TASK
FORCE STRUCTURE & PARTICIPATION
The
Task Force was Co-Chaired by Thomas S. Hamilton, Director of Administration
for the City of Stamford, and Linda R. Savitsky, Director of the Municipal
Finance Services Unit at the Office of Policy and Management.
Mr. Hamilton was appointed Co-Chair by the Speaker of the House of
Representatives. Ms. Savitsky was appointed Co-Chair by the
President Pro Tempore of the Senate.
Task
Force members included municipal officials and representatives from
three state agencies, organized labor, and the investment community.
Staff members of the Municipal Finance Services Unit of the Office
of Policy and Management were designated as staff to the Task Force.
The
Task Force met eight (8) times, between September of 1996 and March
of 1997. At its organizational meeting, members agreed
that the Task Force’s charge, in accordance with statute, would be
the following:
1. Determine and study the funding practices, investment practices and actuarial
valuation methods used to finance municipal retirement systems.
2. Determine and study any state policies having an impact upon the fiscal
integrity of such systems.
3. Research and identify any innovative and fiscally sound practices used
to mitigate unfunded pension liabilities.
4. Issue written report on the findings
of the Task Force, including any State Statutory and administrative
changes recommended to improve the funding practices used to finance
municipal retirement systems in Connecticut.
The
Task Force was in agreement that in order to accomplish its vast amount
of work in a timely manner, the Committee should use the services
of a consultant firm experienced in actuarial work. Milliman
& Robertson, who serve as actuary for the State’s plans and some
of the State’s municipalities, was retained.
There
was a high level of public participation. The Committee felt
it was important to allow for an exchange of ideas among members and
the various groups for whom municipal retirement systems are a major
concern. Staff to the Task Force maintained a mailing list of
approximately fifty (50) interested parties. These included:
rating agencies’ personnel, representatives from the investment and
actuarial communities, Bond Counsel, accountants, representatives
from various municipalities, staff from the Connecticut Conference
of Municipalities, and staff from legislative agencies.
The
recommendations included in the report do not address all of the concerns
and issues raised by individuals representing the various groups.
The majority of findings and recommendations, however, do reflect
a decided consensus of the Task Force.
