; Administrative provisions.
  • H.F. 2265 (Lanning); S.F. 1890 (Rosen): MSRS health care savings plan administrative provisions.
  • H.F. 2266 (Lanning); S.F. 1891 (Rosen): PERA administrative provisions.
  • H.F. 2360 (O'Driscoll); S.F. xxxx: PERA; Membership salary threshold increased.
  • H.F. 2199 (Murphy, M.); S.F. 1808 (Rosen): MSRS-Correctional; Dept. of Human Services plan coverage change recommendations.
  • H.F. 2411 (Lanning); S.F. xxxx: Teacher plans; Deferred annuity augmentation rates for pre-2010 deferred retirees.
 Audio
Minutes
February 28, 2012
5:00 PM		 Room 5, State Office Building Agenda, Materials & Action
  • H.F. 1168 (Smith); S.F. 854 (Bakk): PERA-SVFP; Additional municipal/independent nonprofit firefighting corporation contribution authority.
  • H.F. 1377 (Murphy, M.); S.F. 1114 (Reinert): PERA; Coverage for Seaway Port Authority of Duluth employees; purchase of prior service credit.
  • H.F. 1539 (Poppe); S.F. 1295 (Sparks): TRA/MnSCU; MnSCU faculty member prospective and retroactive TRA coverage election.
  • H.F. 1627 (Murphy, M.); S.F. 1475 (Stumpf): PERA; Service credit purchase; uncredited Crookston Township public employment.
  • H.F. 1554 (Murphy, M.); S.F. 928 (Rosen): State Auditor's 2011 volunteer fire relief association working group recommendations.
  • H.F. 2391 (Murphy, M.); S.F. 1952 (Rosen): State Auditor's 2012 volunteer fire relief association working group recommendations.
 Audio
Minutes
March 6, 2012
5:00 PM		 Room 5, State Office Building Agenda, Materials & Action
  • Review and consideration of the 2012 Omnibus Retirement Bill.
 Audio
Minutes
March 13, 2012
5:00 PM		 Room 5, State Office Building Agenda, Materials & Action
  • Final review and final action on the 2012 Omnibus Retirement Bill.
 Audio
Minutes
March 20, 2012
5:00 PM		 Room 5, State Office Building Agenda, Materials & Action
  • Review of Art. 1, Sec. 2 of amendment H2199-54A (2012 Omnibus Retirement Bill); Pre‑ and post-retirement interest rate actuarial assumptions.
 Audio
Minutes
July 30, 2012
11:00 AM		 Room 5, State Office Building Agenda, Materials & Action
  • Consideration of proposed demographic actuarial assumption changes.
    1. St. Paul Teachers Retirement Fund Association(mortality, retirement age, disablement, termination, Combined Service Annuity loading, deferred annuity commencement)
    2. PERA-Correctional (mortality, retirement age, disablement, annuity form, termination)
    3. MSRS-Correctional (mortality, retirement age, disablement, annuity form, termination)
    4. State Patrol Plan (mortality, retirement age, disablement, marital status, beneficiary age, annuity form, termination)
    5. Judges Plan (mortality, retirement age, disablement, Combined Service Annuity loading)
    6. Legislators Plan (mortality, retirement age)
    7. Elective State Officers Plan (mortality)
    8. Duluth Teachers Retirement Fund Association (mortality, retirement age, termination)
  • Consideration of reports from the Commission reviewing actuary, Milliman, Inc.
    1. Review of the July 1, 2011, replication actuarial valuation of TRA
    2. Review of the July 1, 2011, actuarial valuations of the other statewide and major local defined benefit retirement plans
  • Update on the eligibility of Minneapolis and Fairmont for amortization state aid and supplemental amortization state aid following retirement plan mergers.
 Audio
Minutes
August 24, 2012
12:00 PM		 Room 5, State Office Building Agenda, Materials & Action
  • Consideration of salary increase actuarial assumption change proposals; Duluth Teachers Retirement Fund Association, St. Paul Teachers Retirement Fund Association.
 Audio
Minutes