741 Colonel Ledyard Highway  
Ledyard, Connecticut 06339  
TOWN OF LEDYARD  
Retirement Board  
Meeting Minutes  
Chairman  
John Rodolico  
Regular Meeting  
Tuesday, November 19, 2024  
10:00 AM  
Council Chambers - Hybrid Format  
I.  
CALL TO ORDER  
The meeting was called to order by Chairman Rodolico 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  
Excused  
Also in attendance:  
Naomi Rodriguez, Town Council Chairperson.  
Frederica Daniels, USI Actuaries was present via Zoom.  
Staff Present:  
Mayor Fred Allyn III  
Christine Dias, Human Resource Director  
Ian Stammel, Assistant Finance Director  
Christina Hostetler, Town Hall Assistant  
III.  
1.  
PRESENTATIONS  
Chris Rowlins, Fiducient Advisors -  
-
Full 3Q Investment Review & Fiduciary Governance Calendar Content - Municipal  
Landscape / CT Pension Plan.  
Follow up on International Equity Portfolio Manager Structure - Emerging market fund  
-
options and large cap value/core consideration.  
Mr. Rowlins started by saying that the third quarter results were very solid. Ledyard's plan stands  
out as very well-funded and uses a more conservative discount rate than other plans in  
Connecticut.  
The average investment return assumption across Connecticut municipal pension plans was  
6.43% and the median was 6.50% for FY 2023. Only 8% of plans reduced their investment  
return assumption since last year’s report, with the most common reduction of 0.125.  
The average long-term rate of return assumption has declined by 71 basis points, from 7.14% to  
6.43%, from FY 2015 to FY 2022. We expect to see a pause in setting lower assumed rates of  
return on a go-forward basis due to the restoration of higher bond yields.  
On average plans have paused and reduced their discount rates.  
Mr. Rowlins classified the third quarter Capital market performance as the "goldilocks scenario"  
where the environment was just right. Interest rates came down meaningfully, the Feds cut  
interest rates 50 basis points, which was the first interest rate cut in four years. The U.S. Agg  
which is the barometer for the bond market was up 5.2 % for the quarter.  
International developed markets were up 7.3% and emerging markets were up even more at  
8.7%.  
On October 1, 2024 the Town Portfolio moved out of T. Rowe.  
Mr. Rowlins reported that the Town's Portfolio ending market value is at approximately $31.7  
million, about ten years ago when Fiducient Advisors first started working with the Town the  
value was at $11 million, a remarkable increase.  
Mr. Rowlins presented an international allocation review. Previously the Board decided to  
replace T. Rowe Price Overseas and allocate the position to the J. Hancock International  
Dynamic Growth, and the existing Vanguard Total International Stock Index. The Board  
requested more information on additional core value managers for comparison against Dodge &  
Cox. Mr. Rowlins provided Causeway International Value for the Board's consideration as well  
as longer term performance history for Arga Emerging Markets Value and Driehaus Emerging  
Markets Growth. Mr. Rowlins said that Causeway has solid numbers, although a bit more  
aggressive than Dodge & Cox with a higher volatility profile. Driehaus Emerging Market would  
complement Arga to combine value and growth. Mr. Rowlins advised the Board to move  
forward after Invesco was downgraded to a "watch" status in November. He added that it is a  
challenging time for Invesco and they aren't adding value or the results expected. Mr. Rowlins  
stated that the international market will need to be watched closely since the new administration  
coming will be less friendly in globalization policies and tariffs. The two recommended  
strategies to best complement John Hancock's growth tilt were Dodge & Cox and Causeway. Mr.  
Rowlins explained that currently John Hancock is at 6.1 % and ideally it should be at 7.5% with  
another 7.5% in either Dodge & Cox or Causeway. Investco is currently at 6.1%, the  
recommendation is to reallocate 3% to Arga and another 3% to Driehaus for the two emerging  
market managers. Vanguard would be removed from the International Equity sleeve. Mr.  
Codding said he would lean more toward Causeway than Dodge & Cox given their stronger  
performance history.  
Motion to APPROVE Fiducient Advisor's recommendation of retaining 7.5% to Causeway  
International Value, adjusting the John Hancock International Dynamic Growth to 7.5%, and  
replacing Invesco Developing Market Fund with Arga Emerging Markets Value and Driehaus  
Emerging Markets Growth each at 3% and elimination of Vanguard Total International Stock  
Index Fund.  
