741 Colonel Ledyard Highway

Ledyard, Connecticut 06339

TOWN OF LEDYARD

Retirement Board

Meeting Minutes

Chairman

John Rodolico

Regular Meeting

Tuesday, December 16, 2025

10:00 AM

Council Chambers - Hybrid Format

CALL TO ORDER

ROLL CALL

II.

Board Member William Thorne

Chairperson John Rodolico

Present

Board Member Roger Codding

Board Member Sharon Wadecki

Excused

Staff Present:

Christine Dias, Human Resource Director

Matt Bonin, Finance Director

Ian Stammel, Assistant Finance Director

Christina Hostetler, Town Hall Assistant

Staff Excused:

Mayor Fred Allyn III

William Thorne was present via Zoom.

III.

PRESENTATIONS

Chris Rowlins, Fiducient Advisors will be discussing the 2025 third quarter investment review.

Chris Rowlins, Fiducient Advisors, started the presentation by saying that Ledyard is in very

good shape. Mr. Rowlins said across Connecticut the trend in the last ten years has been for

discount rates to come down. The average was 6.43% for FY2024. The trends in funded ratio

decreased slightly with an average of 74.3%. Mr. Rowlins said that Ledyard is well above other

plans in Connecticut demonstrating healthier funded status than most of the other 200+

municipal plans in the State.

Fixed incomes produced positive returns for the quarter. There was a rate cut by the Feds, the

first cut since December 2024, becasue of weakness in the labor market. Fixed income in general

was up approximately 2% and YTD about 6.1%. Fixed income provided the important return

profile and served to offset some of the inherent volatility with equity.

Given the rate cuts, small caps finally outperformed and were up about 12.5%. There were

strong numbers in the International Markets. Emerging markets were up 10.6%. The YTD for

International was up 25% and Emerging was up 27.5%, this is twice the return profile than

experienced in previous YTD. There are several factors contributing to more attractive

valuations in the International Markets vs. U.S. Markets such as a weakened US dollar, tariffs

and policies of the current administration.

Mr. Rowlins said the Town has a modest allocation of real assets in the portfolio, which were up

3.5% for the quarter and 11.5% YTD.

Overtime quality investments win but in periods of large market rally jumps to unprofitable

areas in the market increased for short term "catch up", this behavior was demonstrated in 2025

after "liberation day".

This was the second worst quarter for average small value funds since 2001.

The total asset allocations were $33,335,583. Approximately 2% is in cash for benefit payments.

Mr. Rowlins reported a very high credit quality in fixed income portfolio, which is 40%. PGIM

has a bit more flexibility, Black Rock is a bit more unconstrained and has been a great addition

to the portfolio.

Domestic equity has been anchored by the S&P 500. The portfolio includes Touchstone,

Neuberger Berman, and for small caps William Blair and Hood River.

There was approximately $1.6 million in gains for the quarter and YTD $3.6 million in gains.

Mr. Rowlins reported that the first quarter of the fiscal year was off to a great start with about a

5% return.

William Blair was put on a watch status because of pending retirements; no action is necessary

at this time. If the status changes to a downgrade to terminate a flash memo will be provided and

recommendations of a new investment strategy will be made.

November Flash -

Mr. Rowlins reported solid results from Fixed income. Interest rates have come down. S&P was

up 20 basis points and the Dow which is more cyclical was up 50 basis points. NASDAQ and

Russell 1000 growth, Russell Mid Cap and Russell Small Cap were all down, demonstrating a

rotation away from rich stocks. Overall, there were positive results for the new fiscal year.

Chairman Rodolico thanked Mr. Rowlins for his time.

IV.

REVIEW AND APPROVAL OF MINUTES

Motion to APPROVE Regular Meeting Minutes from November 18, 2025, as written.

APPROVED AND SO DECLARED

Roger Codding

RESULT:

MOVER:

Roger Codding

SECONDER:

Thorne Rodolico Codding

Wadecki

AYE

EXCUSED

DIRECTOR OF HUMAN RESOURCES UPDATE

Director of Human Resources Update.

Christine Dias, Director of Human Resources reported that there will be an upcoming

application in January for a February 1st, retirement from the Board of Education and another

from a Police Officer who is wrapping up his terminal leave.

DISCUSSED

RESULT:

VI.

FINANCE DIRECTOR'S REPORT

Finance Director’s Report.

Matt Bonin, Finance Director, said there was nothing to report.

VII. OLD BUSINESS

Retirement Plan for Full-Time Employees of the Town of Ledyard (Defined Benefit Plan)

revision update.

Mr. Thorne said that he, along with Mr. Codding and Ms. Dias, went through the Defined

Benefit Plan document and scrubbed it well. Most of the comments now are editorial. They

agreed to move the comments regarding individual contracts into the appendix. Mr. Thorne sent

the draft to Virginia McGarrity, Robinson and Cole. Ms. McGarrity said she will not be able to

perform a review until after the new year due to her workload.

DISCUSSED

RESULT:

Any Other Old Business to come before the Board.

Mr. Thorne said the ordinance that establishes the Retirement Board mentions a non-voting

ex-officio member who is an employee of the Town and member of the plan. Mr. Thorne asked

Ian Stammel, Assistant Finance Director, if that was his role. It was answered no, because he is

not a member of the plan. The Defined Benefit Plan will be adjusted to mimic the ordinance. Mr.

Stammel said the way the role was explained to him was if anyone had a concern or question

about retirement, they could talk to him, and he would bring it to the Board on their behalf. Mr.

Thorne said the Board can ask if anyone if interested in the non-voting ex-officio member role.

Ms. Dias said she will coordinate with Roxanne Maher, Administrative Assistant to the Ledyard

Town Council to send letters to the current members of the plan.

Mr. Bonin said the Board has been assigned a Liaison. Chairman Rodolico added that the

Liaison is Tim Ryan and he sent him a welcome message but has not heard back from him yet.

DISCUSSED

VIII. NEW BUSINESS

RESULT:

Election of Officers.

Motion to ELECT John Rodolico as Chairperson.

RESULT:

MOVER:

APPROVED AND SO DECLARED

William Thorne

SECONDER: Roger Codding

AYE:

EXCUSED:

Thorne Rodolico Codding

Wadecki

Motion to ELECT Sharon Wadecki as Vice-Chairperson.

APPROVED AND SO DECLARED

John Rodolico

RESULT:

MOVER:

Roger Codding

SECONDER:

Thorne Rodolico Codding

Wadecki

AYE

EXCUSED

Motion to APPROVE payment of Fiducient Advisors invoice #609_12312025, dated December

9, 2025, in the amount of $13,235.14, for annual consulting costs for the Town of Ledyard

Defined Benefit Pension Plan for billing period October 1, 2025, to December 31, 2025.

APPROVED AND SO DECLARED

John Rodolico

RESULT:

MOVER:

Roger Codding

SECONDER:

Thorne Rodolico Codding

Wadecki

AYE

EXCUSED

Any Other New Business to come before the Board.

Mr. Thorne said the WPCA should be contributing between $10,000 - $12,000 for their

employees but they don't contribute anything, yet the Board pays their annual $400 pension

liability fee. Chairman Rodolico thought Mayor Allyn III would be the best person to speak to

about this issue.

DISCUSSED

RESULT:

IX.

ADJOURNMENT

Motion to ADJOURN the Regular Meeting at 10:49 a.m.

APPROVED AND SO DECLARED

Roger Codding

RESULT:

MOVER:

John Rodolico

SECONDER:

Thorne Rodolico Codding

Wadecki

AYE

EXCUSED