741 Colonel Ledyard Highway  
Ledyard, Connecticut 06339  
TOWN OF LEDYARD  
Retirement Board  
Meeting Minutes  
Chairman  
John Rodolico  
Special Meeting  
Tuesday, January 23, 2024  
10:00 AM  
Council Chambers - Hybrid Format  
I.  
CALL TO ORDER  
The Special Meeting was called to order By Chairman Rodolico at 10:00 a.m.  
II.  
ROLL CALL  
Board Member William Thorne  
Board Member Roger Codding  
Chairman John Rodolico  
Present  
Board Member Daniel Panosky  
Board Member Sharon Wadecki  
Alternate Member Minna DeGaetano  
Excused  
Also in attendance:  
Naomi Rodriguez, Town Councilor  
Staff Present:  
Ian Stammel, Assistant Finance Director  
Christina Hostetler, Town Hall Assistant, via zoom  
Staff Excused:  
Mayor Fred Allyn III  
Marisa Iannella Rodriguez, Human Resource Director  
Matt Bonin, Finance Director  
III.  
1.  
REVIEW AND APPROVAL OF MINUTES  
Motion to APPROVE Regular Meeting Minutes from December 19, 2023, as written.  
APPROVED AND SO DECLARED  
John Rodolico  
RESULT:  
MOVER:  
Roger Codding  
SECONDER:  
4
2
Thorne Codding Rodolico Panosky  
Wadecki DeGaetano  
AYE  
EXCUSED  
V.  
OLD BUSINESS  
Discussion on a review of applicable labor contracts and retirement documents for Town of  
Ledyard employee groups with applicability to retirement eligibility and benefits continued.  
1.  
Review of Retirement Plan amendments, see attachments.  
Mr. Thorne started the conversation by saying he recently started going through the contracts,  
particularly the police contract which was just signed in December of last year. Mr. Thorne was  
questioning why the following is included in the Police Union Contract, Appendix A;  
No later than January 31, 2025, the Town and the Union will convene a working group  
comprised of two management representatives and two union representatives to discuss the  
viability of Connecticut's Municipal Employee Retirement System 2.0 ("CMERS 2.0"). At no time  
will these discussions be considered negotiations under the Municipal Employee Relations Act  
("MERA") and they will not be subject to the impasse resolution procedures under MERA. In  
addition, this Section shall not be subject to the grievance procedure of this Agreement. Nothing  
in this Section prohibits either party from making any proposals related to this issue during  
negotiations of a successor to this Agreement.  
It was his understanding that the Town will not be moving to the MERS system as a whole nor  
as a Union by Union move.  
Mr. Thorne said he believes that the Union Contracts are the guiding documents and the Board  
should not try to duplicate the contracts in the Defined Benefit Plan documentation but rather  
refer to the Union Contracts from there. This will alleviate the need to update the document each  
time there is a union contract change. Within the document time sensitive information was  
referred to but not maintained, this needs to be addressed. Mr. Panosky suggested that anything  
that would be subject to a contract change should be alluded to at a high level and the union  
contract should be referenced. Mr. Thorne said the other solution would be to update the  
Appendix every time a change has been made to a union contract, thus creating a comprehensive  
document. Chairman Rodolico pointed out that this is a Town Council document not a  
Retirement Board document. Mr. Panosky suggested that the Board asks USI to perform a  
review of the document to see what inputs/access they would require to perform a scrub of the  
Retirement Plan document in question and to also provide a ballpark cost estimate. USI was  
suggested as they have detailed knowledge related to current actuarial requirements and related  
information, as well as the various town contracts as they apply to determining pension benefits. It  
would be communicated to USI that the approach would be to recreate a document that would  
not require a revision each time there is a change in a Union Contract. The document should be  
structured so that things which have a variability (such as labor contracts) are referenced going  
forward.  
Lastly, how would the Appendix be handled? Should it be added to the front of the document, at  
the end or placed on a separate table?  
DISCUSSED  
RESULT:  
VI.  
1.  
NEW BUSINESS  
Motion to APPROVE a monthly retirement benefit for Sharon Dutra in the amount of $690.12 in  
the form of a modified cash refund annuity effective February 1, 2024.  
After discussing the Board decided to table the vote until next month. The question arose as to  
which labor contract USI used in their calculations for Sharon Dutra's retirement benefit. Ms.  
Dutra retired in 2011, did USI use the labor contract effective in 2011 or the current labor  
contract for her calculations?  
Chairman Rodolico will discuss this concern with USI and the vote will be on next month's  
agenda (February 20, 2024).  
TABLED  
RESULT:  
John Rodolico  
William Thorne  
MOVER:  
SECONDER:  
Discussion and Possible vote on FY24-25 Pension Contribution.  
2.  
After some discussion the Board decided to go higher than the USI recommendation of  
$689,218.00 but less than the contribution proposal the Board made last fiscal year of  
$950,000.00. Mr. Panosky suggested $850,000.00, which is a reduction from last year's  
contribution yet gives a good buffer of approximately $160,000.00.  
Motion to PROPOSE that a contribution amount of $850,000.00 to be put into this current fiscal  
year budget based on recommendations from USI and discussions of the Board members.  
APPROVED AND SO DECLARED  
Daniel Panosky  
RESULT:  
MOVER:  
John Rodolico  
SECONDER:  
4
2
Thorne Codding Rodolico Panosky  
Wadecki DeGaetano  
AYE  
EXCUSED  
Motion to APPROVE payment of invoice #609_12312023, to Fiducient Advisors, dated January  
17, 2024, in the amount of $12,475.39, for consulting costs for the Town of Ledyard Defined  
Benefit Pension Plan for the billing period October 1, 2023, to December 31, 2023.  
3.  
APPROVED AND SO DECLARED  
John Rodolico  
RESULT:  
MOVER:  
William Thorne  
SECONDER:  
4
2
Thorne Codding Rodolico Panosky  
Wadecki DeGaetano  
AYE  
EXCUSED  
VII. ADJOURNMENT  
Motion to ADJOURN the Special Meeting at 10:52 a.m.  
APPROVED AND SO DECLARED  
William Thorne  
RESULT:  
MOVER:  
John Rodolico  
SECONDER:  
4
2
Thorne Codding Rodolico Panosky  
Wadecki DeGaetano  
AYE  
EXCUSED  
DISCLAIMER: Although we try to be timely and accurate these are not official records of the  
Town.