741 Colonel Ledyard Highway  
Ledyard, Connecticut 06339  
TOWN OF LEDYARD  
Retirement Board  
Meeting Minutes  
Chairman  
John Rodolico  
Regular Meeting  
Tuesday, August 19, 2025  
10:00 AM  
Council Chambers - Hybrid Format  
I.  
CALL TO ORDER  
The Regular Meeting was called to order by Chairman Rodolico at 10:03 a.m.  
II.  
ROLL CALL  
Board Member William Thorne  
Chairperson John Rodolico  
Present  
Board Member Sharon Wadecki  
Board Member Roger Codding  
Excused  
Staff Present:  
Mayor Fred Allyn III  
Christine Dias, Human Resource Director  
Matt Bonin, Finance Director  
Ian Stammel, Assistant Finance Director  
Christina Hostetler, Town Hall Assistant  
III.  
1.  
PRESENTATIONS  
Chris Rowlins, Fiducient Advisors, 2Q report Presentation.  
Chris Rowlins, Fiducient Advisors started the presentation by reminding the Board about the  
Investor Conference which will be held on September 16-17 in Boston.  
The Governance calendar this quarter focuses on fee transparency. Mr. Rowlins spoke about  
Fiducient's institutional pricing, no hidden fees, no upfront sales costs, all costs are  
straightforward.  
Mr. Rowlins said the Town's capital market performance for the quarter and year to date was  
marked with an actuarial gain for the third consecutive year. These gains will continue to serve  
the plan's funded status.  
Fixed income was up 1.2% for the quarter and 4% for the year to date.  
The Feds did not take action on cutting interest rates. Mr. Rowlins said a cut in September may  
be likely, since there is some weakness in the job market and inflation is bit above target  
allowing a bit of wiggle room for a rate cut.  
Most trade policies were pushed out for 90 days.  
Mr. Rowlins reported good corporate earnings over the quarter.  
U.S. equities rallied sharply, particularly large cap which was up 11% for the quarter and 6% for  
the year-to-date basis, mostly the driven by AI mega cap theme.  
Small cap was up 8.5% for the quarter but down 1.8% in the year to date. Small cap struggled in  
a higher interest rate environment and with higher input cost from tariffs. Small cap companies  
can't pass as much of the tariff costs to the consumer as large cap companies can.  
International markets are a clear leader in the market with respect to equities. Developed markets  
such as Eurozone and Japan were up 11.8 % for the quarter. Interest rate cuts by the European  
Central bank, fiscal policies designed to stimulate growth in the Eurozone and the weakening  
U.S. dollar have led to higher returns in the international markets. Year-to-date international  
markets were up 19.4%. Emerging markets such as Latin America, China and India were up 12%  
and 16.3% year-to-date.  
Real Assets were up 3.2% for the quarter and 7.8% for the year to date.  
Mr. Rowlins said the takeaway is that there was a very strong second half of the fiscal year and  
first half of the calendar year which drove up returns.  
Overall performance for the quarter held solid results of 6.3% net which equates to in $1.8  
million in gains and a 10.8% return for the fiscal year which equates to about $3.2 million in  
gains was well above the 6.2% discount rate. The plan's funded status will certainly improve.  
The fixed income portfolio is in good shape.  
All the strategies in the portfolio are on maintain status. No proposed changes.  
IV.  
1.  
REVIEW AND APPROVAL OF MINUTES  
Motion to APPROVE Regular Meeting Minutes from June 17, 2025, as written.  
APPROVED AND SO DECLARED  
Sharon Wadecki  
RESULT:  
MOVER:  
John Rodolico  
SECONDER:  
3
1
Thorne Rodolico Wadecki  
Codding  
AYE  
EXCUSED  
V.  
1.  
DIRECTOR OF HUMAN RESOURCES UPDATE  
Director of Human Resources Update.  
Christine Dias, Human Resource Director, reported the following;  
A 2025 census report was submitted to USI for their end of year calculations. She will send the  
calculations when they are ready.  
Officer McSwain started his terminal leave with the Police Department. He has up to six months  
to use before he retires in February. A calculation for his retirement will be performed soon.  
A potential retirement was requested for a Board of Education Custodian.  
VI.  
1.  
FINANCE DIRECTOR'S REPORT  
Finance Director’s Report.  
Matt Bonin, Finance Director, reported that Frederica Daniels, USI Actuaries is preparing the  
annual audit disclosure.  
VII. OLD BUSINESS  
Retirement Plan for Full-Time Employees of the Town of Ledyard (Defined Benefit Plan)  
1.  
revision update.  
Bill Thorne said he will continue to work on the plan.  
Any Other Old Business to come before the Board.  
None.  
2.  
VIII. NEW BUSINESS  
Motion to APPROVE a monthly retirement benefit for Brian Pepin in the amount of $2,111.08  
1.  
as of August 1, 2025, payable in the form of 50% Joint & Survivor Annuity, based on his service  
and earnings through this retirement date.  
Chairman Rodolico asked what department Mr.Pepin was in. Mayor Fred Allyn III answered the  
Fire department since 2006.  
APPROVED AND SO DECLARED  
John Rodolico  
RESULT:  
MOVER:  
Sharon Wadecki  
SECONDER:  
3
1
Thorne Rodolico Wadecki  
Codding  
AYE  
EXCUSED  
Motion to APPROVE payment of USI invoice #90111492, dated June 30, 2025, in the amount  
of $8,750, for 50% of the actuarial services for the 2025 Plan Year.  
2.  
APPROVED AND SO DECLARED  
John Rodolico  
RESULT:  
MOVER:  
Sharon Wadecki  
SECONDER:  
3
Thorne Rodolico Wadecki  
AYE  
1
Codding  
EXCUSED  
Any Other New Business to come before the Board.  
None.  
3.  
IX.  
ADJOURNMENT  
Motion to ADJOURN the Regular Meeting at 10:35 p.m.  
APPROVED AND SO DECLARED  
Sharon Wadecki  
RESULT:  
MOVER:  
John Rodolico  
SECONDER:  
3
1
Thorne Rodolico Wadecki  
Codding  
AYE  
EXCUSED  
DISCLAIMER: Although we try to be timely and accurate these are not official records of the  
Town.