October 19-20, 2011, Pension Commission Meeting

Two-Day Agenda

1. Approval of September 21-22, 2011, meeting minutes. ‑ Approved


2. Review of the July 1, 2010, replication actuarial valuations for MSRS-General, PERA-General and MERF.
   • Presentation by Milliman, Inc., Commission reviewing actuary
     • Milliman Presentation of Actuarial Review of 2010 Valuations
   • Request from Mercer regarding decrement timing ‑ Approved
     • Mercer letter


3. Review of the of the remaining July 1, 2010, statewide and major local retirement plan actuarial valuations.
   • Presentation by Milliman, Inc., Commission reviewing actuary
     • Milliman Presentation of Actuarial Review of 2010 Valuations


4. Potential retirement plan design changes: recently established hybrid retirement plans in other states.
   • Commission staff memorandum comparing hybrid benefit plan design elements for recently established hybrid public pension plans
     • Staff materials
   • Presentation by Keith Brainerd, Nat'l Assoc. of State Retirement Administrators (NASRA) ‑ Not heard, rescheduled to November 10


5. Potential revision of interest and other actuarial assumptions.
   • Presentation by Patrice Beckham, FSA, Cavanaugh MacDonald, TRA actuary
     • Cavanaugh MacDonald Presentation
   • Presentation by Tom Stinson, Minnesota State Economist
   • Summary of recent SBI Invest. Adv. Council discussion of the interest rate actuarial assumption by Howard Bicker, SBI Executive Director


6. Retirement accounting changes in recent Governmental Accounting Standards Board exposure drafts.
   • Presentation by Cecile Ferkul, Deputy Legislative Auditor
   • OLA Presentation
   • GASB Plain Language Supplement


7. Potential revision of PERA privatizing government entity retirement coverage law.
   • Presentation by Mary Vanek, PERA
   • PERA Presentation


8. Other Items as Designated by the Commission Chair.

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 you bring handout materials, please be sure to identify the source of the handout (i.e., your name or organization) and the date.

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.