RETIREMENT-EMPLOYEE BENEFITS
Motion/Request:
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Motion to AUTHORIZE payment to Robinson-Cole for up to $5,000 for their assistance in revising the Retirement Plan for Full-Time Employees of the Town of Ledyard (Defined Benefit Plan).
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Background:
The Retirement Board requested an estimate from Robinson & Cole on April 14, 2025. The estimate requested was for review and restatement of the Town’s Retirement Plan for Full Time Employees.
Robinson and Cole replied:
“We estimate this project will cost approximately $3,000 (at an hourly rate of $500). As discussed with Bill, the Plan allows for administrative expenses to be paid by the Trust. My fees to update the Plan to reflect the current union contracts and required regulatory changes are administrative expenses that can be paid by the Trust (much like the fees paid to USI for actuarial services).”
This motion allows for up to $5,000.00 which includes a $2,000 cushion.
Human Resources Comment/Recommendation:
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Finance Director Comment/Recommendation:
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Mayor Comment/Recommendation:
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