FINANCIAL BUSINESS REQUEST (FBR)
Motion/Request:
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MOTION to approve a proposed "Amendment 2025-1 to the Retirement Plan for Full-Time Employees of the Town of Ledyard” pertaining to Section 5.06 (Suspension of Benefits) as presented by the Retirement Board in the draft dated December 17, 2024.
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Background:
Retirement Board December 17, 2024 Meeting: The Retirement Board approved to recommend the Town Council approve an Amendment 2025-1 to the Retirement Plan for Full-Time Employees of the Town of Ledyard” pertaining to Section 5.06 (Suspension of Benefits) which provided clarification to Amendment 2015-1. (see attached)
Amendment 2025-1 would allow town employees who have retired and have begun collecting their retirement benefits from the town and later returns to employment with the town in the same department. The proposed Plan Amendment 2025-1 (DB Plan) would allow the employee to continue to collect his/her retirement benefit without disruption. former employees to the Document to allow for employees to retire and to return to employment with the Town.
Town Council October 14, 2025 Meeting: The Town Council adopted Amendment 2015-1 to the Retirement Plan for Full-Time Employees of the Town of Ledyard” pertaining to Section 5.06 (Suspension of Benefits.
The proposed amendment was drafted to address town employees who have retired and have begun collecting their retirement benefits from the town and later returns to employment with the town in a different department. The proposed Plan Amendment 2015-1 (DB Plan) would allow the employee to continue to collect his/her retirement benefit without disruption. However, the employee would not be allowed to contribute to any Town pension plan noting that the Defined Benefit Plan was no longer open to new employees.
Department Comment/Recommendation:
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Finance Director Comment/Recommendation:
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Mayor Comment/Recommendation:
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