AGENDA REQUEST
GENERAL DISCUSSION ITEM
Subject:
title
Discuss Amendment 2015-1 to the Retirement Plan for Full-Time Employees of the Town of Ledyard continued. Vote and Sign.
end
Background:
From the December 17, 2024, meeting:
Ms. DeGaetano suggested that the amendment is changed to read "re-employed" not "continues employment". Chairman Rodolico and Mayor Allyn III agreed it should read either "re-employed" or "re-hired". Mr. Thorne said he would incorporate this change.
From the November 19, 2024 meeting:
Mr. Thorne told Ms. Daniels that the Town Defined Benefit Plan hasn't been updated since 2012 and asked her if USI could assist the Board with the update. Ms. Daniels answered yes that USI has legal planned document service professionals that restate government and municipal plans often. Ms. Daniels said she would speak with the legal group and have information for the Board during the December meeting. She added that generally plans are restated every 5-10 years. Ms. Daniels said that USI will need the Town's latest Union contracts. Mr. Thorne said he would like to reference the Union plans instead of putting specific information in the Town Plan that needs to be updated each time there is a Union change. Ms. Daniels stated that generally that is how she sees documents written (referencing the Union Plans).
Mr. Thorne recommended changing the table of contents and restating the amendment to the Retirement Plan for Full-Time Employees of the Town of Ledyard as follows:
“If a member continues employment with the Town after reaching his or her Normal Retirement Date, and elects to retire under that plan, any benefits payable to such Member or retire or former Eligible Employee under that Plan shall be paid as prescribed by the plan as if he/she had continued employment with the town”.
Mr. Thorne asked the Board if they would want to allow employees who are retired and re-hired to receive a match to their defined contribution plan. Mr. Stammel said he prefers both retired and non-retired employees to be treated equally and for both groups to receive the match. Mr. Thorne will have the wording ready for the Board to vote on during the December meeting, afterwards it will be recommended to the Town Council.
Department Comment/Recommendation:
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