Mr. Rowlins announced that the annual conference next year will be held in Boston on  
September 16/17.  
Chairman Rodolico spoke about the Board member vacancy. He has reached out to the  
Republican Town Committee and asked the Board to approach anyone that is interested in filling  
the vacancy. Mr. Thorne asked if the vacancy could be posted on the Town Forum. It was  
answered since it isn't political it could be posted. Chairman Rodolico asked if it could be placed  
in the Events magazine. He added that not just the Retirement Board vacancy, but all Town  
Boards/Commissions/Committees vacancies could be posted.  
Chairman Rodolico thanked Mr. Rowlins for his time.  
APPROVED AND SO DECLARED  
Sharon Wadecki  
RESULT:  
MOVER:  
William Thorne  
SECONDER:  
4
1
Thorne Codding Wadecki Rodolico  
DeGaetano  
AYE  
EXCUSED  
IV.  
1.  
REVIEW AND APPROVAL OF MINUTES  
Motion to APPROVE the Regular Meeting Minutes from October 15, 2024, as written.  
APPROVED AND SO DECLARED  
John Rodolico  
RESULT:  
MOVER:  
Sharon Wadecki  
SECONDER:  
4
1
Thorne Codding Wadecki Rodolico  
DeGaetano  
AYE  
EXCUSED  
V.  
1.  
DIRECTOR OF HUMAN RESOURCES UPDATE  
Director of Human Resources update.  
Ms. Dias said that she has been in contact with the Leadership for the Police Union and the  
Teamsters to schedule the meeting and they are targeting an early December date.  
DISCUSSED  
RESULT:  
VI.  
1.  
FINANCE DIRECTOR'S REPORT  
Finance Director’s Report.  
None.  
VII. OLD BUSINESS  
Discuss Amendment 2015-1 to the Retirement Plan for Full-Time Employees of the Town of  
1.  
Ledyard continued.  
Mr. Thorne told Ms. Daniels that the Town Defined Benefit Plan hasn't been updated since 2012  
and asked her if USI could assist the Board with the update. Ms. Daniels answered yes that USI  
has legal planned document service professionals that restate government and municipal plans  
often. Ms. Daniels said she would speak with the legal group and have information for the Board  
during the December meeting. She added that generally plans are restated every 5-10 years. Ms.  
Daniels said that USI will need the Town's latest Union contracts. Mr. Thorne said he would like  
to reference the Union plans instead of putting specific information in the Town Plan that needs  
to be updated each time there is a Union change. Ms. Daniels stated that generally that is how  
she sees documents written (referencing the Union Plans).  
Mr. Thorne recommended to the Board that they use USI instead of Attorney Bruce Barth for the  
Defined Benefit Plan review; he thought USI would be less expensive and more experienced  
with this kind of review.  
Mr. Thorne recommended changing the table of contents and restating the amendment to the  
Retirement Plan for Full-Time Employees of the Town of Ledyard as follows:  
"If a member continues employment with the Town after reaching his or her Normal Retirement  
Date, and elects to retire under that plan, any benefits payable to such Member or retire or former  
Eligible Employee under that Plan shall be paid as prescribed by the plan as if he/she had  
continued employment with the town."  
Mr. Thorne asked the Board if they would want to allow employees who are retired and re-hired  
to receive a match to their defined contribution plan. Mr. Stammel said he prefers both retired  
and non-retired employees to be treated equally and for both groups to receive the match. Mr.  
Thorne will have the wording ready for the Board to vote on during the December meeting,  
afterwards it will be recommended to the Town Council.  
DISCUSSED  
RESULT:  
Any Other Old Business to come before the Board.  
None.  
2.  
VIII. NEW BUSINESS  
Any Other New Business to come before the Board.  
1.  
None.  
IX.  
ADJOURNMENT  
Motion to ADJOURN the Regular Meeting at 11:04 a.m.  
APPROVED AND SO DECLARED  
Sharon Wadecki  
RESULT:  
MOVER:  
William Thorne  
SECONDER:  
4
1
Thorne Codding Wadecki Rodolico  
DeGaetano  
AYE  
EXCUSED  
DISCLAIMER: Although we try to be timely and accurate these are not official records of the  
Town.