HomeMy WebLinkAbout2010-08-09 General Employees Pension Board Minutes
MINUTES
GENERAL EMPLOYEES RETIREMENT SYSTEM
BOARD OF TRUSTEES
SPECIAL MEETING
AUGUST 9, 2010
3:30 PM
ROLL CALL:
Myrtle Corbin Present
Walter Duke Present
Patricia Rafacz Present
Leo Williams Excused
Joseph Husosky Present
Marie Jabalee, Administrative
Manager Present
1. Presentation of the 10/1/09 Actuarial Valuation – Mr. Stephen Palmquist.
Mr. Palmquist presented the valuation. He pointed out the need to change
the mortality tables used and suggested lowering the salary and investment
rate of return assumptions to be used in future reports.
Motion by Rafacz, second by Corbin to accept the 10/1/09 valuation Report.
The motion passed unanimously.
Mr. Palmquist will submit his fee for determining the cost effect of making the
above mentioned changes in preparing future reports.
2. Acceptance of the Determination Letter regarding the annual rate of
investment return.
Mr. Palmquist stated that this decision should be made after conferring with
the Board’s Consultant.
Motion by Rafacz, second by Corbin to defer the matter of future investment
assumption to the Consultant, Charles Mulfinger. The motion passed
unanimously.
3. Trustee Concerns
Trustee Rafacz questioned the reason for the presentation by Northwestern
Mutual and The Russell Co at the August 4 meeting. It was generally agreed
that presentations will only be heard after going through the bidding process.
ADJOURN
Adjourn at 4:40 P.M.
_____________________
Secretary