ACTUARIAL SERVICES SUBCOMMITTEE
of the
LEGISLATIVE COMMISSION ON PENSIONS AND RETIREMENT

Senator Don Betzold, Chair of the Subcommittee, called the meeting to order at 9:15 a.m.

Senator Don Betzold and Representatives Mary Murphy and Steve Smith

Senator Dan Stevens

The following persons representing EFI Actuaries presented their proposal and responded to questions from Subcommittee members:

EFI Actuaries representatives responded to questions from Ms. Judith Johnson, Executive Director, MERF, and then excused themselves from the meeting for the presentation by Milliman USA.

The following persons representing Milliman USA presented their proposal and responded to questions from Subcommittee members:

Mr. Eugene Waschbusch, Secretary/Treasurer, StPTRFA, requested that the pension funds continue to be able to use the services of the consulting actuary.

There was a brief recess to invite the representatives from EFI Actuaries back into the room.

Sen. Betzold then called the meeting back to order and outlined the various options for the Subcommittee. He also suggested that although it is not an option at this time, the Commission might wish to consider for the future the possibility of having an in-house actuary.

Rep. Smith commented that it is in the interest of the State to look at a two-year contract, but that he was not ready to make a decision. Rep. Murphy said that she agreed with a two-year contract.

Representatives from the two presenting firms responded to additional questions from members.

Sen. Betzold announce that the Subcommittee would meet again in one to two weeks to make a recommendation, and he directed staff to check references for the two firms.

The meeting adjourned at 12:25 p.m.