Friday, March 2, 2001    1st Meeting
Room 316 Capitol

LEGISLATIVE COMMISSION ON PENSIONS AND RETIREMENT

MINUTES

Senator Don Betzold, Vice Chair of the Legislative Commission on Pensions and Retirement, called the meeting to order at 11:15 a.m.

Commission members present:

Representatives Philip Krinkie, Harry Mares, Mary Murphy, Steve Smith and Stephen Wenzel
Senators Don Betzold, Dean Johnson, Lawrence Pogemiller, Dan Stevens, and Roy Terwilliger

Agenda items discussed:

Commission Reorganization

Rep. Mares thanked the previous Commission members and staff, and welcomed new member Senator Dan Stevens and returning member Representative Steve Smith.

a. Election of Chair 2001-2003. Senator Pogemiller nominated Senator Dean E. Johnson for the position of Chair. MOTION PREVAILED. Senator Johnson assumed the chair.

b. Election of Vice Chair 2001-2003. Representative Murphy nominated Representative Mares for the position of Vice Chair. MOTION PREVAILED.

c. Election of Secretary 2001-2003. Representative Mares nominated Representative Murphy for the position of Secretary. MOTION PREVAILED.

d. Discussion of Potential Meeting Days and Times. Senator Johnson announced that a Commission Meeting had been scheduled for March 5, 2001, at 6:00 p.m. in Room 112 Capitol. He also suggested that Commission members keep Monday evenings free for future Commission meetings.

Senator Johnson announced the formation of the Prior Service Credit Purchase Subcommittee to handle the many service credit purchase bills. This subcommittee will consist of one representative from each of the four caucuses, as follows: Senator Don Betzold (chair), Senator Dan Stevens, Representative Mary Murphy, and Representative Steve Smith.

Approval of Prior Meeting Minutes

Senator Betzold moved the approval of the December 6, 2000, minutes. MOTION PREVAILED.

Report on July 1, 2000, Actuarial Valuations

Mr. William Hogan, Milliman & Robertson, Inc., reviewed the Summary of 2000 Actuarial Valuations prepared by the Commission Actuary. The report summarizes the results of the actuarial valuations, with emphasis on changes occurring since the previous year’s valuations, provides commentary on the 2000-2001 funding levels, and summaries of significant plan changes and actuarial assumptions used. Mr. Hogan also provided an additional graph on the actuarial value of assets as a percentage of market value. Mr. Hogan and Mr. Lance Burma, Milliman & Robertson, then fielded questions from members. Mr. Hogan said that he would respond in written form to Representative Krinkie’s question about the differential between age and service regarding separation from service assumptions, and to Senator Stevens question about cost of living increases across plans.

Senator Johnson reminded members of the next Commission meeting on March 5, 2001. The meeting adjourned at 12:07 p.m.