RETIREMENT-EMPLOYEE BENEFITS
Motion/Request:
title
Motion to APPROVE payment of death benefit for David Browning's accumulated balance with interest in the amount of $35,485.68 as a cash disbursement.
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Background:
David Browning passed away in April of 2022. The Town was just notified in August 2024.
From the September 17, 2024, meeting:
Chairman Rodolico said this is the first time he has seen a death benefit like this. Mayor Allyn explained that Mr. Browning was employed by Public Works from 1989-2002 and contributed to his retirement. He suddenly passed away in 2022. His wife, Tammy Browning recently reached out to the Town to inquire if Mr. Browning had a retirement plan with Ledyard which he did. Marisa Iannella Rodriguez, the Human Resource Director at the time requested calculations from USI. Mr. Thorne said he is not sure how calculations were performed since he has never seen one of these death benefits before and suggested that the Board gets more details before voting. The Board said the calculation looks completely different than the typical benefit calculation the Board is used to seeing from USI. Mayor Allyn pointed out that there are some next step recommendations from Frederica Daniels, USI Actuaries, such as a finalizing letter, sending it to Ms. Browning, a follow-up phone call to be sure she received the letter and applications, and elections for payment from the plan trust which would be in the form of a check or an EFT. Chairman Rodolico asked Ms. Dias to review the death benefit before moving forward. The motion was withdrawn.
Human Resources Comment/Recommendation:
Attached is the calculation from USI but need to seek approval of payment for David Browning's accumulated balanced with interest to his beneficiary in the amount of $35,485.68.
Christine Dias, Human Resource Director asks the Board to refer to the defined benefit attachment, specifically to the death benefit language on page 21.
Finance Director Comment/Recommend...
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