VERMONT STATE EMPLOYEES’ RETIREMENT SYSTEM
Meeting of the Board of TrusteesOctober 25, 2004
Members present:
WARREN WHITNEY, Chairperson, VSEA member (term expiring September, 2006)RICHARD JOHANNESEN, Governor’s DelegateJEB SPAULDING, Vermont State TreasurerJANICE ABAIR, Retired Vermont State Employees’ AssociationROBERT HOOPER, VSEA member (term expiring September 2006) via the telephoneROB HOFMANN, Commissioner of Finance & Management
Members absent:
CINDY LAWARE, Commissioner of Department of Human ResourcesWILLIAM HARKNESS, VSEA member (term expiring September 2005)
Also attending:
David Driscoll, MellonJoe Healy and Wayne Calderera, Retired Vermont State Employees’ AssociationCynthia Webster, Director of Retirement OperationsThe Chairperson, Warren Whitney, called the meeting to order at 3:20 p.m. on Monday,October 25, 2004, in Room #10 at the State House, Montpelier, Vermont.
ITEM #1
:
Approval of minutes for October 14, 2004On motion of Mr. Johannesen seconded by Mr. Spaulding, it was unanimouslyvoted to approve the minutes of the October 14, 2004, meeting as submitted.ITEM #2
:
Discuss/Act on the FY 2004 Actuarial Valuation Report
Mr. Driscoll provided the results of the actuarial valuation for the period ending June 30,2004.
On motion of Mr. Hooper seconded by Mr. Johannesen, it was unanimously votedto recommend to the Governor a contribution of $18,294,953 (5.20% of payroll) bemade for FY 2006, broken down as $15,794,000 (4.49% of payroll) for the normalcost, and $2,500,953 (.71% of payroll) towards the unfunded liability, and acontribution of $19,118,496 (5.20% of payroll) be made for FY 2007, broken down
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US Treasury: stateMinutes20041025
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