741 Colonel Ledyard Highway  
Ledyard, Connecticut 06339  
TOWN OF LEDYARD  
Retirement Board  
Meeting Minutes  
Chairman  
John Rodolico  
Regular Meeting  
Tuesday, September 19, 2023  
10:00 AM  
Council Chambers - Hybrid Format  
I.  
CALL TO ORDER  
Ms. Wadecki was appointed as Chairperson in Mr. Rodolico's absence.  
The meeting was called to order by Chairperson Sharon Wadecki at 10:00 a.m.  
II.  
ROLL CALL  
Board Member William Thorne  
Board Member Roger Codding  
Board Member Sharon Wadecki  
Chairman John Rodolico  
Present  
Excused  
Board Member Daniel Panosky  
Staff present:  
Marisa Iannella Rodriguez, Human Resource Director  
Matt Bonin, Finance Director  
Ian Stammel, Assistant Finance Director  
Christina Hostetler, Town Hall Assistant  
Staff Excused:  
Mayor Fred Allyn III  
III.  
PRESENTATIONS  
None.  
IV.  
1.  
REVIEW AND APPROVAL OF MINUTES  
Motion to APPROVE the Regular Meeting Minutes from June 20, 2023, as written.  
The motion was not approved during the Board’s August 15, 2023, meeting, due to a lack of  
quorum. The vote was moved to the next Board meeting on September 19, 2023.  
APPROVED AND SO DECLARED  
Sharon Wadecki  
RESULT:  
MOVER:  
William Thorne  
SECONDER:  
AYE  
3
2
Thorne Codding Wadecki  
Rodolico Panosky  
EXCUSED  
Motion to APPROVE the Regular Meeting minutes from August 15, 2023, as written.  
2.  
Although there was not a quorum, the meeting was still held and minutes were provided to  
capture the information given during the presentation by Chris Rowlins, Fiducient Advisor.  
APPROVED AND SO DECLARED  
Sharon Wadecki  
RESULT:  
MOVER:  
William Thorne  
SECONDER:  
2
2
1
Thorne Wadecki  
Rodolico Panosky  
Codding  
AYE  
EXCUSED  
ABSTAIN  
V.  
DIRECTOR OF HUMAN RESOURCES UPDATE  
No report.  
VI.  
FINANCE DIRECTOR'S REPORT  
Mr. Bonin reported that Frederica Daniels, USI Actuaries will be present at the Board's November  
21, 2023, meeting to discuss the July 1, 2023, Actuarial Valuation.  
VII. OLD BUSINESS  
Any Other Old Business to come before the Board.  
None.  
1.  
VIII. NEW BUSINESS  
Motion to APPROVE retirement benefit for Kenneth Creutz in the amount of $4,886.00 in the  
1.  
form of a modified cash refund annuity effective September 1, 2023.  
Chairperson Wadecki asked why this vote was taken off the August agenda then put back on  
today's agenda with the same figures. Marisa Iannella Rodriguez, Human Resource Director  
answered that it seemed at first that a recalculation using a date of October 1, 2023, was needed  
but the September 1, 2023 date worked appropriately and a recalculation was not needed.  
Mr. Thorne asked for clarification - is Kenneth Creutz planning to continue working but under  
the defined contribution plan? Ms. Iannella Rodriguez replied yes. It was asked if Mr. Creutz was  
required to retire from the plan, it was answered that he was eligible but not required. It was said that  
there is nothing in the current retirement plan that would prevent an employee from receiving  
retirement and continuing working under the defined retirement plan. Ian Stammel, Assistant  
Finance Director added that two other Town employees in other positions have followed a similar  
path.  
Mayor Fred Allyn III comment taken from the Retirement-Employee Benefit Approval tracking:  
Capt. Creutz has reached retirement age. He wishes to continue work in Ledyard but following  
the model of Gerald (Jerry) Watkins, he will continue to work but in the DC plan for retirement.  
I support this retirement and continuation of work, particularly in the hiring conditions we face.  
APPROVED AND SO DECLARED  
Sharon Wadecki  
RESULT:  
MOVER:  
William Thorne  
SECONDER:  
3
2
Thorne Codding Wadecki  
Rodolico Panosky  
AYE  
EXCUSED  
Motion to APPROVE payment of USI invoice #90084553, dated July 31, 2023, in the amount of  
$400.00 for benefit calculations of Kenneth Creutz.  
2.  
APPROVED AND SO DECLARED  
Sharon Wadecki  
RESULT:  
MOVER:  
William Thorne  
SECONDER:  
3
2
Thorne Codding Wadecki  
Rodolico Panosky  
AYE  
EXCUSED  
Motion to APPROVE payment of USI invoice #90085200, dated July 30, 2023, in the amount of  
$8,500.00 for Core Installment Fee (50%) - Actuarial Services - 2023 Plan Year.  
3.  
Legislative file id #23-2060 background notes:  
Please note, the second charge on the invoice for $4,200.00, is for the Board of Education not  
the Retirement Board.  
Mr. Thorne commented that the invoice should be initialed and a notation added where the  
Board of Education's charges are crossed off.  
ACTION ITEM:  
Mr. Bonin will initial and make a notation on USI invoice #90085200.  
APPROVED AND SO DECLARED  
Sharon Wadecki  
RESULT:  
MOVER:  
William Thorne  
SECONDER:  
3
2
Thorne Codding Wadecki  
Rodolico Panosky  
AYE  
EXCUSED  
Any other New Business to come before the Board.  
4.  
Mr. Thorne asked about the survey from Connecticut State Comptroller in preparation for Connecticut  
Municipal Employees Retirement System (CMERS) 2.0 participation. Matthew Bonin, Finance  
Director answered that he and Mr. Rowlins gave the State everything they were requesting such as  
the IPS, fees and the last five evaluations. The State is currently performing their data gathering.  
As of now there are no details other than there will be reports coming back from the State.  
DISCUSSED  
RESULT:  
IX.  
ADJOURNMENT  
Motion to ADJOURN the Regular Meeting at 10:11 a.m.  
APPROVED AND SO DECLARED  
Sharon Wadecki  
RESULT:  
MOVER:  
William Thorne  
SECONDER:  
3
2
Thorne Codding Wadecki  
Rodolico Panosky  
AYE  
EXCUSED  
DISCLAIMER: Although we try to be timely and accurate these are not official records of the  
Town.