741 Colonel Ledyard Highway  
Ledyard, Connecticut 06339  
TOWN OF LEDYARD  
Retirement Board  
Meeting Minutes  
Chairman  
John Rodolico  
Regular Meeting  
Tuesday, May 19, 2026  
10:00 AM  
Council Chambers - Hybrid Format  
I.  
CALL TO ORDER  
The Regular Meeting was called to order by Chairman Rodolico at 10:00 a.m. Chairman  
Rodolico stared the meeting by introducing David Gruszkowski to the Board. Mr. Gruszkowski  
will be appointed to the Retirement Board at the next Town Council Meeting on May 27, 20926.  
II.  
ROLL CALL  
Board Member William Thorne  
Present  
Chairperson/Market Manager John Rodolico  
Board Member Roger Codding  
Board Member Sharon Wadecki  
Also in attendance via Zoom was Chris Rowlins, Fiducient Advisors.  
Staff Present:  
Mayor Fred Allyn III  
Christine Dias, Human Resource Director  
Ian Stammel, Assistant Finance Director  
Christina Hostetler, Town Hall Assistant  
Staff Excused:  
Matt Bonin, Finance Director  
III.  
1.  
PRESENTATIONS  
Chris Rowlins, Fiducient Advisors, will be discussing the 2026 First Quarter Investment  
Review.  
Chris Rowlins, Fiducient Advisors started the first quarter review by saying the portfolio has a  
very good cushion built in to stand a bit of volatility. This marks the fourth consecutive fiscal  
year of actuarial gains ultimately improving the plan's funded status.  
Mr. Rowlins stated that the year began on a pretty good note, January and February carried over  
some momentum from 2025. "Operation Epic Fury" was launched in March which was  
consistent with other geopolitical risks observed in the past such as Covid and Russia's invasion  
of Ukraine. Markets typically react negatively to uncertainty. With the war kicking off in March  
it isn't surprising to see a sell off across the board.  
Interest rates moved higher because of inflationary concerns due to impact of energy prices. The  
impact of energy prices has moved to center stage.  
Large cap equities came under pressure, but small caps equities were positive for the quarter.  
International markets were not immune to the sell-off underscoring the reliance that the  
Eurozone has on imported energy.  
Emerging markets were off about 20 basis points due to heavy reliance on Middle Eastern oil.  
The AI ecosystem centered around semiconductors and microchips helped mitigate some of the  
downside risk.  
Real Assets were up 6.7%.  
In April there was significant growth led by some AI companies, which helped fuel investor  
optimism. A month of recovery bringing S&P up 5.7%, Small Cap up 20% and International  
7.5% bringing the year-to-date S&P from negative to 5.7%, Russell small cap up 13% and  
International up a healthy 14.5%. This momentum carried over into May.  
Putting the volatility into perspective, the fiscal year number at the end of March was 7.2% when  
monetized that becomes approximately 2.3 million dollars in gains, which is where it was at the  
end of March. Still running a 60/40 portfolio. There is adequate cash for disbursement needs.  
The portfolio has a very high-quality fixed income allocation of 40%. There is a very strong  
return profile.  
Watch Status - William Blair Small Cap Value RB - The strategy was moved to Watch after  
numerous changes to the investment team were reported. William Heaphy, lead portfolio  
manager since 2010 announced that he will be retiring on June 30, 2026. Gary Merwitz who  
joined the team in 2004 and serves as Director of Research and Research Analyst also  
announced that he will be retiring in the second half of 2026. Additionally, Josh Overholt, who  
joined the team in 2007 as a research analyst departed the firm to pursue an opportunity outside  
the investment management industry. These recent changes, retirements of key leaders and the  
departure of a senior analyst introduce uncertainty and may impact continuity.  
DISCUSSED  
RESULT:  
IV.  
1.  
REVIEW AND APPROVAL OF MINUTES  
Motion to APPROVE Regular Meeting Minutes from March 17, 2025, as written.  
APPROVED AND SO DECLARED  
John Rodolico  
RESULT:  
MOVER:  
Sharon Wadecki  
SECONDER:  
4
Thorne Rodolico Codding Wadecki  
AYE  
V.  
DIRECTOR OF HUMAN RESOURCES UPDATE  
Director of Human Resources Update.  
No update this month.  
1.  
VI.  
1.  
FINANCE DIRECTOR'S REPORT  
Finance Director’s Report.  
No report this month.  
VII. OLD BUSINESS  
Retirement Plan for Full-Time Employees of the Town of Ledyard (Defined Benefit Plan)  
1.  
revision update.  
Mr. Thorne reported that he will have a teleconference with Virginia McGarrity, Robinson and  
Cole on May 21, 2026, and added that they are close to finalizing the plan's revisions.  
DISCUSSED  
RESULT:  
Any Other Old Business to come before the Board.  
None.  
2.  
VIII. NEW BUSINESS  
Motion to APPROVE a monthly retirement benefit for Carol Paterson in the amount of $704.89  
1.  
as of July 1, 2026, payable in the form of Modified Cash Refund Annuity, based on her service  
and earnings through this retirement date.  
It was asked what department Ms. Paterson worked in, Mayor Fred Allyn III answered that she  
was a School Secretary.  
APPROVED AND SO DECLARED  
John Rodolico  
RESULT:  
MOVER:  
Sharon Wadecki  
SECONDER:  
4
Thorne Rodolico Codding Wadecki  
AYE  
Any Other New Business to come before the Board.  
2.  
Mr. Thorne said that Chris Rowlins, Fiducient Advisors, did not have the most recent IPS and  
the coordinating Appenix A (Target Asset Allocation Table). This will be discussed further  
during the June meeting.  
DISCUSSED  
RESULT:  
IX.  
ADJOURNMENT  
Motion to ADJOURN the Regular Meeting at 10:46 p.m.  
APPROVED AND SO DECLARED  
Sharon Wadecki  
RESULT:  
MOVER:  
William Thorne  
SECONDER:  
4
Thorne Rodolico Codding Wadecki  
AYE  
DISCLAIMER: Although we try to be timely and accurate these are not official records of the  
Town.