741 Colonel Ledyard Highway

Ledyard, Connecticut 06339

TOWN OF LEDYARD

Retirement Board

Meeting Minutes

Chairman

John Rodolico

Regular Meeting

Tuesday, October 15, 2024

10:00 AM

Council Chambers - Hybrid Format

CALL TO ORDER

Chairman Rodolico called the meeting to order at 10:00 a.m.

II.

ROLL CALL

Board Member William Thorne

Board Member Roger Codding

Board Member Sharon Wadecki

Chairman John Rodolico

Present

Alternate Member Minna DeGaetano

Board Member Daniel Panosky

Excused

III.

PRESENTATIONS

None.

IV.

REVIEW AND APPROVAL OF MINUTES

Motion to APPROVE the Regular Meeting Minutes from September 17, 2024, as written.

APPROVED AND SO DECLARED

William Thorne

RESULT:

MOVER:

Sharon Wadecki

SECONDER:

Thorne Codding Rodolico DeGaetano

AYE

Panosky

Wadecki

EXCUSED

ABSTAIN

DIRECTOR OF HUMAN RESOURCES UPDATE

Director of Human Resources update.

Christine Dias, Human Resource Director said she did not have an official report for the meeting

but could answer any questions that the Board has as they go through calculations later on during

the meeting.

VI.

FINANCE DIRECTOR'S REPORT

Finance Director’s Report.

Matt Bonin, Finance Director, made the following announcements:

Chris Rowlins, Fiducient Advisors will be attending the November 19, 2024, meeting to discuss

the Full 3Q Investment Review & Fiduciary Governance Calendar Content - Municipal

Landscape / CT Pension Plans and to follow up on International Equity Portfolio Manager

Structure - Emerging market fund options and large cap value/core consideration.

Frederica Daniels, USI will attend either the November or December meeting to discuss the

yearly GASB disclosure report for fiscal year ending June 20, 2024. He asked the Board which

month they would prefer. It was asked if the presentation was time sensitive, Mr. Bonin

answered no. The Board agreed that the December meeting would be better. Frederica Daniels,

USI will present during the December 17, 2024, meeting with Zoom as an option.

VII. OLD BUSINESS

Motion to APPROVE payment of death benefit for David Browning's accumulated balance with

interest in the amount of $35,485.68 as a cash disbursement.

Mr. Thorne asked what interest rate was used for the death benefit calculation, Ms. Dias

answered using a 5% rate. Mr. Thorne asked if USI performed the calculations, Ms. Dias

answered yes. Mr. Codding asked for the number that USI had for the July 1, 2021 date, Ms.

Dias replied that the employee contribution with interest was $30,356.20.

APPROVED AND SO DECLARED

John Rodolico

RESULT:

MOVER:

Sharon Wadecki

SECONDER:

Thorne Codding Wadecki Rodolico DeGaetano

Panosky

AYE

EXCUSED

Discuss Amendment 2015-1 to the Retirement Plan for Full-Time Employees of the Town of

Ledyard continued.

Discussion on Amendment 2015-1 to Section 5.0 (approved by the Ledyard Town Council on

October 14, 2015)-

"If a Member continues employment with the Town after reaching his or her Normal Retirement

Date, any benefits payable to such Member or retired or former Eligible Employee under the

Plan shall be suspended during the period of continued employment. If a retired Member returns

to employment with the Town in the same department which he or she retire from, any benefits

payable to such retired Member under the Plan shall be suspended during the period of such

continued employment. However, if a retired Member returns to employment with the Town in a

different department which he or she retired from, any benefits payable to such a retired Member

under the Plan during such period of continued employment shall continue without disruption.

This member will not be allowed to contribute to any Town pension plan".

Mr. Thorne suggested that the Board recommends deletion of the amendment to the Town

Council . Mr. Thorne asked Mayor Allyn III, if he agreed with his suggestion. Mayor Allyn III

said he agrees. He added that the Town of Ledyard isn't very competitive with salaries and this

would be a way to keep seasoned employees. Mr. Thorne said he will work on the wording for

the suggestion to the Town Council.

Any Other Old Business to come before the Board.

None.

VIII. NEW BUSINESS

Motion to APPROVE the Retirement Board 2025 meeting date calendar as written.

APPROVED AND SO DECLARED

John Rodolico

RESULT:

MOVER:

Sharon Wadecki

SECONDER:

Thorne Codding Wadecki Rodolico DeGaetano

Panosky

AYE

EXCUSED

Motion to APPROVE a monthly retirement benefit for Dennis Deslandes in the amount of

$1,975.22 as of November 1, 2024, payable in the normal form of a Modified Cash Refund

Annuity based on his service and earnings through this retirement date.

Mr. Thorne questioned Mr. Deslandes's normal retirement date of June 1, 2028 and added

because of the rule of 82 Mr. Deslandes was actually eligible for retirement in 2023.

APPROVED AND SO DECLARED

John Rodolico

RESULT:

MOVER:

Sharon Wadecki

SECONDER:

Thorne Codding Wadecki Rodolico DeGaetano

Panosky

AYE

EXCUSED

Any Other New Business to come before the Board.

Mr. Thorne said that the Town's Defined Benefit Plan hasn't been updated since 2012. He

suggested that the Board extends a meeting to start reviewing the plan's documentation. He

found several nuances and thought it would be best to hire USI to do the review. Ms. Wadecki

suggested asking Attorney Bruce Barth, who is the attorney that the Board used in 2012, instead

of hiring USI.

IX.

ADJOURNMENT

DISCLAIMER: Although we try to be timely and accurate these are not official records of the

Town.