September 21-22, 2011, Pension Commission Meeting

Two-Day Agenda

September 21, 2011, 1:00 p.m. - 5:00 p.m.

1. Call to order.


2. Approval of the May 13, 2011, and May 19, 2011, Commission meeting minutes.
   • May 13, 2011 ‑ Approved
   • May 19, 2011 ‑ Approved


3. Status information and potential issue information.
   • Presentation by the Minnesota retirement system administrators
   • MSRS/PERA/TRA Presentation
   • Commission questions and discussion


4. Status information on statewide retirement plan
   • Presentation by the State Board of Investment
   • SBI Presentation
   • SBI Rate Info
   • Commission questions and discussion


5. Mandated retirement plan design study.
   • Presentation by the Minnesota statewide retirement system administrators
     • Presentation materials
     • Study Report
     • Executive Summary
     • Stakeholder comments
   • Staff Review of the Retirement Plan Design Study


6. Commission interim topic: Potential actuarial assumption changes, especially interest rate actuarial assumption changes.
   • First consideration memo, revised 9/23/2011
   • TRA board position handout


7. Additional issues of potential Commission interest.
   • Comments from interested parties


8. Identification of future Commission interim topics.
   • Commission discussion


9. Recess

September 22, 2011, 9:00 a.m. - 1:00 p.m.

1. Resumed meeting call to order.


2. Update on Commission budget and option for revised actuarial services contract with Milliman. ‑ Contract approved, option #3
   • Staff memo


3. Consideration of demographic actuarial assumption change recommendations in the
   2004-2009 Public Employees Police and Fire Retirement Plan Experience Study. ‑ Assumption changes approved
   • Staff memo
   • Experience Study Report
   • Mercer letter on the impact of the proposed assumption changes


4. Resumed consideration of uncompleted September 21, 2011, agenda items.


5. Other items as designated by the Commission chair.


6. Adjournment.

Persons wishing to testify may contact Lisa Diesslin by e-mail or by calling 651-296-6806 to be added to the public testimony list. Please indicate the agenda item of interest.

If accommodations for the meeting under the Americans With Disabilities Act are needed, please call 651-296-2750 (651-296-9896 for TDD) as far in advance as possible.